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A new study from Pew Research Group shows that the middle classis being hollowed out across the country with 203 of 229 metropolitan areasshowing decline.  Some fell into thelower classes with 160 metro areas showing increases in the lower income tiersand some into the upper classes as 108 metro areas saw an increase for thiscohort.  Most of the upper income gainsoccurred in the north eastern Atlantic seaboard states followed by the bay areaand Midland Texas.  Areas that saw anincrease in the lower income brackets were centered in the southwestpredominantly from California’s central valley through southern Texas.  At the state level Texas and Louisiana sawmaterial increase in the upper income tier cohorts.  At the other end of the spectrum NorthCarolina and Indiana saw significant increases to the lower income cohort.  The report went on to note that all medianincome groups declined from 1999 – 2014, the upper income cohort fell $13,217or 7.1% to $173,207, the middle income group slipped $4,979 or 6.4% to $72,919while the low income crowd dropped $2,562 or 9.7% to $23,811.  At least the mainstream is starting to focuson the declining wages concept.  When theyrealize that the era of debt enhanced consumption is over and connect that datawith the falling wage info perhaps they’ll come to understand what’s reallywrong with the economy.

 

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