<p>The decline of the middle class is a real phenomena and the gap between them and the wealthy in terms of both asset wealth and income have skyrocketed in recent decades. This fact made the tax cut legislation early this decade nonsensical since it was so overweighted in favor of upper income families.</p>
<p>Re college debt, I agree that large student borrowing for college is a bad idea unless other alternatives are not available. And by large I mean debt exceeding $16-20k dollars for an undergrad degree. Those majoring in higher paying professions like engineering may be justified in somewhat larger student debt while those majoring in lower paying fields like some liberal arts majors would be wise to incur less debt.</p>
<p>Some middle class families could do more to save for their childrens education. It is just way too late to look at college costs their jr hs year and wonder how they will be able to afford the semester bill. Saving needs to start the moment they are born. A family may not be able to put away enough to pay for private college cost but a goodly number can make spending adjustments to $100/child which would go a long way toward paying for an instate public university.</p>
<p>Are we in better shape than our parents were at this stage in life(we are recently retired)? We definitely were in December, 2007. Now? Maybe slightly.</p>