I dunno, MWM. My family is part of a dying breed... the middle class. While I can see that things are definitely precarious for the economy as a whole, I've seen some subtle shifts in the last few months. Namely, tv and newspaper ads for more expensive or more durable items like cars, appliances and furniture. People are slowly starting to go on vacation and out to dinner again. I've been receiving numerous direct marketing mailings daily. Most of this came to a pretty sudden stop in 2008 when the economy tanked. I believe, too, that the real struggle has been to put the brakes on job loss and start forward momentum. I casually follow the stock market (read that as not enough to make myself nuts) and I believe the issue there has primarily been that investors were spooked. But I slowly see that turning around as investors have decided to stay in and make some money.
Now, that is the perspective of a middle class housewife that works part time, lives within her means and has health insurance. Others, I'm sure, that are working class, working poor or disabled must have an entirely different view. It's scary being a paycheck or two from losing your home, not being able to feed your family or pay for medical care. It's truly become a tale of two cities (or two economies?) where the forces of the market allow some to stay safely afloat while others are cast into poverty.