Elizabeth Warren claims the middle class is under attack. "The middle class is under attack. Fight for an economy that works for all of us. Save Our Democracy. Join Our Fight. Rebuild the Middle Class."
Bernie Sanders has said: “The middle class of this country, over the last forty years, has been disappearing.”
In fact, most Democratic candidates are using this fallacy as part of the campaign platforms.
All are wrong.
The following chart shows the truth. In fact, while the middle class has been declining, so has the lower income classes. However, the upper middle and upper classes have been increasing in size. Over the last 40 years, the U.S. economy has created more prosperity. (All income figures have been adjusted for inflation and are quoted in today's dollars.)
Portfolio Return as of 05/20/22:
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