The middle class really isn't any less powerful today. Near as I can tell what happened isn't that the middle class became less powerful, but that journalists in particular no longer find themselves in the upper middle class so they spread the perception that the middle class has lost its power because they themselves feel like they have lost power, especially economic power.
I suspect that society is most likely perceived as most stable when those with megaphones and that buy ink by the barrel feel most stable.
https://marginalrevolution.com/marginalrevolution/2016/06/th...