More than half of all working Americans make less than $30,000 per year, according to new data from the Social Security Administration (SSA), which reinforces the idea that the middle class is dying.
In 2014, 51 percent of Americans reported making less than $30,000 per year, or $2,500 per month, according to data from the SSA's National Wage Index, which is updated annually based on wages subject to income tax, reported the Daily Caller.
Half of all working Americans said they made less than the median wage of $28,851, and 38 percent said they made less than $20,000 per year. Sixty-two percent made less than $40,000 and 71 percent made less than $50,000.
To put things into perspective, the federal government considers a family of four living on an income of less than $24,250 per year to be impoverished. A full-time worker making $10 per hour and receiving two weeks off each year can expect to make about $20,000.
The difference between median wage and average wage continues to widen, which signals a shrinking middle class, according to the Daily Caller.
The above numbers, however, are only for those considered to be employed. Approximately 8.5 million Americans are officially unemployed and over 94 million are considered to not be in the labor force, a near 38-year low, according to CNS News.
