George Will claims that the economic picture is not as black as it`s painted:
Edwards and Huckabee lament a shrinking middle class. Well.Economist Stephen Rose, defining the middle class as households with annual incomes between $30,000 and $100,000, says a smaller percentage of Americans are in that category than in 1979 — because the percentage of Americans earning more than $100,000 has doubled, from 12 to 24, while the percentage earning less than $30,000 is unchanged. "So," Rose says, "the entire `decline` of the middle class came from people moving up the income ladder." Even as housing values declined in 2007, the net worth of households increased.[George F. Will - Iowa`s Histrionic Hucksters, Washington Post, January 6, 2008;]
How did it happen that the percentage of people earning under $30,000 remained unchanged, while all these hardworking people were moving up? Well, it turns out that millions and millions of poor people have been imported in that period.