The “middle class” has atrophied into the 10% of households just below the top 10%.
by Charles Hugh Smith, OfTwoMinds.com:
The truth is painfully obvious: a middle class lifestyle is unaffordable to all but the top 20%. This reality is destabilizing to the current arrangement, i.e. debt-based consumerism a.k.a. neofeudal state-cartel capitalism, so it is actively suppressed by the officially sanctioned narrative: that middle class status is attainable by almost every household with two earners (a mere $50,000 annual household income makes one middle class) and middle class wealth is increasing.
It’s not that difficult to define a middle class lifestyle: just list what was taken for granted in the postwar era of widespread prosperity circa the 1960s, four decades ago.
In What Does It Take To Be Middle Class? (December 5, 2013), I listed 10 basic “threshold” attributes and two somewhat higher thresholds for membership in the middle class:
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