For most Americans, a middle class life looks like this: Home ownership; a yearly vacation; college for your kids; a secure, debt free retirement.
That’s what’s been spun as the “American Dream.” And, according to the political rhetoric, trying to achieve it is a nightmare.
The Pew Research Center recently reported the share of middle class households have dropped in 9 out of 10 metropolitan areas. Some of that erosion is due to income growth. But more of the drop can be attributed to income declines.
Presidential nominees Donald Trump and Hillary Clinton are offering both reasons and remedies for the middle class slippage. But can a manufacturing jobs plan, or an investment or middle class tax cut close the fissures that seem to be splintering American society?
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Start with the fact that the middle class is shrinking, according to a new Pew survey. The odds of falling into poverty are frighteningly high, especially for the majority without college degrees.