The Making of the American 99% And the Collapse of the Middle Class

by Barbara Ehrenreich and John Ehrenreich

 

“Class happens when some men, as a result of common experiences (inherited or shared), feel and articulate the identity of their interests as between themselves, and as against other men whose interests are different from (and usually opposed to) theirs.”
-- E.P. Thompson, The Making of the English Working Class

The “other men” (and of course women) in the current American class alignment are those in the top 1% of the wealth distribution -- the bankers, hedge-fund managers, and CEOs targeted by the Occupy Wall Street movement. They have been around for a long time in one form or another, but they only began to emerge as a distinct and visible group, informally called the “super-rich,” in recent years.

Extravagant levels of consumption helped draw attention to them: private jets, multiple 50,000 square-foot mansions, $25,000 chocolate desserts embellished with gold dust. But as long as the middle class could still muster the credit for college tuition and occasional home improvements, it seemed churlish to complain. Then came the financial crash of 2007-2008, followed by the Great Recession, and the 1% to whom we had entrusted our pensions, our economy, and our political system stood revealed as a band of feckless, greedy narcissists, and possibly sociopaths.