Source – charleshughsmith.blogspot.com

  • “…In other words, what separates the working class from the middle class is the middle class is able to transform their labor into capital while the labor of the working class only funds consumption. The working class is defined not by credentials, type of labor or credentials but by limited access to the means to transform their labor into capital”

Debt & The Demise Of The Middle Class

By Charles Hugh Smith

Unfortunately for those at the top who’ve benefited immensely from speculative bubbles, speculative bubbles don’t create a vibrant middle class–they push what’s left of the middle class off a cliff.

What exactly isthe Middle Classand what unique role does it serve in the economy?Given thatthe Middle Classis constantly invoked by politicos and economists, you’d think the status quo had a solid understanding ofthe Middle Class.Alas, it isn’t that simple.


View original post 971 more words