The Endangered American Middle Class

Vice President Joe Biden, a product of the middle class who has remained middle class, defined that demographic this way, as The Washington Post reported:

“The middle class is not a number; it’s a value set. It’s being able to own your house and not have to rent it; it’s being able to send your kid to the local park and know they’ll come home safely,” he said. “It’s about being able to send your kid to the local high school and if they do well they can get to college, and if they get to college, you can figure out how to [pay to] get them there, and when your mom or dad passes away, you can take care of the other who is in need and hope your kids never have to take care of you. That’s Joe Biden’s definition of the middle class, and the middle class has been clobbered.”

At the same time:

Healthy Job Growth Seen in Last Snapshot Before Election

  • Employers added 161,000 jobs last month, and the unemployment rate fell to 4.9 percent, suggesting a healthy outlook for the months ahead.
  • Average hourly earnings rose 2.8 percent year over year, a level not reached since 2008.

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