Jay Leno claims middle class has disappeared amid economic polarization

Jay Leno said in an October 20 interview with the business show TBPN that America has "no middle class anymore."

He argued the economy is splitting between premium products for wealthy buyers and low-cost options for others.

Pew Research Center data shows 51% of Americans were middle-income in 2023, down from 61% in 1971.

Middle-income households received 43% of total household income in 2022, compared with 62% in 1970.

Upper-income households’ share of total household income rose from 29% in 1970 to 48% in 2022.

Moody’s Analytics estimates the highest-income 10% of households account for more than 45% of spending, while the Bureau of Labor Statistics’ 2024 spending survey estimates that share at 23%.

The data indicates income polarization rather than the disappearance of the middle class, as reported by Moneywise.

This report summarizes economic data regarding income distribution and spending patterns in the U.S.