Debt and the Demise of the Middle Class
by Charles Hugh Smith
Posted April 5, 2021
Unfortunately for those at the top who’ve benefited immensely from speculative bubbles, speculative bubbles don’t create a vibrant middle class–they push what’s left of the middle class off a cliff.
What exactly is the Middle Class and what unique role does it serve in the economy? Given that the Middle Class is constantly invoked by politicos and economists, you’d think the status quo had a solid understanding of the Middle Class. Alas, it isn’t that simple.
The conventional view defines the middle class by income, education or type of labor being performed. These are all superficial attributes and ignore what actually differentiates the working class from the middle class. Yes, the middle class tends to earn more, have higher educational credentials and perform white-collar labor rather than blue-collar labor. More…