Nightly News   |  October 20, 2011

U.S. standard of living drops

Americans’ Standard of Living has dropped sharply. NBC’s Brian Williams reports.

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This content comes from a Full-Text Transcript of the program.

BRIAN WILLIAMS, anchor: There is now hard evidence that the iconic poster showing American confidence back in another era is, in fact, no longer true. The American standard of living has fallen badly and is no longer the source of pride it once was. To quote the Christian Science Monitor today, "The standard of living for Americans has fallen longer and more steeply over the last three years than at any time since the US government began recording it five decades ago." In plain English , it's confirmation life isn't as good as it used to be in this country. Income for most people is down, so is net worth, say nothing of housing; and of course, it's all been devastating to the great American middle class . Up next