Posted on 01/09/2023 8:52:44 AM PST by grundle
Yes, the America middle class is disappearing. At least as defined by the above WSJ chart. 38% of US families were middle class in 1979 vs. 32% in 2014.
But where did that 7% (6.8 percentage points to be exact) go? Well, of the five income groups (poor, lower middle class, middle class, upper middle class, and rich) displayed, the bottom three got smaller, the top two bigger.
The poor shrank by 4.5 percentage points, the lower middle class by 6.8, the middle class also by 6.8% But the upper middle class got a lot bigger, expanding by 16.4 points, and the rich by 1.8 points. Oh, and here is how upper middle class is defined, using research from economist Stephen Rose of the Urban Institute:
Using Census Bureau data available through 2014, [Rose] defines the upper middle class as any household earning $100,000 to $350,000 for a family of three: at least double the U.S. median household income and about five times the poverty level. At the same time, they are quite distinct from the richest households. Instead of inheritors of dynastic wealth or the chief executives of large companies, they are likely middle-managers or professionals in business, law or medicine with bachelors and especially advanced degrees.
Smaller households can earn somewhat less to be classified as upper middle-class; larger households need to earn somewhat more.
Mr. Rose adjusts these thresholds for inflation back to 1979 and finds the population earning this much money has never been so large. One could quibble with his exact thresholds or with the adjustment that he uses for inflation. But using different measures of inflation, or using higher income thresholds for the upper-middle class, produces the same result: substantial growth among this group since the 1970s.
(Excerpt) Read more at aei.org ...
“You’re wonderful...”
Life is what’s wonderful, I just live it.
This is a 2016 article.
It’s probably highly dependent based upon one’s field of work.
I work in electrical distribution engineering, and it’s undermanned and old.
I’ll be fine for the rest of my career, but am concerned about the general population.
Eventually people vote for more stuff for themselves when their lives suck.
Some always will, but some have pride.
Interfering with merit based pay and position will only make things worse.
You’re wasting your wonderful life on the Internet. So sad.
LOL, I wonder how it is now?…
I’m doing multiple things while “on the internet” mainly fun research and my morning exercise. I’ve almost finished my 150 pushups for the day, reviewed my investments, communicated with some friends, thrown around some ideas with them, and reviewed my bills coming due. This evening I’ll play music at a snazzy local lounge. Life is whatever you make it. No one else can or will do it for you.
And a lot depends on where you live. 100K for a family in some areas would be poverty, other areas they could live alright.
“You don’t know what you’re talking about if you think 100K a year for a family is enough”.
Why do I know so many people doing fine and progressing while making that and somewhat less?
The local lounge? I bet that's a thrill a minute.
This is simply creative...It’s about what your money will buy...not how much you make.
“I just need opportunity and I see it everywhere and have for many year.”
The financial stats are positive for the country. Yes middle class has shrunk but the numbers have transferred to the upper middle class.
FReepers can be a negative lot. I see the positive in this country and the great opportunities.
My first job I earned $3.35 per hour. Today I have accumulated more wealth than I could have ever imagined. I’m not buying a private jet, but I’m doing pretty good. I attribute it to hard work, some luck and the opportunities America provides.
How old are they?
How much debt do they have?
Do they have family money?
The local lounge? I bet that’s a thrill a minute.
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It can be.
My little brother plays a couple of gigs a month.
He’s not in it for the money, he just likes to play the drums & fiddle in front of people that are appreciative.
Like making money off of wars?
That’s nice. Me personally I avoid things like crowds, bars, lounges, airports and amusement parks like they’re a flesh eating disease.
FReepers can be a negative lot. I see the positive in this country and the great opportunities.
My first job I earned $3.35 per hour. Today I have accumulated more wealth than I could have ever imagined. I’m not buying a private jet, but I’m doing pretty good. I attribute it to hard work, some luck and the opportunities America provides.
*************
The job market for young people is currently phenomenal.(Actually for anybody that wants to work, not just youngsters)
Things like rent, mortgages, tuition,insurance etc, are high but not high enough to stymie the electric labor markets IMO.
my husband gets two smallish pensions, from the pension guarentee board and his guard service but otherwise we SS and that is it....
always consider ourselves better then the average bear but I don't anymore....
That’s nice. Me personally I avoid things like crowds, bars, lounges, airports and amusement parks like they’re a flesh eating disease.
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Me too.(I don’t care for crowds)
Which is why I rarely catch one of his shows.
Keep doing just what you are doing, you’ve figured out the most important three things.
1. It’s up to you and no one else.
2. Consistency pays off.
3. When it comes to prospering, whether you think you can or think you can’t, you’re right!
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