The funny thing about the new downsized 'middle class' is that they have only been able to purchase reasonably well paid jobs by spending enormous amounts of money on their own educations.
Exactly right, Opebo. There have been a lot of articles lately about the huge amount of student loan debt that the average American has to bear to graduate from college.
Then, even if they get a decent paying job, they are often restricted from moving up in class due to a huge amount of debt they need to pay off. Hell, I am 28 years old and still paying off student loans and credit cards from when I was in college (and I was fairly frugal as a student).
For many college graduates, they are merely "running in place" due to the huge debt burden they carry.