OpinionAnalysis

The Destruction of the American Middle Class

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The Destruction of the American Middle Class
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David Stockman
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Commentary

Since money-printing went into permanent high gear after the dotcom crash in 2000, the top 1 percent of households have gained $20 million each in inflation-adjusted net worth. Likewise, the top 0.1 percent or 131,000 households at the tippy top of the economic ladder have gained $88 million each in inflation-adjusted net worth.

David Stockman
David Stockman
Author
David Stockman is senior fellow of Brownstone Institute. His career in Washington began in 1970, when he served as a special assistant to U.S. Representative, John Anderson of Illinois. From 1972 to 1975, he was executive director of the U.S. House of Representatives Republican Conference. Stockman was elected as a Michigan Congressman in 1976 and held the position until his resignation in January 1981. He then became Director of the Office of Management and Budget under President Ronald Reagan, serving from 1981 until August 1985. After leaving government, Stockman joined Wall Street investment bank Salomon Bros. He later became one of the original partners at New York-based private equity firm, The Blackstone Group. Stockman left Blackstone in 1999 to start his own private equity fund based in Greenwich, Connecticut. He is the author of many books on politics, finance, and economics. He runs the subscription-based analytics site ContraCorner.
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