79% say middle class is shrinking

By Around the Web

(CNBC) — The high cost of housing across the U.S. has made Americans pessimistic about the prospect of social and economic mobility, a new study by the MacArthur Foundation finds.

The research released Tuesday states 79 percent of Americans – across all ages and political party affiliations — believe it is more common for people to fall out of the middle class than rise up to it.

“We expected to see some pessimism for this, but the depth and breadth of this is quite profound,” said Rebecca Naser, a member of the team who conducted the research.

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