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The middle class is going through hard times, but you also have to understand that by definition, the middle class will ALWAYS be the most vulnerable during an economic downturn. Most middle class people are middle class by the skin of their teeth, that's just the nature of the middle class. If they had a huge savings, they would be upper class.
When an economic downturn hits, the poor are already poor, you can't really go much lower. The rich have enough of a cushion to ride it out and the rich are the first to make money off of the upswing when things turn around. So it's ALWAYS the middle class that takes the most visible and jarring hit when an economy turns bad. The middle class is the only economic class that really changes during a slowing economy.
On a side note, not sure if the author should use the 1970's as an example of "glory days" when it comes to the middle class..lol!
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