Helaine Olen has a really interesting piece in Forbes about a major change in how the public perceives itself.

In the past, the vast majority of Americans described themselves as middle class regardless if they made $20,000 per year or $200,000. When asked by pollsters what class they fit into, something like 90% of Americans would say that they were middle class. 

In a recent poll by Pew, 1/3 of Americans said they were  lower middle class or flat out lower class economic status, an increase of 25% since 2008.

Helaine and I were debating the cause of this shift in public opinion yesterday. She thought this shift was due to the reality that people are really struggling these days. It's hard to say you're middle class, when you qualify for food stamps. 

I think that this shift is part of a growing populist movement in the country. Every speaker at both conventions trotted out stories about financial struggles. A grandmother who pushed a broom. The tiny childhood home. Tuna and pasta. Everybody wants to be in the 99%. 

Does it matter how the public perceives itself? Isn't the most important thing that people are struggling, not what label they put on themselves? Well, perception helps shapes policies and shapes elections. Another recent poll finds that Southerns in particular are turned off by Romney's religion and his wealth. (link later) If Obama can craft a message that he's more likely to help the working class than Romney, then he'll have the election in the bag. It will be interesting to see how this develops.