As we inch closer to the 2016 election, presidential candidates and politicians have begun to phase out the term "middle class" from their vocabulary. Terms like "everyday Americans" and "hard-working taxpayers" are replacing the once-common term. "Middle Class," a phrase that once evoked a sense of optimism, shared wealth, and the American Dream, now invokes a sense of anxiety, and an uncertain future. Why? Because, as automation replaces jobs and the income gap widens, the middle class is in a catastrophic state of decline.

On this episode of the Business of Life, we'll get to the bottom of just what the "middle class" is: how to get in, how to stay in, and why so many Americans are falling out. Joined by David Madland of the Center for American Progress, national correspondent for Fox Television stations Charlie LeDuff, and Shikha Dalmia of the Reason Foundation.