Oct 26 2008
What is Middle Class Anymore?
Okay, we have all heard that this election hinges on catering to middle class voters. My question to every one is, what is the definition of middle class now? I mean is there an income minimum? I mean you can earn 70,000 a year and be up to your neck in debt and have no savings. Now are you middle class? I ask because I always thought that people who made at least 50,000 as a household was middle class but I do not think that, that is the case any more. I mean it is hard to survive on a household income of $50,000 right now. Rents can be so expensive, especially a two or three bedroom apartment. Credit card interest rates are high and the standard cost of living has not been adjusted to change with the economic problems that the United States has been facing. I think middle class and upper class have changed because even if you were given a million dollars, you could not survive for the rest of your life. Being a millionaire isn’t even rich, eventually you will end up needing to work. My question is what is your definition of middle class and rich?
I am not rich, I know that much. But, if someone gave me a million dollars? I could live off of it for the rest of my life easily.
FactCheck.org has no clear definition of the middle class. In purely economic terms, the middle class can be defined as anyone who makes $40-80,000 a year, however depending on cost of living, one could make $100,000 a year and still barely get by. I would define the middle class as people or families still living paycheck to paycheck.
That’s interesting. I’d say the middle class was the families who weren’t living paycheck to paycheck, and had some financial wriggle room instead. Employed, 2 car households with good credit rating, annual vacation, and regular visits to Starbucks or other establishment of choice. Middle class to me implies some kind of financial security.