The whole world's middle class is on the brink of ruin thanks to modern era politicians whose gluttony for easy money is devastating the foundations of sound economic principles: produce more than you can consume.
I could just as easily say that this the result of 40 years of the upper class shifting the tax burden downward to the middle class, while lobbying for the passage of laws to ensure that all of the economic gains during that period are funneled upwards towards themselves.
Telling the middle class to tighten their belt because - despite a growing economy - there just isn't enough to sustain the lifestyle that their parents enjoyed isn't sound economic principles, it's class war.
This is just soapboxing.
It just looks like vague anger at greedy governments from "the whole world" without anything to substantiate it or talk about.
The issue with deficit spending is simply stated as this - you can print money, but you cannot print value. Meaning that people produce value and just because there are X more dollars in circulation doesn't mean there are now miraculously a proportional increase in the amount of goods and services the economy produces. Roughly the same number of people are working so the GDP is more or less unchanged. So what happens? Well supply and demand does its thing and prices rise because now there are more dollars and approximately the same number of goods and services.
Deficit spending is effectively a hidden tax on everyone. And it's truly vile because it cuts down the purchasing power of everyone equally, meaning those with the lowest incomes get the same % hit to their purchasing power.
When you think about the impact of deficit spending, it should induce rage. What's more, think about this. If Canada has to pay off that debt in full (without even taking interest into consideration), it means that everyone who is currently working would have to work an entire year for free (100% tax rate) just to close the debt. That's how much of the people's labor they have stolen through deficit spending.
Or think of it this way - it usually takes the average person until they are around 30-33 to save up a full one year's pre-tax salary. That's about ~7-10 years of savings (assuming graduating college around 22-23). That means they have spent/stolen 7-10 years of savings for the average person!
The destruction of purchasing power is directly proximate to the use of credit as a means of survival for the middle class.
Just a balancing out with developing nations right?
It hardly fits into narrative of young people doing modern jobs, have a motorized vehicles, eat out and go for movies every week.
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I guess that depends on what you define as "middle class". The bottom 50% of people earn 15% of all income in the US. These people are struggling. Not sure I'd consider them "middle class" though.
On the other hand, the segment from median income to $100,000 is 50% of all income earned, and that figure is rising.