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1.
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.
"As the American dollar weakens and the economies of China and India strengthen, millions of Americans of all socio-economic status will experience downward class migration and get moved down by at least one whole class level."
by Edwin Drake January 18, 2012