Originally published in the New York Times on April 10, 2015 by Patricia Cohen.
It’s not only what you have, but how you feel.When it comes to membership in the middle class, earnings and assets are just part of the definition. Nearly nine out of 10 people consider themselves middle class, as a recent survey by the Pew Research Center found, regardless of whether their incomes languish near the poverty line or skim the top stratum of earners.“Middle income is not necessarily the same thing as middle class,” said Rakesh Kochhar, a senior research associate at Pew. Even as the proportion of households in the middle-income brackets has narrowed, people’s identification with the middle class remains broad.
Read the full story here: http://www.nytimes.com/2015/04/11/business/economy/middle-class-but-feeling-economically-insecure.html