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Middle Class Is Now The 'Muddle Class' - . When you find your working AND middle class at same time.”

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  • reynolds
    Senior Member
    • Oct 2018
    • 1808

    Middle Class Is Now The 'Muddle Class' - . When you find your working AND middle class at same time.”

    The Middle Class Is Now The ‘Muddle Class’

    November 6th, 2019

    The net result is the muddle class has the signifiers but not the wealth, power, capital or agency that once defined the middle class.

    Comedian Jason Manford claimed to have coined the term in June 2013: “I’ve invented a new term; ‘Muddle Class’. When you find yourself being working class AND middle class at the same time.” I’m using the term to describe the economic class that has the social signifiers of middle class status but little to no ownership of meaningful capital or control of their own financial security. In other words, this class “muddles through” the erosion of their purchasing power and economic security, claiming the social status of “middle class” while their financial status is impoverished when compared to the security of previous generations of “middle class.” ...

    1. Household indebtedness, i.e. how much of the income is devoted to debt service, and
    2. How much of the household spending is funded by debt.
    3. The ability of the household to set aside substantial savings / capital investment.
    4. The security of the households’ employment.
    5. The dependence of the household wealth on speculative asset bubbles inflated by central bank policies.
    6. The percentage of the household income that is unearned, i.e. derived not from labor but from productive assets.
    If all the household income is earned and there is no accumulation of income from capital (assets), then this is the definition of the working class.
    7. The exposure of the households’ employment to automation, AI or offshoring.
    8. How much of the household income is government transfers: benefits, subsidies, etc.

    1. Neoliberal globalization and ideology has eroded employment security by offloading risk onto workers while fragmenting the family structure via turning everything into a global market.
    2. The 4th Industrial Revolution (software, robotics, digital technologies) is disrupting previously stable employment, making earned income contingent and prone to disruption.
    3. The destruction of interest earned on savings

    Read more ...