{{ For most middle-income people approaching retirement, she said, the primary source of wealth isn’t home equity or retirement savings. It’s Social Security benefits. }}
I hope poor folk in the Red States understand this when their leaders tell them they want to cut Social Security. {{ LOL }}
intercst
A cartoon has been making the rounds for years. A guy hunkered down in his shack with his rifle at the ready. Meanwhile, a figure exits the back door of the shack saying “watch out! they are coming for your guns!”, while the figure is absconding from the guy’s house with bundles marked “Social Security” and “Medicare”.
Steve
Hmm, maybe they’re not lower middle class but upper poor class…
How many classes should we define?
Two.
A. Those who have a clue, and
B. those who do NOT.
There are three types of people. Those who understand math and those who don’t.
DB2
I don’t pay much attention to the upper/middle/lower modifier. The income percentiles are a lot more accurate.
Top 1% = rich
80-99th percentile = upper middle class
40-79th percentile = middle class
30-39th percentile = lower middle class
0-29th percentile = poor/homeless class
Where I live in Washington State, “low income housing” requires an income of at least 60% of the county median (60% of the median (i.e., 30th percentile) is a bit over $60,000/yr. A full-time minimum wage worker earns less than $33,000/yr. They’re sleeping in their car, if they have one.
intercst
You certainly seem to pay attention to the upper/middle/lower modifier for the middle class…
I would argue that the rich class should be much bigger than 1%.
There’s a lot of difference between being in the 80-90 percentile and the 90-99 percentile.
Depends on where you live. I think top 1% begins with a net worth of about $15 million today or an income of about $900,000/yr nationally. That’s a fortune in most of the country, but “working-class rich” in places like New York or San Francisco.
intercst
Well, it’s not the top 1% in those places either.
If you start to look at it by location, the nominal amounts change, but not the percentage.
Not a chance.
Cancel culture means burying your head in bull. “Dumb wrong” need not apply.
The entire country is shifting to a much higher standard of living. Cancel culture thinks that is wrong and does not even know it is discussing it is wrong.