America’s middle class has been destroyed.
A new study by Pew finds:
From 2000 to 2014 the share of adults living in middle-income households fell in 203 of the 229 U.S. metropolitan areas examined in a new Pew Research Center analysis of government data. The decrease in the middle-class share was often substantial, measuring 6 percentage points or more in 53 metropolitan areas.
Rakesh Kochhar, associate director of research at Pew, told CBS News:
The other commonality isn’t just the shrinking of the middle class, but a movement both up and down the ladder. There’s a polarization. There are more in the upper tier and more in the lower, and fewer in the middle.
In other words, inequality is skyrocketing, the rich are getting richer and the poor poorer … and the middle class is disappearing.
Indeed, even central bank economists admit that bad central bank policy is increasing inequality.