New Insights on the Decline of the Middle Class
States over Six Decades
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In a recent working paper published by the National Bureau of Economic Research, Fatih Guvenen and his co-authors Greg Kaplan, Jae Song, and Justin Weidner, examine indiviudal labor income histories over six decades. They find that overall, substantial changes in labor market outcomes for younger workers are a critical driver of trends in both the level and inequality of lifetime income over the past 50 years.
Jae Song is an economist with the Social Security Administration
Greg Kaplan is a professor of economics at the University of Chicago
Justin Weidner is a Ph.D. student at Princeton University