[Economic] [Political] [Social]
Who Killed the Middle Class?
by Charles Hugh Smith
Posted April 18, 2021
A few winners in the casino who sold at the top might have edged into the top 10%, but the vast majority of gamblers in the casino cannot compete with the insiders, manipulators and pros, so they lose ground. This is why the bottom 90% collects an insignificant 3% of all income from capital.
The middle class has already collapsed, but thanks to debt and bubbles, this reality has been temporarily cloaked. All bubbles pop, and all excessive debt ends in default.
And as the middle class awakens to the fact that the rungs of social mobility are broken, it’s easy to predict a systemic breakdown.
When these inevitably occur, the reality can no longer be hidden. More…