US Middle Class Share Falls as High-Income Households Reach Record 34%

The assessment relies on highly authoritative primary sources, namely the U.S. Census Bureau and the U.S. Bureau of Labor Statistics, which jointly conduct the Current Population Survey (CPS). This survey is the principal source for U.S. household income data.The statement's accuracy depends on the definition of "high-income." Using a common benchmark of households earning $100,000 or more in inflation-adjusted dollars, the data from the Census Bureau confirms the core assertion. According to historical income tables from the CPS, the share of U.S. households earning over $100,000 (in constant 2022 dollars) first reached 34.0% in 2015.Since then, that share has continued to increase. In 2022, the most recent year for which complete data is available, the share of households earning above this threshold reached 38.6%, a record high for the dataset which extends back to 1967.Therefore, the statement is substantively correct. The share of high-income households has indeed reached and surpassed 34%, and this share is at a record level. While the specific figure of "34%" is an outdated record, the overall claim that the share has reached this level and is at a record high is supported by the most credible evidence. The sources concerning employment statistics (CES) and retail sales are correctly identified as irrelevant because they do not measure household income distribution.