"This is not class warfare. It's math," President Obama said on Monday
There is an important element of truth to this but, as Paul Krugman points out
, there has been an "actual class war that has taken place over the past 30 years — namely class warfare for
the rich against
the middle class." He points to four major elements to this: tax cuts for the rich; a decline in the inflation-adjusted minimum wage (which peaked in 1968 at $10.04
in 2010 dollars); union-busting; and the deregulation of financial markets.
In fact, the war on the middle class goes back even further than that...
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Ken is Associate Professor of Political Science, University of Missouri-St. Louis.