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Saturday, July 11th, 2015

How Americans compare with the global middle class

Author:     Rakesh Kochhar
Source:     Pew Research Center
Publication Date:     July 9, 2015
 Link: How Americans compare with the global middle class
Stephan:   I do so appreciate data. Pew Research in this survey give us a real sense of wealth distribution, and the American place in that spectrum. In addition to what the report emphasizes, what really struck me was the total spread of inequity. A Bengali peasant, and an American multi-billionaire, basically only have two things in common. Both are human and function with the basic human traits, and both live on the same planet. Otherwise they are in different worlds. The multi-billionaire makes more in a second, than the peasant makes in a lifetime.
Credit: Pew Research Center

Credit: Pew Research Center

By some key measures, the typical American household has slipped behind economically since the beginning of the 21st century.

In 2013, the median income of U.S. households was $51,939, down substantially from $55,562 in 2001 (figures in 2013 dollars). In addition to two recessions – in 2001 and from 2007 to 2009 – longer-run trends such as globalization, the decline of unions, technological change and the rising cost of benefits such as health care are factors that limit prospects for many Americans.

But how does the well-being of the American family compare with the well-being of people in other countries?

The U.S. still fares very well on that score. On a global scale, the vast majority of Americans are either upper-middle income or high income. And many Americans who are classified as “poor” by the U.S. government would be middle income globally, according to a new Pew Research Center analysis.

By a Global Standard, Majority of Americans [...] </p> </div> <div class=Read the Full Article