It’s becoming an accepted probability, for the first time in our history that, in financial terms, children will probably not do as well as their parents.
Thanks to Republican policy since Reagan-with notable assists from the Dems on many occasions, thanks to the decline of Unions, thanks to the loss of well paying manufacturing jobs, thanks to declining educational standards, thanks to our contaminated food supply, thanks to the redistribution of wealth to the top 1%, thanks to a lot of poor decisions by a lot of people….
This puts some numbers around who is most likely, demographically speaking, to have been pushed out of the Middle Class– so far.
From YahooNews.com. Hat Tip to my friend Kirk for sending me the article:
The American Dream of upward social mobility has stalled for some people, according to a big new study from Pew.
The study checked in on a bunch of middle class teenagers from 1979 to see how they were doing 25 years later. Notably this survey was performed before the Great Recession, so most of these numbers would be worse today.
Pew found that 28% of the sample group had fallen out of the middle class. This number was significantly higher for certain demographic groups including divorced women and black men.
Divorced women are 35.8% more likely to have fallen out of the middle class.
Divorced men are 13% more likely to have fallen out of the middle class.
Unmarried women are 17.6% more likely to have fallen out of the middle class.
Unmarried men are 10% more likely to have fallen out of the middle class.
Black men are 17% more likely to have fallen out of the middle class (vs white men).
Black women are 5% more likely to have fallen out of the middle class (vs white women)
Women without a college degree are 16.3% more likely to have fallen out of the middle class.
Men without a college degree are 7.5% more likely to have fallen out of the middle class.
Hispanic men are 8% more likely to have fallen out of the middle class (vs white men).
Hispanic women are actually 2% less likely to have fallen out of the middle class (vs white women).
Lost in the 21st Century 