The Phenomenal Growth of the World’s Middle Class May be the Most Important Story of our Time

American Elephants

In America, we usually don’t talk much about the Middle Class — we just assume that most everyone is in it. Except for a surprising number of billionaires, there isn’t much difference between being middle class or being wealthy, and most people simply described themselves as being middle class without giving it much thought. Historically, 85 to 90 percent of Americans have self-identified as middle class. Sixty percent is more usual today.

Gallup surveys show that only about 2 percent of Americans self-identify as “Upper” class. And we have lots of articles about the “shrinking U.S. middle class”, from the media or politicians. They usually forget to mention that the middle class in America is shrinking because more people are getting wealthier. (Economics is not a strong point for the Left)

But reaching the middle class is not just a class designation. Nor is it a matter of money. A…

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This entry was posted in applied price theory on by .

About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at https://utopiayouarestandinginit.wordpress.com/2014/03/12/why-call-my-blog-utopia-you-are-standing-in-it/

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