The squeezed middle in America

Robert Frank, professor at Cornell University and an expert on income inequality, talks to Gillian Tett, the FT’s US managing editor, about the state of the American middle class. Professor Frank's 'toil index' reveals that a median earner would have had to work 40 hours a month in 1970 to afford a median-priced home but closer to 70 hours in 2000.