Decline of Middle Class Society

March 8, 2022
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Decline of Middle Class Society

Decline of Middle Class Society

Problem-solution Essay In no fewer than 3 paragraphs, students are to present a persuasive essay about a selected topic. The thesis statement states the possible solutions and the chosen one for essay focus. Body paragraphs will feature a topic sentence synthesis of sources and inferences. The conclusion should summarise the topic, highlight the solutions and provide recommendation or warning. After outlining the essay, students must support their analysis with adequate evidence and citation from at least 6 academic /credible sources. Moreover, students should document the sources they use in the essay by adding in-text citation in paragraphs and developing a references page at the end of the essay following the APA style format. Text Format Type your essay in • Spacing: Double spaced. • Font type: Arial Font size 12

Across Western Europe and North America, the middle class is shrinking, according to a new report by the OECD. With each new generation, a smaller share of the population find themselves earning middle incomes.

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When the Baby Boomers, who were born between 1943 and 1964, were in their twenties, some 68% were in middle-income households. Only 60% of Millennials, who were born between 1983 and 2002, could say the same at a similar time in their lives.

The OECD defines the middle class as people earning between 75% and 200% of the national median annual income. Its data is an average of results from Canada, Denmark, Finland, France, the United Kingdom, Ireland, Italy, Luxembourg, Mexico, the Netherlands, Norway, Spain, Sweden, and the United States.

The “economic influence” of the middle class has also dropped sharply over time, said the OECD report, which was published on April 10. Across the OECD, middle incomes have increased by just 0.3% per year, on average, over the past decade. By comparison, in the decade before the financial crisis, middle incomes grew by 1.6% per year, and by 1% the decade before that.

The OECD defines the middle class as people earning between 75% and 200% of the national median annual income. Its data is an average of results from Canada, Denmark, Finland, France, the United Kingdom, Ireland, Italy, Luxembourg, Mexico, the Netherlands, Norway, Spain, Sweden, and the United States.

The “economic influence” of the middle class has also dropped sharply over time, said the OECD report, which was published on April 10. Across the OECD, middle incomes have increased by just 0.3% per year, on average, over the past decade. By comparison, in the decade before the financial crisis, middle incomes grew by 1.6% per year, and by 1% the decade before that.

 

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