Commentary 
There was a time when a large portion of Americans belonged to the “middle class.” It meant you could afford a decent living standard, such as owning a house and a car and had savings in the bank. When “baby boomers” reminisce about the “good ole days,” they are referring to when being middle-class was normal.
However, the American middle class has continued to contract over the past five decades. According to Pew Research, the share of adults who live in middle-class households fell from 61 percent in 1971 to 50 percent in 2021.
The shrinking of the middle class is accompanied by an increase in the share of adults in the upper-income tier, which increased from 14 percent in 1971 to 21 percent in 2021. At the same time, there was an increase in the share who are in the lower-income tier, from 25 percent to 29 percent. These changes have occurred gradually, as the share of adults in the middle class decreased in each decade from 1971 to 2011, but then held steady through 2021….