A hundred seventy years ago, Karl Marx predicted the end of the middle class as wealthy gain more and more power over the nation’s economy. One might identify numerous mistakes in the communist theory as presented by Karl Marx, but on one point he still remains correct- the end of the middle class. Each months witnesses more and more evidence that middle class families are disappearing as people lose their jobs and are unable to pay the mortgage or lack access to health care and head for the Emergency Room. Today, our local newspaper said people would be required to put up 30% for a mortgage. That is bad news for a middle class family seeking to purchase a home or a middle class family trying to sell a home. Republican and Democrats are engaged in a dispute over the budget. So far, talk has mainly focused on reducing government costs which means firing middle class people from their jobs. Of course as government workers become unemployed it reduces sales of goods.
Face it. The Middle Class is headed for extinction. If the current rate continues in fifty years we will have reached the world Karl Marx predicted would emerge.