For Immediate Release
May 15, 2015
Fewer and Fewer Americans Consider Themselves “Middle Class”
(Washington D.C.) – Identification as middle class or upper-middle class has declined to 51 percent of the population across all demographics, according to a new poll by Gallup. Between 2000 and 2008, the average percentage choosing these classification was 61 percent. At the same time, the number identifying as lower class or working class continues to rise – from 33 percent in the year 2000 to 48 percent now. Changes in the job market may be contributing to the shift, as the average debt of middle-income families amounted to an estimated 122 percent of annual income in 2013, according to the Federal Reserve.
Daniel Garza, Executive Director of The LIBRE Initiative, released the following statement:
“Since 2008, fewer Americans are moving ahead financially, and more and more feel they’re falling behind. The current economic policies -primarily those programs and reforms advanced by the Obama Administration that have served to centralize more and more economic and political power in Washington DC – are not working.
While politicians in Washington readily protect the ever-growing bureaucracy from inflation with guaranteed wage hikes and generous employee benefits, they have shown disregard for the millions of Americans in the private sector who are not feeling relief as a result of a stagnant and uncertain economy. If lawmakers are serious about reestablishing confidence and turning the tide on a declining middle-class, they need to start by easing the heavy burdens of taxes and regulations that stifle entrepreneurship, providing a simpler immigrant worker authorization, expanding trade, and reforming coercive and cronyism-friendly government policies such as Obamacare and Dodd-Frank.”