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The Pew Research Center's Social & Demographic Trends project studies behaviors and attitudes of Americans in key realms of their lives, including family, community, health, finance, work and leisure. The project explores these topics by combining original public opinion survey research with social, economic and demographic data analysis. It is one of eight projects that make up the Pew Research Center, a nonpartisan "fact tank" that provides information on the issues, attitudes and trends shaping America and the world. It does not take positions on policy issues.The middle class is nervous, pessimistic and tightening its belt -- so business should be sweating it, too. The Pew Research Center's Social & Demographic Trends project says that when Americans are asked how they see themselves faring economically, the answer reflects the bleakest assessment seen in 50 years of polling and research.
"People feel this way for a reason. Median annual household income in the United States -- arguably the best single measure of a middle class standard of living -- is below the peak it reached in 1999, after adjusting for inflation," the center reports. "This has been one of the longest slumps for this key indicator in modern U.S. history."
While the view of the immediate future is grim, most Americans maintain their traditional optimism about the country's ability to make progress in the long term. They see their standard of living as being higher than that of their parents and expect the same will be true for their children. And they expect things to improve for themselves as well -- eventually. "A majority is confident that their quality of life in five years will be significantly better than it is now," the center says.
POSTED BY: JD (April 22, 2008 11:28 AM)
This slowdown is the best thing that ever happened to these people. They've been expecting to "maintain their standard of living" which included a NEGATIVE savings rate. Now they're forced to learn fiscal prudence, which will serve them for the rest of their lives. Heaven forbid we have to cut down on our lattes!
I say this as a middle class person who's not struggling at all, because I live below my income.
POSTED BY: s2kreno (April 22, 2008 04:16 PM)
I agree that our lifestyle has emphasized consumption way too much and that we think too highly of those who flaunt their income (or maybe just their credit card limits?). However, for those who are barely hanging on and trying to live as well as their parents did (keep the house painted and the car running and the kids fed) it's hard to fault them for getting into debt to keep some semblance of a normal lifestyle. Very few of us know how or ever expected to live below the standard that our parents set for us. It's sad that the economic changes that rewarded those in certain professions or socioeconomic groups did so much damage to others. I'm one of the lucky ones (and I don't buy lattes)but i can't help feeling sympathy for those in the pinch.
POSTED BY: blkgld978 (April 23, 2008 01:28 AM)
This reflection on American Middle Class lifestyle has left out a key word: responsibility. When we take on excessive debt (like credit cards), or beggar our retirement plans and home equity all for the sake of instant gratification and needless "stuff".....it's no wonder people feel financial pain. Maybe, in perspective, this is all a good thing. It will remind everyone that personal discipline and responsibility is the key to having a well-rounded, enjoyable lifestyle.
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