A study publicized by the American
Institute of Economic Research defines the middle class as those Americans
whose annual income, measured in constant 2017 dollars, is between $35,000 and
$100,000. During the 51 years from 1967 to 1997, the percentage of middle-income
households fell from 53.8 percent to 41.3 percent.
But they didn’t become poorer. During the
same half century, the portion of households with income under $35,000 also
shrank, falling from 37.2 percent to 29.5 percent.
Instead, the middle class got richer. Households
with income over $100,000 more than tripled, from 9.0 percent to 29.2 percent.
More women are working, yes. But the
percentage of working women peaked in 1995. During the two decades that
followed, middle-class income continued higher even though the percentage of
working women remained about level.
Since 1967, technology has alleviated the work
performed by stay-at-home women. Microwaves, automatic dishwashers, and other
increasingly reliable appliances have enabled women to devote less time to household
work and obtain outside jobs.
In the mid-1960s, Americans spent about 15
percent of their disposable income on food. Now, despite a far higher
percentage of meals consumed in restaurants, the portion is less than 10
percent.
These trends are all triumphs of
free-market capitalism.
Government has become deeply involved in
education, healthcare, and housing. Funny, the prices in those sectors have
risen especially fast. But of course this was just coincidental.
