New Research Finds Upper Middle Class have Rebounded more than Others in the U.S
A series of data following the recession and housing bust that shook the country's economy supports the idea that only a small group of elite in the U. S., who mostly cover the top most one percent, have rebounded and is doing well.
However, large body of data hints that the economic expansion noted since the 2007-2009 financial crisis has given only a tiny percentage of the upper middle class making the income divide more between that top most quarter as well as the lower rung.
The new research finds that the upper middle class is bigger and wealthier than it was ever before and has expanded by a record 29.4 percent of the population in 2014 from 12.9 percent noted in 1979.
Stephen Rose, an economist at the Urban Institute said, "Any discussion of inequality that is limited to the 1percent misses a lot of the picture because it ignores the large inequality between the growing upper middle class and the middle and lower middle classes." The Urban Institute is a nonpartisan policy research group.
No particular definition defines the upper middle class but several researchers have identified the group as families that have incomes in the top 20 percent excluding the top 1or 2 percent.
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