In March of this year, the average wealth of those 100 million people in that middle class topped out at around $393,000. That's $120,000 more than it was in January of 2017 when President Trump came into office. And today, according to these economists at the University of California, Berkeley and their calculations, the American middle class is worth about $25,000 less than it was earlier this year.
Hello and welcome to The Big Take Podcast!
Today: The good news, and not so good news, about the US middle class. With inflation rising, the stock market ping-ponging and housing prices softening, that broad swath of Americans who form the backbone of the US economy are getting hit on all sides. Bloomberg reporters Shawn Donnan, Alex Tanzi, Claire Ballentine and Airielle Lowe teamed up to take a look at how middle-income Americans are doing. The answer: Not so badly, actually–at least on paper.
Even so, they’re worried about what’s next for them. And they have good reason to be.
Shawn sits down with Wes to share the results from their exclusive polling and what these precarious economic times mean for the fortunes of working Americans.
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