the poor class is now the middle class
From a recent Slate article: According to recent Census data analysis, 48% of the American population lives near or below the poverty line.
Based on some new designations the Census Bureau created to better reflect the distribution of poverty in the US, the AP explains that 97.3 million Americans are “low income,” which means earning at or just over the poverty line. Added to the 49.1 million Americans living in poverty, that’s 146.4 million, or about 48 percent, of the U.S. population. The new account of poverty in the U.S. considers medical, taxes and transportation costs.
Once can argue around the margins, but the overall picture is clear. It’s not just income differences that have changed, buying power has stagnated as well.