Who shrank the middle class?
The middle class is shrinking obviously due to the economy's recession. Few are becoming extremely wealthy while many are becoming desperately poor. This is not the first time this has happened, but it needs to be handled in an appropriate way. Lester C. Thurow said in 1984 during a similar time:
"Marx’s predicted revolution did not occur because he did not foresee the rise of the middle class. The middle class had an interest in preserving capitalism and voted to alleviate the worst excesses of capitalism with social welfare programs. Their very presence gave the poor hope that they too could escape from poverty."
This was said during an eerily similar recession that was quite not as monumental. I believe if we handle our economy now with that same approach we will slowly start to see things prosper, rather the fail miserably.
Poverty and Welfare Politics and Policy in U.S. »Poverty and Welfare Politics and Policy in U.S.
Defining Poverty »Defining Poverty
Who shrank the middle class?
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