Englund

Majorities of voters, in both parties, think the gap between the rich and poor is a big problem and that the rich have too much power. The rise of the upper middle class. In the 1960s and ‘70s, the US had a robust middle class, and the national income distribution looked like a bell curve.  The middle class has since been hollowed out, not because people got poorer but because many families joined the ranks of the affluent. More people moved into the 75th and 90th percentiles of household income. That translates into earnings between $150,000 and $300,000, or even $400,000 if you live in an expensive city. This is all mostly a positive development. But it feels like a crisis because the economy has not fully adjusted to this new income distribution.  Too many affluent people are chasing a limited number of high-end goods and services city apartments, an elite-university education, luxury vacations, innovative health care, concert and sports tickets, and so on. Consider housing...