AFAIK, it was the Progressive era reforms that allowed a prosperous middle class to rise, and their reversal that is suppressing it back downward.
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Despite what you might read in the Wall Street Journal or see on Fox News, capitalism is not an economic system that produces a middle class. In fact, if left to its own devices, capitalism tends towards vast levels of inequality and monopoly. The natural and most stable state of capitalism actually looks a lot like the Victorian England depicted in Charles Dickens' novels.
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No chit, and the reversal of these reforms is taking us back to Dickensian 19th Century industrial feudalism with a vast cheap and defenseless labor pool. Kochtopia awaits us there.