Hey, wait a minute, China’s ‘New’ middle class used to be our middle class until we gave them all of the middle class that we had.
Since the minimum wage went up by two dollars within two years, and inflation has been climbing steadily, and of course, wages and benefits have dropped or remained the same, the old middle class of the U.S. is more like the lower class, and the lower class is now under the poverty level. The rich like it this way because they are getting more work out of people who can’t afford to lose their jobs and can’t complain about the downhill slope that they are on. If they complain, they may lose their jobs and won’t be likely to get another job with the same pay. This makes the bills seem bigger, even if the bills don’t increase, and we all know that bills won’t stop the uphill climb.
So now it costs the employees more as they learn to ‘do more with less, and less, and less…’ while the employers collect more for doing less.
I don’t mind China having a middle class, but why couldn’t they get their own instead of taking ours. Thanks to ‘to big to fail’ banks and businesses for giving that to them.