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Middle class job will help you to maintain an affordable lifestyle for life -- -- hold true anymore with the slumping economy to even become hard to determine who's even in.
The middle class and head of the jobs report coming on Friday we wanted this week to take a look at the middle class so.
Are a series is called caught in the middle and our first guest has studied the middle class for years and apparently still agonize -- over its definition.
From Monmouth University professor Stephen Preston joins us -- -- to -- professor thank you for having -- is that true that you it's difficult to defy especially now.
You know -- middle class in America.
Baird there are a couple of ways to go about the -- the middle class and one way is just based on income from what's their right income level that enables households to live.
In a certain lifestyle that we regard as being part of a middle class lifestyle I guess some of that depends on where you live but I did see the ranges that you use if you're single.
-- -- 35 such -- 60000 and that it goes up all the way do if you have family for.
Here's somewhere between.
Fifty -- bottom of the screen 52000.
Give or take a 105000.
To -- -- you know people living around here -- like new York New Jersey Connecticut they might say why that's still well and other people other parts of the country so it does depend where you with -- passing it it it should depend where you live that computation is certainly a lot harder to make because real estate prices cost of living is so regional.
But I think that -- that the big picture of the big numbers even though it may not be exactly precisely correct in every instance.
Gives a good picture of the middle class and what's happening to the middle class because here we destroys all the time and -- -- big story this week about how are.
We're fighting China on its currency people sell middle class jobs have been taken away by the Chinese resort gotta get those jobs back and others argue you not get them back.
The -- left the station we have to -- is the middle class changed for ever or will it return to the way it used to be.
I'm hoping that the middle class can return and I think that.
Regardless of how you define the middle class there are two main facts about the middle class in the United States.
One is over time since about 1980 it's been shrinking it's been declining in size in that.
Even if you define middle class -- slightly different ways using different income ranges that still holds true -- The second fact is.
The -- of the middle class in the United States is.
Much smaller than the size of the middle class in virtually all of the other developed countries in the world so is your idea for bringing it back to we need to spend more money we need to redistribute the wealth.
Reached for -- are different way to go I I think would -- distributing the wealth is the wrong approach I think the right approach as.
We we have lessons from other countries what to other countries do.
That succeed and creating a middle class is one example best example I can give is paid parental leave.
Paid parental leave doesn't exist in the United States were almost the only country in the whole world that doesn't have paid parental leave.
What that means is for -- -- with young children zero to two.
You you want a woman to stay home to take care of the child for a little bit right the woman needs to stay home but.
Without paid parental leave there's no income and so the family is -- an important source.
Income now in the old days when two people weren't necessary for middle class life that didn't matter as much today when you've got two parents working.
To survive as a middle class family.
That's necessary and so.
Giving birth to a child you lose that income there's no replacement and areas.
And yet they've at all last and lower asset class or are making right making matters worse lots of times how do you survive He going to death.
And so even after -- working again you're paying off thousands tens of thousand dollars in credit card debt and so paid parental leave.
Which is a policy that all of your past and the benefits are.
To very generous and Scandinavia.
Makes a big difference could start to -- our series this week we appreciate you coming you have to talk about how much that would cost and all these of what the wider issues at some point but.
Professor Preston thank you very much for for coming in today which should thank you for having me all right to all more of this all.
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