Despite Trump touting a “roaring” economy during his State of the Union speech, many Americans are feeling the economic burn. Middle class households now encompass a smaller share of income while the top 1% doubled their slice of the economic pie, owning nearly $54 trillion in total wealth, according to Federal Reserve data. And many Americans feel stuck when it comes to retirement savings. Even after decades of saving, households still fail to break out of the middle class. What’s more, six-figure salaries aren’t even considered upper-class anymore in some U.S. states as downward pressures like inflation rattle American households.
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