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Does it make sense to exclude the elderly when trying to measure the progress of the middle class over time?
I’d like further information on WHY the elderly make up a higher percentage of the middle quintile now vs the 1970s. Is it because working folks previously in the middle quintile are now in the upper 40%, or lower? While we’re at it, when considering household income, are we counting a larger percentage of dual income households now vs 1970? If so, wouldn’t that indicate that working wages have fallen - so it now takes two workers to achieve the same standard of living as one worker 50 years ago?
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