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A broadly-impacting and relatively permanent economic [transition] for an entire nation whereby the [majority of people] found across all socio-economic classes of that nation each get moved downward from their current socio-economic status to a lower class level. For example: -- Members of the Upper-Middle Class get moved down to the Middle-Middle Class. -- Members of the Middle-Middle Class get moved down to the Lower-Middle Class. -- Members of the Lower-Middle Class get moved down to the Lower Class. -- Members of the Lower Class get moved down into Poverty Status. The phrase was first used by American social [commentator] and prepper guru Jack Spirko in his daily podcast “The Survival Podcast” in October of 2008.
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