And regardless of the statistical arguments, the vast majority in the middle class FEEL and BELIEVE this is happening.
In the present paradigm that means it may as well be reality. And that means Obama is winning the argument that our current economic and social systems must be “changed”.
Arguments like these are intended to make people accept the “new normal”...
and worse, to think that it’s either always been this way or that this way is better than it’s ever been.
The libs have been complaining about the “stagnant” middle class since Reagan. Thomas Sowell does an excellent job about once a year popping the myth.
And thus, they are not spending - which is making it come true. Regardless of arguments over the merits of thrift, our economy was not built to handle a sudden shift away from a consumerist mentality. Job losses will continue to mount, and people will be forced to spend even less...which will lead to even more job losses. The Great Contraction is well underway.