A new report from the McKinsey Global Institute, with the chilling title “Poorer than their Parents: Flat or Falling Incomes in Advanced Economies,” shows just why this is the case. According to the paper, the trend in stagnating or declining incomes for middle class workers is not just confined to the United States, but is a global phenomenon hurting workers across the wealthy world. The report found that as much as 70% of the households in 25 advanced economies saw their earnings drop in the past decade. That compares to just 2% of households that saw declining incomes in the previous 12 years.
The Death of the Middle Class Is Worse Than You Think
