When Richard Nixon was first elected, ‘middle class’ was understood to mean one job supporting a family of four. In those days, $1 million was a vast fortune. Nixon started printing paper money to pay for the massive bombings in Vietnam, Laos, and Cambodia. When the Arab Oil boycott hit, inflation really took off. Carter tried to control inflation, but when Reaganomics came in, the middle class was doomed. By the time Bush Sr. left office ‘middle class’ was two incomes to run a household. By then $1 million was what a rich guy paid for a party.
When Richard Nixon was first elected, ‘middle class’ was understood to mean one job supporting a family of four. In those days, $1 million was a vast fortune. Nixon started printing paper money to pay for the massive bombings in Vietnam, Laos, and Cambodia. When the Arab Oil boycott hit, inflation really took off. Carter tried to control inflation, but when Reaganomics came in, the middle class was doomed. By the time Bush Sr. left office ‘middle class’ was two incomes to run a household. By then $1 million was what a rich guy paid for a party.