Recessions Hurt You, But It Could Be Worse

Lower-income earners during the 2008 recession felt the effects more than most. Per the Pew Research Center, low-income people lost around 9% of their earnings on average from 2000 to 2014, while those in the middle-income segment lost just 4%.

Those past losses, combined with declining social mobility, make it likely that many who fit the middle-class description a decade ago are in the same place. In other words, if you were in the middle-class then, you’re likely still in the middle-class.