A half-century ago, America had the largest middle class in the history of the nation and of the world.
Then, those on the “left” wanted stronger social safety nets and more public investment in schools, roads, and research. Those on the “right” sought greater reliance on the “free market.”
But as power and wealth have moved to the top in America (and, to a lesser degree, in other “rich” nations, almost everyone else — whether on the old right or the old left — has become disempowered and less secure.
America’s huge middle class has become a small shadow of what it once was. The bottom 90 percent are struggling to make ends meet. The richest 10 percent account for a large and growing portion of all consumption. The top one-tenth of one percent holds an increasing portion of all wealth.
