Write a short note on the growing of middle class to privileges
Answers
The middle-class squeeze is the situation where increases in wages fail to keep up with inflation for middle-income earners leading to a relative decline in real wages, while at the same time, the phenomenon fails to have a similar effect on the top wage earners. People belonging to the middle class find that inflation in consumer goods and the housing market prevent them from maintaining a middle-class lifestyle, undermining aspirations of upward mobility. In the United States, middle-class income is declining while many goods and services are increasing in price, such as education, housing, child care, and healthcare.
Explanation:
The emerging-market middle class – defined as households with a daily expenditure of $10-100 per person at purchasing power parity (PPP) – is projected to double its share of global consumption from one-third to two-thirds by 2050. Its members will be concentrated in existing and new cities. *
Total middle-class spending in Asia Pacific is estimated to grow from US$4.9 trillion in 2009 to US$32.9 trillion in 2030, at which point it will comprise 59% of global middl