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Started By
Message
re: Bloomberg: The American Middle Class Is Shrinking, and That’s OK
Posted on 11/21/25 at 10:54 am to NC_Tigah
Posted on 11/21/25 at 10:54 am to NC_Tigah
quote:
In 1967, a little more than 5% of Americans earned or received more than $150,000 (in 2024 dollars). Now more than 30% do. And it’s not just the middle class that moved up: In 1967, more than 38% earned or received less than $50,000. Now that figure is 21%.
Soo... inflation
quote:
There are legitimate reasons that many households feel poorer, even if their income is greater. It is a struggle to keep up with the price increases of many critical services in regulated sectors such as health care, education and housing.
Has been a lie for many categories.
1lb of ribeye steak in Jan of 1992 was 5.85 per LB
Thats 13.46 in today's money.
And thats nothing compared to home inflation.
Housing priced at $150,000 in 1967 ? $1,628,203.15 in 2024
Inflation from 1967 to 2025
quote:
$1 in 1967 $9.70 in 2025
quote:
Category Avg Inflation (%))
Average inflation rate 4.00%
Food and beverages 3.97
Housing 4.26
Apparel 1.64
Transportation 3.69
Medical care 5.35
Recreation 1.38
Education and communication 1.70
Other goods and services 4.94
Category Total Inflation (%)
quote:
Cumulative price change 869.99%
Food and beverages 858.89
Housing 1,021.75
Apparel 157.55
Transportation 718.02
Medical care 1,952.96 <- This one.
Recreation 121.98
Education and communication 165.71
Other goods and services 1,543.49
This post was edited on 11/21/25 at 11:18 am
0
Posted on 11/21/25 at 10:55 am to NC_Tigah
quote:
mean a slower-growing economy
Weve had the grow at all costs economy for decades now. If the result of the economy growing is that wealth(not just money) is shifted from the middle class to the upper class, how is that optimal for anyone BUT the upper class?
Posted on 11/21/25 at 11:06 am to 4cubbies
quote:
but I think it adds more context to the discussion around childcare expenses, specifically.
Why is childcare more expensive? I'm guessing regulations and insurance costs stemming from our fabulous tort system.
Posted on 11/21/25 at 11:11 am to NC_Tigah
quote:
US households
quote:
with a very thick middle
That checks out.
quote:
largely because many have joined the ranks of the upper-middle class.
This seems bullshitty. Now, I am always one to say that our poor are richer than they've ever been (and that's absolutely true). However, to say that "more" are upper middle class requires a change of definition.
There should be 5 quintiles: Poverty, Lower middle class, middle class, upper middle class and affluent/wealthy. The "number" of upper middle class shouldn't change. It should be that 4th quintile (or 2nd quintile if you count down from the top).
And that 4th quintile should be either 20% of earners or 20% of households, again, however you choose to evaluate them.
There shouldn't be "more" because that doesn't make logical sense. Unless "more" because the population is larger, but that's bullshitty spin, too.
This post was edited on 11/21/25 at 11:12 am
Posted on 11/21/25 at 11:15 am to Dire Wolf
quote:
$126,038k household income is not upper class, that is less than what two teachers make
Sure it is, in Nu America.
Posted on 11/21/25 at 11:18 am to jizzle6609
quote:
Come to think of it, none of these guys ever mention women. I know they like women but they clearly don’t have any short term plans of getting married.
Have you run into many of these 18-25 YO girls?
Was at the fraternity house for an alumni donor thing and this girl was there in a cocktail dress with her date at 10AM wearing a hat that said “Tell Your Dad I Say Hi”.
I’m not saying it’s all like that but some of these girls are running around looking for bank accounts like a cleat chaser after a QB.
Posted on 11/21/25 at 11:21 am to tide06
quote:
I’m not saying it’s all like that but some of these girls are running around looking for bank accounts like a cleat chaser after a QB.
Peons. They are going to learn quickly how well that pays out versus the chick that has class.
Posted on 11/21/25 at 11:30 am to Dire Wolf
quote:
$126,038k household income is not upper class, that is less than what two teachers make
Meh - assuming you mean "upper middle" - the median household income in the U.S. was $83,370 last year (2024). So, that's the solid "middle of the middle".
Taxpolicy.org only has the breakdowns through 2022, but that should be close enough (although they primarily use mean not median, works decently enough for the lower 4 quintiles):
Poor - up to $30k
Lower middle class - up to $58k
Middle - up to $94K
Upper middle - up to $153k
Wealthy/affluent mean was $277,300 (Top 5% starts at $295k, mean $500k)
Posted on 11/21/25 at 11:33 am to NC_Tigah
The same author probably believes in socialism. The error in this article is using current income on historical middle class standards.
