“Jill, when I hear politicians talking about the middle class, what do they mean?” To answer this question, it’s worth tracing the roots of the term. When we think about the emerg…
According to the National Archives, in the seven years after the G.I. Bill came to life, “approximately eight million veterans received educational benefits” and “veterans were responsible for buying 20% of all new homes built after the war.” It is notable that black veterans were often shut out of the many benefits that the G.I. Bill provided, keeping them economically disadvantaged for generations to come.
The virtuous economic cycle of the post-war decades helped create a large group of households that were able to attain the “American Dream” and became part of what we now think of as the middle class.As of 2020 , median household income was $67,521, a decrease of 2.9 % from the 2019 median of $69,560.
Additionally, where you live can make a big difference: the government reports that your money will go further in Mississippi, West Virginia and Arkansas, versus higher cost states like Hawaii, New Jersey, and California. Pew finds that incomes accelerated at a faster pace for higher income households from 1970 to 2020, than for middle-class households. Pew’s analysis notes: “The median income of middle-class households in 2020 was 50% greater than in 1970 , as measured in 2020 dollars.”
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