Prospects are grim for the middle class in the US. Over the past decade, it has shrunk in size, has experienced declining income and wealth, and has had its faith in the American dream severely jolted. There are political implications.

A study released by the Pew Research Center recently showed that 85 percent of middle-class Americans believe that it is harder today than 10 years ago to maintain a middle-class lifestyle. Median income has declined and net worth has plummeted. Significantly, many of the middle class are losing faith in their future and in the future of the US. 

Those interviewed for the study sharply denounced Congress, banks and financial institutions, large corporations, foreign competition, the Bush administration and the Obama administration for the disintegrating situation where they find themselves.

Both Democrats and Republicans claim they are the best choice for the middle class. Yet about half of the middle class identifies as Democrat and just under 40 percent identifies as Republican, according to the study. To put all this in context, however, a larger time frame beginning from the early 1970s must be considered. A number of US economists argue that the middle class, in fact, has seen a relative decline in real wages since the early 1970s.

The well-known Democrat political strategist, James Carville, created the terse slogan "It's the economy, stupid" in 1992 during Bill Clinton's presidential campaign. He meant that economic considerations were the most powerful motivator for voters. 

The US economy has not emerged from the so-called Great Recession of 2007-2009 yet. High unemployment figures underscore the reality of today's US economy. In recent years, US politics has become polarized. This leaves those who are independents or without strong party identification as a deciding factor as they swing to either party.

While politicians work to secure their fixed political base, they must bend every effort to gain support from a majority of independents. The US is politically on a razor's edge and very evenly divided. US President Barack Obama and his rival Mitt Romney make strident claims that they are better for the middle class and hope to attract independent vote to swing their way on Election Day.

In recent years, both former presidents Jimmy Carter and George W. Bush were one-term presidents. The economic situation was an important factor in their failures to retain voters' confidence and remain in the White House.

Will the same fate befall Obama? November will tell.

The author is an educator and former senior professional staff member of the Senate Committee on Foreign Relations. opinion@globaltimes.com.cn