The American middle class is shrinking, and that’s OK | Allison Schrager Nov 26, 2025 Nov 26, 2025 Updated Mar 2, 2026 0 Prefer us on Google Learn More Facebook Twitter WhatsApp SMS Email Print Copy article link Save The good news is that Americans have never been richer. The bad news is that most of them don’t feel like it. Allison Schrager kAm%96 &]$] 92D 6IA6C:6?465 EC6>6?5@FD 8C@HE9 :? :?4@>6 2?5 H62=E9 :? E96 =2DE 92=7 46?EFCJ[ 6G6? 7@C A@@C6C 2?5 >:55=6\4=2DD 9@FD69@=5D] qFE kDA2? 4=2DDlQAC:?E0EC:>Qm3642FD6 @7 E96 ?2EFC6 @7 E92E 8C@HE9[ 2D H6== 2D E96 492?8:?8 DECF4EFC6 @7 E96 ?2E:@?2= 64@?@>J[k^DA2?m 2 =@E @7 E96 A6@A=6 H9@ 92G6 36?67:E65 2=D@ 36=:6G6 E96 64@?@>J :D?’E H@C<:?8 7@C E96>]k^AmkAmxE :D ECF6 E96 >:55=6 4=2DD :D D9C:?<:?8] x? E96 `he_D E96 :?4@>6 5:DEC:3FE:@? @7 &]$] 9@FD69@=5D =@@<65 =:<6 2 36== 4FCG6 H:E9 2 G6CJ E9:4< >:55=6] %@52J[ 76H6C p>6C:42?D 2C6 :? 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C:D:?8 :?6BF2=:EJ :D 7=2E @C 564=:?:?8 :?4@>6]k^Am Schrager is a Bloomberg columnist and senior fellow at the Manhattan Institute. 0 Comments Catch the latest in Opinion Get opinion pieces, letters and editorials sent directly to your inbox weekly! Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy. Related to this story Most Popular Don't let affection for the past handcuff the present | Jerry Davich Barney Fife stole a few minutes of my time. Again. 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