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RE: The Vanishing Middle Class... neh. The Covertly Destroyed Middle Class
Many of the “middle class” people I know believe and behave like they are upper middle and overextend themselves in order to compete with their peers. The level of entitlement matches the amount of credit many of them have access to and the banks are very happy to take advantage of that.
I think one of the contributing factors is that the middle class end up spending the money before it actually comes in and are just broke at a higher level.
Having not safety net and being over leveraged in a time of instability means the ill prepared middle class can easily be disappeared down to lower class.
Great points!
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It was like this back when all the corporations were send the jobs overseas.
The banks offered the corps sweet loans to move their plants.
Then! the banks offered those workers (who would soon be out of work) mortgages and credit cards.
It is too easy to get into debt... especially when you think the economy (and your job) will just keep on going as it is.