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Reason Foundation

The Middle Class is ShrinkingˇHooray!

Ted Balaker
September 5, 2006, 3:31pm

With election season looming, brace yourself for more tales of woe. Like their somber predecessors the tellers of these new tales will probably miss the bigger point: Just as interesting as the message is the messenger--Stephen Rose writing in the lefty American Prospect. He highlights another reason why the old "middle class is getting hosed" saw doesn't cut it: Rose argues that progressives should cool it with all the hand-wringing: Do read the whole article (via Greg Mankiw); it's packed with lots more conventional wisdom-puncturing figures. For example, guess what the median credit card debt for all American households is. Hint: it's roughly equal to the likelihood of the Dems listening to Rose. Actually, neither party wants to acknowledge that things gradually get better regardless of who is in office because it robs them of their favorite campaign hammer: "Things have gotten worse since the other guys have been in charge!" Related: If things are so great, why do I feel so lousy, parts I and II Related: What a great time to be poor

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