Middle class calculator11/8/2023 “Yes, there was recovery, but we already have signs that incomes are not keeping pace with inflation,” Kochhar says, adding that there’s too much uncertainty to predict how Americans’ finances shifted in the second year of the pandemic. ![]() While the Great Recession had a significant impact on Americans’ finances, this latest pandemic-spurred recession was so short and government support so robust, Kochhar believes it's unlikely to lead to a significant shift in incomes.īut it’s harder to tell how the recovery in 2021 will affect Americans’ standing in the various income brackets. Client: Pew Research Center Description: Conceptualized, designed and art directed a series of eleven tools that calculate. “That likely put sort of a floor to how much incomes fell during this time period for lower- and middle-income families,” Kochhar said. If you live in an area outside of one of these 260 areas, the calculator reports the estimates for your state. In counties where two-thirds of median income would fall close to the poverty line. But a whopping 28% of lower-income Americans experienced joblessness at some point during the first year of the pandemic.īut the effects likely would have been much worse if the federal government had not provided enhanced unemployment benefits, which nearly one in five middle-class families received, according to Pew. The income calculator encompasses 260 of some 384 metropolitan areas in the U.S., as defined by the Office of Management and Budget. For this calculator, we define middle class as two-thirds to two times median income for the county. ![]() About 14% of middle-class Americans lost their job in 2020, while about 8% of upper-income families experienced a similar income disruption. Though the American middle class does not have a definitive definition, contemporary social scientists have put forward several ostensibly congruent. Thanks to this shift, the income gap between upper-class Americans and everyone else widened slightly, stemming largely from pandemic unemployment.Ībout 15% of Americans suffered some form of unemployment in 2020, with the biggest impact falling on lower-income households.
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