We the Toxic Assets?

The "middle class" is an historical anomaly and in my humble opinion, was artificially created to build the wealth of the ownership class until it was no longer needed. Well, this class is no longer needed, hence its current decline.

Today, as J.A. Myerson point out in the video below, "the middle class is the working class plus debt." We're now in the process of returning to the natural harmonious capitalist order which does not include a "middle class". Home ownership, college, medical insurance, etc. is a privilege of wealth

“In the digital age where American workers have increased their productivity hugely with no real increase to their wages, the middle class has only been able to keep up the incredible consumption schedule it is used to by taking on a ton of debt. We go into debt to buy the home, the health care, the education, the automobile, that working class people aren’t traditionally entitled."

Links:

Who's Profiting From $1.2 Trillion of Federal Student Loans?

No FAFSA, No Diploma in Louisiana

After Math Error, Fitch Doubles Student-Debt Downgrade Estimate