New definition for the "Middle Class"...

[Zebo]

Ah I see. You just confused me with you 5 cars and 3 residences example. Honestly most rich I know dont do that. I don't know any really rich people but 2-10m net I do -I'd say 75% are very low key as you later state (looking poor)..

 

[realibrad]

that's basically what i'm saying...reread my post...


there's the illusion middle classers......which really isn't middle class at all, because they are in debt to the hilt... (that used to actually be the middle class)

the rich are the people with homes and cars paid off. no debt, no mortgages, and in the black and staying in the black. (the used to be middle class either went to this, or to the illusion... therefore, no TRUE middle class anymore

the elite are the same, except they dont have the need for "income" anymore, live completely off of the interest/assets/capital


oh and believe me, i know, real rich people act/look like they are the poor.... and the poor, act/look like they are elite..

So the only reason I am not rich, is because I have a mortgage. I own my car, and so does my GF. Zero debt other than mortgage. Are you then saying that income inequality is not as important, if you outright own assets that builds your quality of life?

 

[nehalem256]

Whats so hard to understand? Middle quintile.

http://en.wikipedia.org/wiki/Household_income_in_the_United_States#Quintiles

4th is upper middle class
5th is upper class

2nd quintile starts at ~$20,000. That isn't middle class.

5th quintle states at ~100,000. That isn't really upper class.

 

[sm625]

I don't understand people being passionate about politics.

The destruction of the middle class, the massive transfer of wealth that has taken place while these dem and repug shills spew their meaningless blather but accomplish nothing positive. That is politics. They are politicians, their job is to distract that public while the people who sponsor them pillage and loot what's left of the country. Politics is the act of distraction from issues that are important to the public. Politics is a fascinating subject. Unfortunately most people are too stupid to realize that they dont even know the definition of politics, thus they have no hope of understanding our political system.

 

[fleshconsumed]

A two income house household with two workers earning minimum wage and working full time, would fall(just barely) into the bottom of the lower middle class category.

Remember median household income is around $51.5k. While median personal income is around $27k.

Exactly what I was going to post.

Let's say the minimum wage is $10. And let's say person works 40 hours a week year round.

$10 x 40 hours x 52 weeks = $20,800

So two people working full time minimum jobs would make $41,600.

The median household income is $51K. So no matter which way you look at it - a family with two parents working minimum wage jobs would be lower middle class.

Really sad state of affairs I say.

 

[BurnItDwn]

if you bump the minimum wage up, you create a lot more customers for just about every other job/industry in the USA. You promote growth from the bottom up.

The guys who go from $8 to maybe $12 or whatever per hour do not necessarily become "middle class", but, more money goes into the economy. Less people rely on government assistance, and the government can better afford to pay down debt, and possibly even lower taxes on the middle class.

Raising the minimum wage is a huge net positive.

 

[maddogchen]

Minimum wage increase will boost everyone from lower class to middle class. Our wages have become stagnant as everyone seems to say be happy you have a job instead of here is a raise to help you pay for higher cost of living

 

[BurnItDwn]

Minimum wage increase will boost everyone from lower class to middle class. Our wages have become stagnant as everyone seems to say be happy you have a job instead of here is a raise to help you pay for higher cost of living

It may not be enough of a boost to the economy to create enough jobs to solve unemployment. Also, it won't make minimum wage middle class, but it will help them to be "working class" instead of "working poor."

 

[squarecut1]

if you bump the minimum wage up, you create a lot more customers for just about every other job/industry in the USA. You promote growth from the bottom up.

The guys who go from $8 to maybe $12 or whatever per hour do not necessarily become "middle class", but, more money goes into the economy. Less people rely on government assistance, and the government can better afford to pay down debt, and possibly even lower taxes on the middle class.

Raising the minimum wage is a huge net positive.

I have no love for the right wing, but I doubt the above really holds true. Economy is a lot more complicated than that. I'm no expert though... But still I don't think the above holds true

 

[Zebo]

2nd quintile starts at ~$20,000. That isn't middle class.

5th quintle states at ~100,000. That isn't really upper class.

I didnt say second. I said middle or third.

Don't like the maths definition of middle class? Feel free to use your own but it wont be accurate. Middle by definition has just as many below and above the middle point thus about 50K per annum for families and 29K for individuals is middle..

100K well above middle, top 20%, the top quintle, what else is it besides "upper"?

 

[BurnItDwn]

I have no love for the right wing, but I doubt the above really holds true. Economy is a lot more complicated than that. I'm no expert though... But still I don't think the above holds true

I'm simply stating the big/obvious consequences of increasing the minimum wage as observed across places where minimum wage has been increased to livable wages. There are other consequences as well, like the price of a big mac or a whopper will double.

 

[JMapleton]

lol Sam Walden had a 1969 ford truck and lived in 1 $125K house when he died in the 90s. Was he rich enough @ 40B? Buffet Drove a 15 yr old Camery also lives in a <200K house and just recently bought a CTX. Is he rich?

Incorrect actually. Buffett lives far more lavish than people think. His house is 8,000 square feet, has an indoor racquetball court, and easily worth over a million. He does drive cheap cars, but probably because he doesn't care about cars. He also has a private jet. Also up until a few years ago, he maintained a $4m house in Newport Beach. I've also never heard of him driving a Camry. He currently has a Cadillac DTS, previously he had a Lincoln Towncar for many years. Back in the 70s I know he drove a Volkswagen though.

Sam Walton also lived in a pretty impressive house:
http://www.huffingtonpost.com/2013/07/09/walton-family-home-1961_n_3562284.html

 

[Tweak155]

So the only reason I am not rich, is because I have a mortgage. I own my car, and so does my GF. Zero debt other than mortgage. Are you then saying that income inequality is not as important, if you outright own assets that builds your quality of life?

Guess I'm rich because I bought my house cash ! Well, time for bed, have to go to work in the morning...........

 

[Olikan]

I'm simply stating the big/obvious consequences of increasing the minimum wage as observed across places where minimum wage has been increased to livable wages. There are other consequences as well, like the price of a big mac or a whopper will double.

Yes, and against public belief, not everything increases the price.... imported stuffs, are very likely to coast the same

 

[1prophet]

if you bump the minimum wage up, you create a lot more customers for just about every other job/industry in the USA. You promote growth from the bottom up.

The guys who go from $8 to maybe $12 or whatever per hour do not necessarily become "middle class", but, more money goes into the economy. Less people rely on government assistance, and the government can better afford to pay down debt, and possibly even lower taxes on the middle class.

Raising the minimum wage is a huge net positive.

Why stop there, why not raise it to $20 hour or more and solve all these problems in one fell swoop?

 

[TheSlamma]

there's tons of the same, with 100k in credit card debt, or homes mortgaged/refinanced to the hilt.... that's the middle class "illusion." (this is usually the typical suburban family, usually 1 parent works, the mother is a "stay at home mom who brags about it on facebook"

This is all I seem to see anymore, I just don't get where this money is coming from. Is this what it's like to get an inheritance or have a family member die who has a good life insurance policy? or is there just THAT much friggin credit people can get?

Look at average house sizes today compared to the 80's and earlier, look at the typical age of a car today compared to what people had to keep running back in those days. Middle class was bigger back then right?

I know people want to run around and point fingers all over the place at why the middle class is "dying" but it's a self inflicted wound, people have allowed themselves to enter in "The Matrix" and this credit lifestyle is keeping them ignorant and occupied from realizing they have no real money or assets they actually own, the bank does.