The Velveteen Babbitt wants to be middle class but he's not. There's little left of the middle class. They were independent but the Velveteen Babbitt is just a plaything for the rich. He's owned by the rich.
He's not real.
One day there's a big economic downturn. Republicans blame poor working people like the Velveteen Babbitt who weren't at fault (Republicans were) but the Velveteen Babbitt already has too little,
There's no happy ending to this story. Republicans recommend torching poorer people in the crisis. Nicer people blunt the force of it and slow it down but, inevitably, there is another time of trouble.
A pandemic. Again, Republicans want to screw poorer people. They always want to screw poorer poeple. There is help but, again inevitably, the burdens fall disproportionately on those of lesser means.
Over time the Velveteen Babbitt loses ground and isn't useful as a plaything anymore. By nature he's docile and compliant but he becomes angry. At Democrats. The Velveteen Babbitt can still be useful.
As cannon fodder in the culture wars. Republicans convince him Democrats are at fault. A lie, of course.
A story, but convincingly told. The Velveteen Babbitt spends the rest of his days consumed by hate for the people who, yes, perhaps too feebly, tried to protect him. He never gets to be middle class.