Originally Posted by Restless28
I've had some interesting conversations with some folks who are in the "middle class". These people have vehicles financed for more than my home is worth, boats and ATV's, zero turn mowers, and large homes that are easily 5 to 10 times their gross income. They are faking "living large." It's an eminence front. (It's a put on)
Several work in the defense industry in Huntsville. If sequestration comes, the pain is going to be rough.
Those who don't work in the industry, and earn less, live just as large.
I have a feeling that the bursting of the bubble or a balck swan event will cause a shift in class structure. These middle class folks won't be able to maintain the status quo.
I imagine this scenario exists in every community in America.
The middle class has been getting hammered for decades. Since the 70s the middle class has lost pensions, health benefits, wages haven't kept up with inflation and jobs have been sent overseas. What is called middle class now - was lower middle class in the 60s/70s