This makes sense from what I see driving around Cleveland, Ohio USA. There are two America’s forming one the upper and upper middle classes and two all the rest with the elimination of the old middle class. The old middle middle class was forces out of their jobs in ’08/’09 as they were mostly over 55/50 and were able to survive selling off things and going on disability. This created the drop in the labor participation rate that we have seen from 66.2% in late ’07 to 62.8% at present. Those people not working but should be by age and ability went from 77.5 million in ’07 to 92.1 million today. These people are finding it harder and harder to survive and therefore falling behind on their payments.