Yes, the middle class is somewhat smaller. At the same time, those below the poverty level, have remained constant. What has happened is that middle-income workers have moved into the upper-income group of workers.The middle class used to make cars, toasters, televisions, radio's, etc etc etc. That has largely been sent overseas. It is not the same world today that it was in 1986.
The damage being done by Biden/Harris administration to our economy could take decades for us to recover. It is another disaster getting worse by the day.