Middle class shrinks

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Mar 25, 2015 | 07:48 AM

Legal Bill

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Joined: Oct 2002

Posts: 34,130

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From: Canton, MA

Middle class shrinks

Ever notice how news outlets report about 2/3 of the story? And even then they get things wrong. Here is a story from CNN announcing that the middle class is shrinking across the entire country. Sounds bad, right? But near the end you read that the upper income class is growing while the lower income class "narrowed" from 29% to 25%. I thought I was going to be reading bad news when I looked at the headline. But it sounds more like they are just burying good news, right? More upper income people and fewer lower income people. Here you can read it for yourself.

http://money.cnn.com/2015/03/24/news....html?iid=Lead

But it didn't really make sense to me. How could both middle and lower income groups get smaller unless the upper income group got MUCH bigger? Wouldn't that really be the story? So as a further benefit to all of you from your friends at Legal Bill Enterprises, Inc. I did a little follow up research. It turns out the upper income group is growing both in terms of percentage of the population AND income per capita. The size of the group as a percentage of the population increased from 14% to 20% However, the lower income group is NOT narrowing. It is expanding as well. So lower income actually "widened" from 25% to 29%. CNN just reported it wrong. Here is the source story from Pew.

http://www.pewresearch.org/fact-tank...eat-recession/

So next time you read something, don't believe it. Unless of course I write it. Then believe everything. Unless of course I use an emoticon. Then you can't be sure what I mean. Also if I didn't mean what I said seriously. Then you should not believe what I wrote either. But other than that, believe it all.