Posted on 08/31/2017 7:30:43 AM PDT by rightwingintelligentsia
Middle class benefits are being revoked in the name of affordability. Because of several factors including stagnant wages, rising costs, and politics, being a member of the American middle class is quickly losing what little prestige it has remaining.
Are you middle class? In its discussion of historical middle class societies, The Economist reports, “Their members are neither rich nor poor but somewhere in-between…’Middle-class’ describes an income category but also a set of attitudes … An essential characteristic is the possession of a reasonable amount of discretionary income. Middle-class people do not live from hand to mouth, job to job, season to season, as the poor do.”
Some argue that the most sensible income amount to attach to the middle class would be the median household income, around $54,000. Perhaps, anyone who earns between the 25th percentile and 75th percentile is a member of the middle class.
Diana Farrell, once Deputy Director of America’s National Economic Council, told The Economist she thinks a middle class income begins at the point where a person (or family) has one-third of their income left over for discretionary purposes after they’ve provided themselves with food and shelter. In other words, someone who earns $3,000 per month would have $1,000 left after they’ve paid their mortgage or rent, utilities, and grocery bills.
Discretionary income is not so easy to find. We’ve created a list of ten things the middle class can no longer really afford. We’re not talking about lavish luxuries, like private jets and yachts. The items on this list are a bit more basic, and some are even necessities.
(Excerpt) Read more at cheatsheet.com ...
My 99 Avalon was at 257k when it got totaled last Memorial Day weekend; the tranny was still shifting smoothly. No leaks or any other issues. That plant in Kentucky put out some damn good cars IMHO.
The new Corrola is nice, but I was happy lol. No monthly payments.
Except you looked like a really thoughtful person who would reply with an opinion of which I completely agree.
They are beyond rich. They not only receive salaries and benefits that far exceed the median income, in retirement many have the same or even a higher retirement income.
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