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1
Posted on 12/9/16 at 8:48 am to GetCocky11
I got 4 years to get in that 51%
Posted on 12/9/16 at 8:49 am to GetCocky11
These stats are very misleading as the economy really shifted from agriculture and production jobs to white collar and other knowledge based industries. Much of this was brought on by increasing college access for everyone. There hasn't been as large of culture shift over the past 30 years. Inflation also hasn't kept up, so it really isn't surprising that families of farmer > engineer > medical doctor > scientist are now showing lower wages.
Posted on 12/9/16 at 8:50 am to GetCocky11
It's the squeeze of the middle class.
Posted on 12/9/16 at 8:54 am to Antonio Moss
quote:
200K = Top 6%
350K = Top 2%
But I know quite a few people making 200k combined. Hell, I think we did last year with bonuses. It by no means puts you in the upper class. Upper middle...yes.
Posted on 12/9/16 at 8:59 am to GetCocky11
My mom had been an engineer at a large chemical plant for 8 years by her 30th. No way in hell I can match that without my masters or doctorate.
Posted on 12/9/16 at 9:04 am to KG6
quote:
Upper class: 350k plus household income
Upper middle class:200k to 350k household income
Middle class:60k to 200k household income
Lower middle class: 30-60k household income
Lower class: 30k and below
If this is the case, then I would find it very hard to accept that the middle class is shrinking. It's not very hard at all to have two income earners making 30k each.
Posted on 12/9/16 at 9:08 am to Epic Cajun
The average income of Louisiana is like 45k. If you raised the lower end of the middle class up to much from 30k, then you are saying a large portion of the state is lower class. I think the latest numbers for the country as a whole is only like 51k average household income. So middle class is certainly going to be lower than you expect.
Posted on 12/9/16 at 9:09 am to KG6
quote:
But I know quite a few people making 200k combined. Hell, I think we did last year with bonuses. It by no means puts you in the upper class.
Anecdotal evidence versus data.
You define upper class as to what you perceive as wealthy. I would argue that hard data is better measurement.
Posted on 12/9/16 at 9:17 am to KG6
quote:
Okay then, how do you gain enough capital investment to build a skyscraper, who has enough pocket change to start up a cargo ship, who can take a startup company and build a billion dollar oil rig for a Deepwater project that eventually employs thousands? A guy with 500k net worth and an 80k salary isn't going to be able to do that. shite, a guy with 5 million net worth and a 250k job can't do any of that. And that guy is part of the big bad 1 percent. It takes someone having a lot of concentrated capital to do those things. Otherwise, every major project would have to be started by 200 individual investors. And I understand that's kind of how the stock market works, but you don't just start off with a billion dollar valuation on Wall Street the first day your company exists. It takes millionaires.
I have this novel concept. They have these things called banks which use securities and other instruments to finance investment projects. They also have these things called corporations that are used to pool capital. Assuming efficient financial institutions to distribute resources this "trickle down" idea is demonstrably false and flawed. This is an academically accepted concept.
Posted on 12/9/16 at 9:17 am to GetCocky11
I know I'll never make more than my dad. But I'm not as well educated or have his work ethic. I do well for myself, but I squandered educational opportunities when I was a dumb arse kid.
Posted on 12/9/16 at 9:27 am to GetCocky11
I'm assuming the data is adjusted for inflation. Surely they didn't just take the nominal numbers or else they'd be much higher.
$35,000/year in 1986 is equivalent to $77,000/year in 2016.
Alternatively, $35,000 in 2016 is equivalent to ~$16,000k/year in 1986.
$35,000/year in 1986 is equivalent to $77,000/year in 2016.
Alternatively, $35,000 in 2016 is equivalent to ~$16,000k/year in 1986.
Posted on 12/9/16 at 9:31 am to slackster
quote:
I'm assuming the data is adjusted for inflation.
Yes, it is. Or at least they claim it is on the graph title.
Posted on 12/9/16 at 9:32 am to UpToPar
quote:
What a misleading statistic. A 30 year old in 1970 was born in 1940, presumably around the time their parents were approaching the age of 30. The country was coming out of the Great Depression.
That doesn't explain the entire trend though. Shift it up 10 years and you've got 80% of people making more than their parents in 1980 and only 50% of people making more than their parents in 2010.
Posted on 12/9/16 at 9:33 am to KG6
quote:
The average income of Louisiana is like 45k. If you raised the lower end of the middle class up to much from 30k, then you are saying a large portion of the state is lower class.
It is
Posted on 12/9/16 at 9:34 am to KG6
quote:
But I know quite a few people making 200k combined. Hell, I think we did last year with bonuses. It by no means puts you in the upper class. Upper middle...yes.
I hate to tell you, but you live in a very small bubble
Posted on 12/9/16 at 9:40 am to LSUBoo
quote:
Yes, it is. Or at least they claim it is on the graph title.
Based on a few responses that thought this was basically impossible I was beginning to worry.
Posted on 12/9/16 at 9:44 am to KG6
quote:
But I know quite a few people making 200k combined. Hell, I think we did last year with bonuses. It by no means puts you in the upper class. Upper middle...yes.
200k gross per year is upper class whether you want to accept it or not. How you spend that money is a personal choice, but taking home upwards of $10k per month is not "middle class" anything.
Posted on 12/9/16 at 9:46 am to slackster
I am personally by myself Middle Class by your scale but I could literally fund an entire household on my own including whatever the SO needed.
10k take home is a lot of cheese. I bring home (after taxes) currently 6250 and thats a lot by my spending habits lol.
10k take home is a lot of cheese. I bring home (after taxes) currently 6250 and thats a lot by my spending habits lol.
Posted on 12/9/16 at 9:47 am to GetCocky11
Well a degree in 18th century British poetry can only go so far
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