For many economists, a country’s gross domestic product, or GDP, is an indicator of the health of its economy. It’s a measure of the total value of goods and services produced over a period of time. Overall, about two-thirds of America's GDP is generated by consumption, or the use of goods and services by households. This means that household spending greatly impacts the overall economy.
Let’s meet the Murrays (pictured here). This family of three fits the definition of middle income, but they don’t feel middle class. Despite having advanced degrees and jobs, they don’t own a house, and they aren’t debt-free like they had planned to be. Listen to the audio clip, in which Kai talks to Mary and Aaron about perceptions and realities. After listening, answer the question below.
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Historically, being middle class in America has stood for something beyond the numbers.
Listen again to the audio clip or read the transcript if needed.