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The middle class, once the economic stratum of a clear majority of American adults, has steadily contracted in the past five decades. The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new Pew Research Center analysis of government data.

The shrinking of the middle class has been accompanied by an increase in the share of adults in the upper-income tier – from 14% in 1971 to 21% in 2021 – as well as an increase in the share who are in the lower-income tier, from 25% to 29%. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021.

The analysis below presents seven facts about how the economic status of the U.S. middle class and that of America’s major demographic groups have changed since 1971. A related analysis examines the impact of the coronavirus pandemic on the financial well-being of households in the lower-, middle- and upper-income tiers, with comparisons to the Great Recession era. (In the source data for both analyses, demographic figures refer to the 1971-2021 period, while income figures refer to the 1970-2020 period. Thus, the shares of adults in an income tier are based on their household incomes in the previous year.)

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Interesting!

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https://www.pewresearch.org

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The House of Representatives has passed a bill that will improve the retirement savings system for U.S. workers, moving it closer to becoming law.

The Securing a Strong Retirement Act, H.R. 2954, also called the Secure Act 2.0, was approved on Tuesday with a bipartisan vote of 414-5. Now, the legislation heads to the Senate.

“H.R. 2954 will help all Americans successfully save for a secure retirement by expanding coverage and increasing retirement savings, simplifying the current retirement system, and protecting Americans and their retirement accounts,” said House Ways and Means Committee Chairman Richard Neal, D-Mass., ahead of the Tuesday vote. “Too many workers reach retirement age without having the savings they need.”

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Lucy Lambriex

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Here’s who won’t qualify for $6.2 billion of student loan cancellation.

Here’s what you need to know — and what it means for your student loans.

Student Loans

There’s good news for student loan borrowers: President Joe Biden will cancel $6.2 billion of student loans. However, you may be wondering if you will qualify for this student loan forgiveness. While 100,000 student loan borrowers are expected to qualify for this student loan cancellation, it’s important to understand who won’t qualify for $6.2 billion of student forgiveness.

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President Joe Biden (Photo by Win McNamee/Getty Images) Getty Images

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