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The Shrinking Buying Power of the Middle ClassAccording to the Merriam-Websters Online Dictionary the middle class is a class occupying a position between the upper class and the lower class especially a fluid heterogeneous socioeconomic grouping composed principally of business and professional people bureaucrats and some farmers and skilled workers sharing common social characteristics and values Merriam-Webster In the United States their family incomes would generally range from 25000 to about 99999 and the median is about 45000 per year Census Nowadays the middle class workers are less likely to work in manufacturing companies although there were many of them in factories before three decades ago It would seem that the middle class workers are earning a good amount of money but Louis Uchitelle of The New York Times reports that In the New York metropolitan area you can have six-figure incomes and still feel like you are struggling A1 The middle class workers have been declining in the sense of living standard because a middle class lifestyle in the United States has become more difficult to achieve with each passing yearThe middle class workers emerged during the Industrial Revolution period in the first few decades of the 19th century Encarta The rise of the United States economy has created new jobs for the middle class workers The most popular and profitable industry in this period was the manufacturing industry Many middle class workers were earning high income and the economy was prospering from the industry By the 1970s the manufacturing industry has reached its maturity stage and was followed by deindustrialization which is the reduction of industrial activities In their report Growth in Family Income Inequality Chevan and Stokes identify that industrial restructuring often called deindustrialization is the single most powerful and direct cause of the growing income inequality and the declining fortunes of the working classes 365 During the deindustrialization period many middle class workers lost their jobs and the country suffered from
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