Why the Middle Class Matters
Synopsis
In 1971, 70% of Americans were defined as middle class, but today that number has dropped to just 50%.
Synopsis
On a bustling street, a reporter asks passersby about their economic status. Many claim to be middle class, yet recent data reveals a stark reality. In 1971, 70% of Americans were considered middle class; today, that number has dropped to 50%. KY Risdall explains the income brackets defining middle class households, ranging from $24,000 for singles to $145,000 for families of four. The segment discusses the implications of a shrinking middle class on American consumption and aspirations.
Deep Dive
Why Watch
- Find out why the middle class is shrinking in America.
- See how household income affects middle class status.
- Discover the impact of consumer spending on the economy.
Did You Know
- In 1971, 70% of Americans were defined as middle class.
- Today, only 50% of Americans are considered middle class.
- A single person must earn between $24,000 and $73,000 to be middle class.
- A family of four needs an income between $48,000 and $145,000 to be middle class.
Perfect For
Frequently Asked Questions
What income qualifies a single person as middle class?
A single person would need to make between $24,000 and $73,000 a year to be considered middle class.
What percentage of Americans were considered middle class in 1971?
In 1971, 70% of Americans were defined as middle class.
How much of the economic activity in the U.S. is driven by consumption?
More than two-thirds of all economic activity in the United States is driven by consumption.
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