Once the juggernaut of the American economy and the envy of the world, the middle class has finally lost its position as the richest in the world, according to a new report.
The New York Times, citing an analysis of survey data going back 35, reports that the middle class in the United States has fallen behind Canada’s middle class. While economic growth in the U.S. is equal to or stronger than growth in other countries, those gains have gone almost exclusively to the wealthiest Americans. America’s middle class is still wealthier than corresponding demographics in Europe, but the gap has narrowed significantly in the last 10 years. Meanwhile, the poor in the U.S. are significantly worse off than their counterparts in Europe and Canada—a total reversal from 35 years ago.