Middle Class America

[Kevin and 10]

http://www.msnbc.msn.com/id/21272238/

People are undecided who is middle class.

[DeadPoolX 9]

The reason I'd say most people are undecided on this issue is because of this line of thinking: "If you earn more than me, you're rich; if you earn less, you're poor." So essentially, nearly everyone thinks of themselves as "Middle Class" to some degree or another. Only the very poor or very rich realize where they are, but then they are also at the extreme ends too.

[Permanent Ban 0]

Economic data can't fully explain why so many feel financially squeezed

Feeling financially squeezed has little to do with how much one makes; it has everything to do with how much one makes relative to how much one spends.

[Ban Hammer 13,619]

Economic data can't fully explain why so many feel financially squeezed

Feeling financially squeezed has little to do with how much one makes; it has everything to do with how much one makes relative to how much one spends.

and one's cost of living (rent/mortgage specifically).

Edited October 17, 2007 by charlesandnessa

[one...two...tree 2,762]

My housing is about 40 percent of my adjusted income...and I'm a renter.

Edited October 17, 2007 by Mister Fancypants

[Ban Hammer 13,619]

My housing is about 40 percent of my adjusted income...and I'm a renter.

i remember times when my rent was 25%, 50%. those 50% times were tough - had to cut back on a lot of things. if i recall not more than 33% is what one should aim for.

[Kazan' Tiger 1]

What middle class? Maybe 50 years ago. Today, you either have it or you are just getting by.

[PeterFB 0]

What middle class? Maybe 50 years ago. Today, you either have it or you are just getting by.

The problem is defining what middle class is. If you think it's the way boomers grew up in the 50 and 60s where mom stayed home and dad worked. There was enough money to save, go on vacations, etc on dad's income. Then today you are called rich not middle class. If you call the middle class the incomes group that's the largest below what is top incomes then you have most familie that increasingly are working two or more jobs for that income. Also where you live plays a part in it too.

I'm a boomer so I think the middle class is shrinking into non existance. In a 10-20 yeats if the present trend continuies, they will be those who are "working poor" and those who are rich. While education can help, the economy is more and more a game of monopoly. False trends that are used to create wealth for those who play the game well and financial ruin for those that don't, ie the stock market bubble, real estate bubble. Working a job no longer will create wealth for most people. When there was a middle class, working a job could create wealth for you. Business now don't care about workers making money, they want to find ways to pay workers less not more. (In the 50s and 60s they did, thanks a lot to labor unions and that the US exported more goods to the rest of world than imported goods) You now live paycheck to paycheck. You have to save money to invest wisely so you can have a passive income. But most can't do that. Rich peopel can do that. That's why they get richer.

My 2 cents.....

Peter

[Jigi 0]

hi

For me families earning betweeb 25k to 35k is middle class of America

Jigi

[Reba 2]

Unless they're living in LA, Chicago, or New York City! A family would barely survive on that amount in a large city. But if they're living in the middle of BFN, its do-able.

I know without a doubt that we are poor. Even by Jigi's standards!