Under Obama, middle class shrinks while lower class grows

Thanks to years of Obama policies, the middle class is shrinking, while the lower class grows. Doesn't take a rocket scientist to see what's happening. Shame it takes UK news to inform America of what should be the obvious...

DailyMail: Since 2008, the number of people who call themselves middle class has fallen by nearly a fifth, according to a survey in January by the Pew Research Center, from 53 percent to 44 percent. Forty percent now identify as either lower-middle or lower class compared with just 25 percent in February 2008.

According to Gallup, the percentage of Americans who say they’re middle or upper-middle class fell 8 points between 2008 and 2012, to 55 percent.

And the most recent General Social Survey, conducted by NORC at the University of Chicago, found that the vast proportion of Americans who call themselves middle or working class, though still high at 88 percent, is the lowest in the survey’s 40-year history. It’s fallen 4 percentage points since the recession began in 2007.

The trend reflects a widening gap between the richest Americans and everyone else, one that’s emerged gradually over decades and accelerated with the Great Recession. The difference between the income earned by the wealthiest 5 percent of Americans and by a median-income household has risen 24 percent in 30 years, according to the Census Bureau.

H/t: tRS