[Animats]

> A big, strong, middle class is reassuring.

That's what's disappeared - a strong middle class. Not what the WSJ calls the middle class - they mean people with enough money to invest - but what was called the middle class through the 1970s. People who had a secure job, and could afford a house, a car, a family, and a retirement. Those people had a stake in maintaining the status quo.

What we have now is called "the precariat", from "precarious" and "proletariat". There's a job, but you could lose it at any time. You can't afford a house. You can't afford to save for retirement. Just paying the bills is tough. This is the new American normal.

A friend in banking who has access to retail numbers points out that, for most customers, the account balance after they pay rent is at most a few hundred dollars.