Do We Need A Middle Class?

In yesterday’s post, I offered my worry that the USA is heading for a binary society: No middle class, only the rich and the poor. The question is: Do we need a middle class, and if so, why? In this post, I will make the simple answer and provide more in-depth reasoning in later posts. Yes, we need the middle class. Why? The basic reason is that the middle class is the group that generates and powers the economy. No middle class, no strong economy.