Are you still in the middle class in California?
The study found that since 2020, inflation has surged substantially, peaking at 9% in June 2022. Some families that were middle class in 2020 may no longer be in that category, data showed.
Rust added that the shrinking of the middle class is the result of the polarization of where growth is coming from, nothing that while some people are falling out of the middle class into the lower class, some are also moving into the upper class."Another important factor to consider is the aging population of the U.S.," he said. "Normally, retirees live off savings and generate little income.
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