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Middle Classes RIP

In the stage musical and film 'Evita', Eva Peron sings "Screw the middle classes! I will never accept them." A recent study in the United States indicates that the middle classes are being screwed and squeezed as never before - click here to see NY Times coverage of the report. This squeezing of the middle classes is also happening in other economies - click here to see a recent Economist piece on the issue.  Three questions spring to mind. Why is this happening? Will the middle class disappear? What is the long-term effect of this squeezing of the middle classes? The squeezing of the middle classes is a worrying trend which has major consequences for the future of Western civilisation. 

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