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Two-thirds, 65%, of middle-class Americans said they were struggling financially and didn’t expect their situation to improve for the rest of their lives, according to a June survey from the National True Cost of Living Coalition. Three-quarters of middle-income families said they are actively cutting back on non-essential expenses, according to Primerica.
At the national level, the middle class is typically defined as households that earn between two-thirds and double the household median income. Based on 2023 figures, that means those with an annual income between $53,740 and $161,220.
Compared to its peak, inflation in the U.S. has eased substantially. According to the Bureau of Labor Statistics, the annual rate of inflation was 2.4% in September, as measured by the consumer price index. But that hasn’t necessarily led to a dramatic decline in prices; in many categories, consumers have only seen costs rising more slowly.
As of June, 65% of middle-cl …
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