I don’t know why Medium resurrected this old story for my feed but Umair seems to accentuate the negative and ignore the positive.
“Recently, the US has reached a historic tipping point: for the first time, the middle class is a minority. Neither you nor I can say that this — in academic terms that fascism is caused by it. Yet we can say with confidence the following. Fascism is always a product of inopportunity. In the US, the middle class, and its living standards peaked around 1970. Since then, the middle class has shrunk steadily. And today, fascism is rising at precisely the moment when the middle class has hit the turning point from majority to minority.”
Disregarding the Pew Center’s disregard for the Classic definition of Middle Class just looking at the Pew data this is good news. It you accept their approach then the Middle Class is no longer a majority of the U.S. population because since 1971 7% of the Middle Class advanced to Upper Class. In the U.S. there is upward mobility and it is shrinking the Middle Class. Sadly their is downward mobility too and 4% of the Middle Class drop down to being Lower Income.
I said good news, yes, more people moved up than moved down. The news is even better than that because more people are born poor than are born rich so if you did not have class mobility then the numbers of poor would increase more quickly than the numbers of rich.
He did not address this or the implication of a population where more than 21% of the people earn more than twice the average income. The U.S. is becoming a country of the Rich and Elites.
What percentage of Americans have a college degree? This graph shows the percentage of the U.S. with a college degree…www.statista.com
There has been a large increase in the percentage of the population with college degrees with the largest part of the increase being women.