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Once again this depends on what your metrics are. The data I gathered from Pew Research Centre contradicts this.The difference between America now and America in the 40s-70s, is that the American middle class was much, much bigger in the prior period, while being much, much richer comparatively.
What you effectively have in USA now, is a much stronger & richer plutocrat class ( enabled by Raeganism mainly), the impoverished class has been massively reduced, but at the cost of middle class wealth.
What you had in the US in the goldilocks period, is effectively a 15% class of dirt poor people, 5% class of very very rich people and 80% class of rich people.
What you have now, is 5% class of dirt poor people, 50% class of almost poor people, 40% class of average people and 5% class of ZOMFG 'can buy an entire country if i want' plutocrat people.
Oh and assimilation is slowly coming to an end and i see no reason to assimilate into the host cultures of anglosphere. Their values are inferior to ours, their performances are inferior to ours ( and by ours, i don't mean just Indian, i mean nearly ALL asian, which is 60% of humanity) and they can't sustain their numbers. So they should be culturally and ethnically replaced by us, not us turning into house negroes and trading in our superior values for their shittier ones.
More people are now in the middle class income bracket than previously. However the definition of middle class has itself changed. The American middle class has now more wealth than ever and spend more on leisure and other activities than they had done in previous decades. Their real wages might have been in a slump but their quality of life has improved vastly over what a middle class family had in the 1950`s. The growth of welfare might have remained stagnant but that is expected as there has to be a plateau or decline at some point.
Once again I would like data to contradict me in this point, especially data of the 1970`s versus 2010`s.
How the American middle class has changed in the past five decades
The share of adults who live in middle-class households fell from 61% in 1971 to 50% in 2021, according to a new analysis.
www.pewresearch.org
Are Americans better off than they were a decade or two ago? | Brookings
Ben Bernanke and Peter Olson ask if Americans are better off than they were a decade ago, and tackle the question using a new, more-comprehensive measure of economic welfare that takes into account changes in working time, life expectancy, and inequality.
www.brookings.edu
As I mentioned previously era matters, the 1970`s era middle class and it`s priorities differ vastly from 2020`s middle class. There is capital which accumulates over generations and America is simply not losing that. You can say America is stagnating as seen in real wage growth but the decline from a debauchery and hedonistic lifestyle is yet to be seen. Also immigrants like us are further pulling up the economy.
As for the immigrant cultures superseding or replacing them that is yet to happen. Most second generation Indian or Chinese Americans I have observed are hardly observant of the cultures of their native lands and are more white than the whites themselves. Also US encourages immigration from all corners of the world and Latin American immigration remains at an all time high. I would much prefer the Anglo-Saxon cultural values over machismo Latin American cultures. Also a boiling pot of cultures means no culture would ever dominate the US. Once again I am not a Nostradamus and I cannot predict the future. I only wish that every one can get along and live happily.