More than half of the nation's working-age families with children earn $60,000 or less a year, according to a new report from the Hamilton Project that provides a snapshot of America's "struggling lower-middle class."
of those more than 20 million families, about 40 percent have annual
incomes at or below $40,000 and a shocking 15 percent, or 5.6 million
families, earn between $1 to $20,000 a year, the report showed. The
majority of today's families, 76 percent, have annual incomes at $100,000 or less, while "fewer than 3 percent of families earn more than $260,000," according to the report.
report found that 49 percent of working-age families with children have
incomes below 250 percent of the 2012 federal poverty level, or $58,208 for a two-parent family with two children.
About 30 percent of families live between that 250 percent threshold and the official poverty line, which stood at $23,283 in 2012 for a two-parent family with two kids. As such, these families are considered to be the "struggling lower-middle class," the report reads, because their "proximity to the poverty line means that any unanticipated downturns in income could push them into poverty."