Are cracks forming in America's middle class?

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On paper, the US economy has been looking good, historically speaking: Low unemployment, robust consumer spending and a resilient stock market. But sky-high interest rates and persistent inflation are taking their toll on Americans, especially the middle class, which has seen its income growth lag behind the upper class over the past half-century, according to a recent Pew Research Center report.

"The economy is booming, and yet many Americans are still gasping for air financially. They simply don't have the breathing room to plan beyond their present needs," according to Jennifer Jones Austin, co-chair of the National True Cost of Living Coalition.

There is data to back that up: Americans are racking up debt, running low on savings, and dialing back their spending on everything from fast food to home goods and clothes.

➡️ Krystal Hur has more analysis of how middle-class Americans are getting squeezed.

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Today’s PM Plug-In was produced by CNN’s Brendan Cosgrove, Claire Colbert and Matt Tettelbach.