[brandonmenc]

I think you're not understanding that the American middle class covers quite a wide range of wealth and income.

You'd probably also be surprised at just how many millionaires who used to work in factories there are. 40 years of union wages, plus pension, plus investing in a mutual fund. I obviously can't prove it here, but I'm from a blue-collar factory city and trust me, some of those people have multi-million dollar retirement funds.

Granted, you can't replicate that kind of success today, but there are people who didn't work "elite" jobs in possession of millions.

[dnautics]

Probably also because the prosperity of those blue collar workers came about by pumping the economy by borrowing from the future. Interest rates were 16%+ in the early 80s, you could have bought a middle class house and refi'd 2 times (at 8%,4%) and basically get two free houses. With interest rates zero or near zero, current middle class individuals will not be able to repeat this feat.