Editor, Casey Daily Dispatch
Justin’s note: The US middle class is dying… and a permanent underclass is taking its place. That’s not something most Americans want to believe. But it’s happening. The signs are everywhere.
The Casey Report editor Nick Giambruno shared this idea with us in May. And now, he’s saying this disturbing trend could take the United States down the same path as Venezuela.
To learn why, I got Nick on the phone…
Justin: Nick, you talked about how a permanent underclass is forming in the latest issue of The Casey Report.
What exactly do you mean by “permanent underclass”? And how long has this been going on?
Nick Giambruno: The US once had the largest and most prosperous middle class in world history. Today, it’s shrunk to its smallest size in generations.
In 2015, the American middle class reached a demographic tipping point. It dipped below 50% of the population for the first time since data collection started on this issue. Today, it’s an official minority group.
In the years ahead, if economic and political trends continue, I expect that tens of millions more Americans will be kicked down the ladder.
Welfare and government dependency is cementing them to the bottom of society—in effect, making them a permanent underclass.
This is a trend that has been going on for decades. But today, it’s really starting to accelerate.