Low-income and high-income Americans combined now outnumber people in the middle class, according to a new Pew Research Center report, for the first time in four decades since the center started tracking this data. The study defines middle income as adults earning “somewhere between $42,000 and $126,000 a year for a three-person household,” reports Lydia O’Connor.
Percentages are up: Adults living in the low income bracket has increased, up from 25 percent to 29 percent, while adults living in the highest income bracket has dramatically increased from 14 percent to 21 percent.
Looks like those Bush tax cuts are really working. -DB