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America’s two-track economy
Economist’s new book examines decline of the nation’s middle class.

Peter Dizikes | MIT News Office
March 13, 2017

For many people in America, being middle class isn’t what it used to be.

Consider: In 1971, the U.S. middle class — with household incomes ranging from two-thirds to double the national median — accounted for almost 60 percent of total U.S. earnings. But in 2014, middle-class households earned just about 40 percent of the total national income. And, adjusted for inflation, the incomes of goods-producing workers have been flat since the mid-1970s.

“We have a fractured society,” says MIT economist Peter Temin. “The middle class is vanishing.”

Now Temin, the Elisha Gray II Professor Emeritus of Economics in MIT’s Department of Economics, has written a book exploring the topic. “The Vanishing Middle Class: Prejudice and Power in a Dual Economy,” published this month by MIT Press, examines the plight of middle-income earners and offers some prescriptions for changing our current state of affairs.

full: http://news.mit.edu/2017/america-economy-decline-middle-class-0313
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