The study released last week by the Pew Research Center confirms a trend that political economists have been observing for years — the middle class, the 50% of American households earning between $39,000 to $118,000, are now headed backward in income for the first time since the end of World War II.
The bedrock of a stable society is a large and healthy middle class. They not only do the bulk of the work and pay the lion’s share of the taxes, but their level of affluence gives them a personal stake in the survival of existing political and economic orders.