After more than four decades of serving as the nation’s economic majority, the U.S. middle class is now matched in size by those in the economic tiers above and below it.
On a global scale, the vast majority of Americans are either upper-middle income or high income. And many Americans who are classified as “poor” by the U.S. government would be middle income globally.
The first decade of this century witnessed an historic reduction in global poverty and a near doubling of the number of people who could be considered middle income. But the emergence of a truly global middle class is still far from fruition.
Income inequality will be a key topic of discussion for economic leaders meeting in Davos. Pew Research Center surveys also have shown that income inequality is a global cause for concern.
The urgency expressed by Pope Francis on global poverty and inequality is grounded in harsh reality. 4.4 billion people – 71% of the global population of 6.2 billion – lived on $10 or less per day in 2011, according to a Pew Research Center analysis of the most recently available data.
Trends in public opinion are in line with Obama’s agenda: The priority given to deficit reduction has slipped somewhat, while public support for rebuilding the nation’s infrastructure has increased.
Most people in China say they are better off financially than they were five years ago. At the same time, they’re worried about corrupt officials, air and water pollution, crime and economic inequality.