7 things the middle class can’t afford anymore
Erika Rawes, The Cheat Sheet 8 a.m. EDT October 25, 2014
During debates and speeches, politicians often bring up the financial burden that’s placed on the middle class. We talk about the middle class as though they are this singular entity, who used to thrive until they underwent persecution by the evil 1%. But, realistically speaking, the middle class and the 99% are not really synonymous. So, who are the 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, of 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.
You buy and do the things you can afford it has always been this way, seven things you cannot afford is nothing new at least in my life time.
The private sector middle class can barely afford their taxes to pay for the unpaid credit card bills we’ve promised to the true middle class – entitled public sector workers with their defined benefit pension plans and heavily subsidized Cadillac health care coverage for life….
#2 Seek some help. You are obsessed .
#2, If that were even near to being true then how do you explain you can afford a Million dollar home? Your expensive fancy cars? Your ultra luxury vacations? Or how about that Rolex on your wrist? From where I stand you aren’t paying enough if you can afford all of those things…..
nice to see the Stalinists are active on the blog
#5 how’s nice it must be to be able to go to your vacation home while others live on the street.