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According to data fromPew Research Center, the countrys middle class has shrunk considerably over the past few decades.
But the data only shows the percentage of middle-class households remaining.
Census datafound that the median household income in 2023 was $80,610.
The U.S.median household income in 2021, meanwhile, was $70,784.
The Dollar Doesnt Stretch as Far as It Did
So, those are the numbers.
But the actual cost of living has risen significantly in the past four years or so.
Take groceries as an example.
Food prices rose by 3.9% annually right before Biden entered office.
Housing costs have also skyrocketed.
In Q1 2021, the median sales price was $355,000 $64,200 less.
The middle class isnt necessarily shrinking its just feeling a lot tighter.
According to theSocial Security Administrationslatest data, the national average wage index was $66,622 in 2023.
Back in 2021, it was $60,575.
Thats only a $6,047 difference.
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