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 08/12/22:
Joe Biden signed into law the horrific Inflation Acceleration Act – which, as you know, increases government taxes and spending by roughly A...
Climate change activists are not just interested in reducing carbon emissions in order to "save the planet." Their underlying desi...
High-yield bonds are sending the stock market a warning sign. This is not a prediction, but a leading indicator. Just because it's happe...
There are numerous posts on this blog, and millions on other blogs and news sites, on the subject of what the rich do different, but it'...