Our disappearing middle class has been receiving much media attention in recent weeks.
It takes an understanding of economics to uncover the reason behind our disappearing middle class and perhaps a bit of recent history.
The simple answer is that inflation has destroyed any gains the middle class had made during the past 40-some years. If you know history, you know that every time the government raised the minimum wage, inflation followed right behind, destroying savings workers had put aside for retirement, retirees on pensions and generally wiping out millions of people’s saving accounts. Remember the $1.00 hamburger with drink and fries?