Good morning! Today, we look at how the “middle-class” squeeze has raised Brazilian inequality. Brazil’s Central Bank chairman waves the white flag. And Marina Silva dazzles Washington.
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The Brazilian “middle class” loses more
A new study by think tank FGV-Social shows that Brazil’s so-called “middle class” lost more revenue than any group in the first part of the coronavirus crisis â which contributed to increasing inequality in the country.
Concepts. FGV-Social considers the “middle class” as people with earnings between the 40 percent poorest Brazilians and the richest 10 percent. But being in the middle of the pack in a country such as Brazil does not mean people fall into the classic meaning of the term â workers with enough disposable income to afford minor luxuries such as vacations or restaurants but who also rely on borrowing for big-ticket items such as homes and cars.
- Roughly 90 percent of Brazilian workers earn less than BRL 3,500 (USD 678) a month. In most major urban centers, that is hardly enough...