Sunday, April 1, 2007

The middle class

The definition used in media of the American middle class is vague, at best. It isn't the statistical middle class, so comparisons over time are subjective to inaccuracies inherent to population changes, inflation and uncountable other factors. So the analysis I am doing here is the statistical middle class defined as the middle quintile (20%) of our population as defined by table HINC-05 of the census tables located at http://www.census.gov/hhes/www/income/dinctabs.html. One key data that is given is the lower bound of the income for the middle class and the lower bound for the higher quintile which is basically the same as the upper bound for the middle class:

YEARINCOME RANGEINCOME RANGE IN 2000 DOLLARS ADJUSTED FOR INFLATION
2012$39,736-$64,554$30,178-$49,026
2011$38,515-$62,434$29,865-$48,412
2010$38,040-$61,720$30,353-$49,245
2009$38,530-$61,800$31,235-$50,099
2008$39,000-$62,750$31,489-$50,665
2007$39,100-$62,000$32,770-$51,962
2006$37,771-$60,000$32,259-$51,244
2005$36,000-$57,658$31,791-$50,917
2004$34,738-$55,331$31,689-$50,475
2003$34,000-$54,440$31,606-$50,606
2002$33,377-$53,151$31,771-$50,593
2001$33,312-$53,000$32,217-$51,257
2000$33,005-$52,265$33,005-$52,265

What this shows is not as headline catching as the news outlets are willing to present. What it basically says is that the 2001 recession impacted the lower and upper bounds of income for the middle class until 2003 where the upper bound started to move up and starting with 2004, both the lower and upper bounds moved up. It's nothing earth shaking, but it brings to earth what headline news tries to make
political fodder.

11/13/2007 - added line for 2006
07/15/2010 - added lines for 2007 & 2008
07/09/2013 - added line for 2011
01/04/2014 - added line for 2012

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