''American Middle Class Dwindles As Household Income Drops To 1996 Levels''

from singularityhub....

"Back in 1999, middle-class Americans were following the impeachment trial of President Clinton, reeling from the Columbine shootings, and fretting about Y2K. But if they knew then what we know today, they would have also been holding onto every penny of their savings with a kung-fu grip. Why? Because in that year the average American household earned its peak income, and though it has fluctuated during its decline over more than a decade, a post-recession nosedive has sunk income three years in a row to 1996 levels, according to a recent report from the Census Bureau. This has prompted a flood of media coverage about the end of the middle class, including the recent We Are the 99.9% op-ed in the New York Times, which effectively draws the line between the super rich and everyone else".........READ MORE