The Middle Class Hasn’t Disappeared. It’s Just Sliding Toward the Bottom

By Paul Buchheit

It used to be that the average American resided halfway between two extremes:Today, 400 individuals have as much wealth as an entire HALF of America.

  • Steven Schwarzman’s home was being partially replicated in a Park Avenue hall for his gala $5 million 60th birthday party. The guest of honor’s full-length portrait greeted the invitees as they proceeded past rows of orchids and palm trees to the dining area, where they feasted on lobster, filet mignon, baked Alaska, and the finest of wines. Martin Short provided the laughs, and the music came compliments of Marvin Hamlisch, Patti LaBelle, and Rod Stewart.

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