Disappearing Middle Class Graphically?
Do a Google searh of the exact phrase "disappearing middle class" and you'll get 16,500 hits.
Think about what it would mean statistically or graphically if the middle class of Americans really did disappear. Assume that income is distributed somewhat normally like Distribution 1 above (technically it would actually be skewed to the right to account for the Oprahs, Tigers and Bills, as in Gates). If middle income households really did "disappear" wouldn't we then have a) nobody left in the middle and b) two new distributions, one of low income households and one of high income households like the distributions above labelled "Low Income" and "High Income?"
Does anybody really seriously think that could ever happen in the U.S.?