For decades, ‘middle class’ was defined as one income that could pay for a family of four. Up until the Nixon inflation of the 1970s anyone with a halfway decent job was ‘middle class.’ Back then $1 million was a giant fortune
Then Reagan came in with his tax cuts for the rich. By 1992, middle class was defined as two incomes and $1 million was what a rich guy paid for a party.
Think of it this way.
For decades, ‘middle class’ was defined as one income that could pay for a family of four. Up until the Nixon inflation of the 1970s anyone with a halfway decent job was ‘middle class.’ Back then $1 million was a giant fortune
Then Reagan came in with his tax cuts for the rich. By 1992, middle class was defined as two incomes and $1 million was what a rich guy paid for a party.