The entire middle class, defined in part by their owning their own homes, is becoming a working underclass. What is left of the middle class — doctors, lawyers, businessmen — is being attacked now. The doctors and businessmen are going to be wiped out by obamacare, and the lawyers will be wiped out as soon as there is no one left to sue.
I read that in England, they have seven “classes”. The highest class is the “elite” class. They are defined by their having something like 140k pounds of wealth. That’s what upper middle class used to be — a nice house and a nest egg. The Elite are only 6% of the English population.
Every person with no wealth is a person who must turn to the government (vote for spenders) for survival (entitlement handouts). This voting block will be unstoppable. All wealth will be in the hands of the government, which is to say, all wealth will have been spent before it is accumulated, which is to say, there will be no wealth.
The conversion is nearly complete. Another year or two, and civilization will be completely entropic (dead)....
Bingo!!!
We are heading there now.
Are you sure about your figures? £140,000 in assets (vulgo: wealth) is really not very much.
Or did you perhaps mean to say annual income?
On the other hand, £140,000 in assets is consistent with your statement about that corresponding to "[...] what upper middle class used to be — a nice house and a nest egg."
Based on data from the HMRC for 2004–2005, about 10% of all households in the U.K. had assets amounting to at least £176,221.
Regards,