Current wage data is skewed because of liberals arbitrary hourly wage increase policies. Now that the hourly wage increase has populated through the economy, and caused non hourly wages to also be increased, of course the data will show current wages outside the bound of previous earned incomes.
A persons affordability is not just based on their income, you have to account for rising cost of living along with rising income.
The middle income bracket has to adjusted up for the new wages and the new cost of living.
Current wage data is skewed because of liberals arbitrary hourly wage increase policies. Now that the hourly wage increase has populated through the economy, and caused non hourly wages to also be increased, of course the data will show current wages outside the bound of previous earned incomes.
A persons affordability is not just based on their income, you have to account for rising cost of living along with rising income.
The middle income bracket has to adjusted up for the new wages and the new cost of living.
This post was edited on 11/21/25 at 12:29 pm
Posted on 11/21/25 at 12:05 pm to scottydoesntknow
quote:But there is zero evidence of a "wealth-shift." None! That's the point.
the result of the economy growing is that wealth(not just money) is shifted from the middle class to the upper class,
Three families with equal means handle their accounts so that over 10yrs Family 1 has no savings, Family 2 has $10K in invested savings, Family 3 has $50K in invested savings.
Over the net 10 yrs at a 10% ROI. Assuming no further contributions, at the end of the next 10yrs Family 1 still has no savings, Family 2 has $27K in invested savings, Family 3 has $135K.
Did Family 3 shift wealth from Families 1 and 2?
This post was edited on 11/21/25 at 12:06 pm
Posted on 11/21/25 at 12:22 pm to NC_Tigah
quote:
catch is that there is a tradeoff between growth and equality
The quality of socialism is that it makes everyone equally poor
Posted on 11/21/25 at 12:39 pm to NC_Tigah
You'll own nothing and be happy... Don't forget to pay your taxes!
Posted on 11/21/25 at 3:23 pm to jrobic4
quote:
The quality of socialism is that it makes everyone equally poor
Posted on 11/21/25 at 3:59 pm to Ace Midnight
quote:
Upper middle - up to $153k
quote:
Wealthy/affluent mean was $277,300
Is wealthy right after 153k?
Or is there something between?
Posted on 11/21/25 at 5:06 pm to Narax
quote:You're not going to like the answer.
Is wealthy right after 153k?
Pew Research Center, which drives these numbers, defines U.S. income tiers (lower, middle, upper) based on the median household income like this:
Middle-income households: Between 2/3 and 2× the median household income. So ....
Lower-income: < $56,600 annually
Middle-income: ~ $56,600 – $169,800
Upper-income: > $169,800
Posted on 11/21/25 at 5:15 pm to dgnx6
quote:
I grew up middle class and my rents never once bought a new vehicle.
Now this was pre Obama and before the used car market was wrecked. But back in the day middle class folks weren’t buying new vehicles every 3 years.
Middle class people aren't buying a new car every 3 years
They are buying used and getting hit with huge repair bills every time they break even from mom and pop repair shops and insurance is stupid high
Posted on 11/21/25 at 5:18 pm to Midtiger farm
quote:Facts not in evidence?
Middle class people aren't buying a new car every 3 years
They are buying used and getting hit with huge repair bills every time they break even
Can you upload the facts?
Posted on 11/21/25 at 5:35 pm to NC_Tigah
It’s hard to keep up with the PT sentiment. You get vastly different responses about the same ideas depending upon the terms used.
Another thread on the first page has the consensus:
…why should there be middle class when today’s American poor live so much better than the middle class 50 years ago?
Another thread on the first page has the consensus:
quote:
People screaming about the “wealth gap” always ignore the only thing that actually matters: the lifestyle gap. And that has never been smaller than it is today.
…why should there be middle class when today’s American poor live so much better than the middle class 50 years ago?
Posted on 11/21/25 at 6:05 pm to NC_Tigah
quote:
Lower-income: < $56,600 annually
Middle-income: ~ $56,600 – $169,800
Upper-income: > $169,800
I would say it should be:
Lower income up to 75000
Mid 75000 to 200000
Upper 200,000 +
75,000 is getting by, but struggling.
$200,000 is living comfy but not large by any means.
Posted on 11/21/25 at 6:28 pm to Narax
quote:
Is wealthy right after 153k?
Yes, wealthy/affluent is the upper quintile (meaning the top 20%).
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