To regular readers of TBP, this is very old news – but the significant play it has gotten recently is not.
We started discussing this in 2005 — see The Disconnect and Economic Classes. I called it The Middle Class Squeeze; Dan Gross termed it the Cramdown. See also Middle Class Squeeze Continues and The Bifurcated Economy
But the phenomena is very real, and it is likely to continue as a factor imapcting sentiment as well as retail sales.
Income Gap Is Widening, Data Shows
DAVID CAY JOHNSTON
NYTimes, March 29, 2007
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.