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Posted on 9/27/17 at 12:50 pm to Taxing Authority
quote:
For most people if they lived with same spending and ammenitites of the 70s.. they’d feel a lot more wealthy.
What items would you subtract out to make the math work?
Between internet and cellphone thats maybe $200/month. Also, factor that gas was much more expensive then.
Lastly, figure that home a/c and heaters are also much more efficient now, vs then.
Posted on 9/27/17 at 12:52 pm to Taxing Authority
quote:
its never been better.
This is true (I almost never disagree with TA, anyway) - your money buys far more now than it did 50 years ago. I often rail about having to spend money on stuff we didn't back then, like smart phone plans and private schools, but those demonstrably improve quality of life.
Houses are bigger and nicer than they've ever been. Someone who can afford $275k to $325k - at least outside of high cost of living areas - is living in a house better than 99% of homes in the 1970s. Probably larger, too.
Posted on 9/27/17 at 12:52 pm to sorantable
Top 10% for a household is 153k. It's even lower for individual.
Some folks have a skewed sense of how much people actually earn
Some folks have a skewed sense of how much people actually earn
Posted on 9/27/17 at 12:52 pm to MSMHater
The mistake is thinking one size fits all.
"Middle Class" income varies from region to region, even wide variation within a single state.
Middle class income in San Francisco or Manhattan might be very wealthy in some small town in upstate NY or norther CA mountain town.
"Middle Class" income varies from region to region, even wide variation within a single state.
Middle class income in San Francisco or Manhattan might be very wealthy in some small town in upstate NY or norther CA mountain town.
Posted on 9/27/17 at 12:54 pm to MSMHater
class 
is defined by wealth not income
is defined by wealth not incomePosted on 9/27/17 at 12:54 pm to ShortyRob
quote:
You need more than 3 terms
Right - any line is arbitrary anyway, but anyone who thinks that a guy slugging it out in a medical practice, law office, or even a mid-sized company making $325k, $400k, even $500k is the same kind of rich as someone who makes $5 million per (which is not billionaire money, by the way) is just clueless.
Posted on 9/27/17 at 12:54 pm to memphis tiger
quote:
The mistake is thinking one size fits all.
But that is how it is sold to us.
I wonder what "middle class" is to Bernie?
Posted on 9/27/17 at 12:55 pm to Iosh
quote:
class is defined by wealth not income
Can you provide a breakdown by decile for us?
Posted on 9/27/17 at 12:56 pm to Iosh
quote:
class is defined by wealth not income
Then most Americans are dirt poor and lower class, no?
When accounting for debt.
Posted on 9/27/17 at 12:56 pm to 50_Tiger
quote:
Wouldn't middle class be by definition the average household income? Which is right around 55k.
I think median household income would be a better way to determine this. The average can be skewed by outliers on eithe end.
Posted on 9/27/17 at 12:57 pm to Rougarou13
quote:
A family making 120K a year is middle class.
That would be the 82 percentile. That's a long distance from the mid point.
Posted on 9/27/17 at 12:58 pm to MSMHater
quote:
But that is how it is sold to us.
True but that doesn't really change the reality of it.
Posted on 9/27/17 at 12:58 pm to Ace Midnight
quote:
Someone who can afford $275k to $325k - at least outside of high cost of living areas - is living in a house better than 99% of homes in the 1970s. Probably larger, too.
I realize that most live outside of NY and that its a high cost of living area, but most houses north of NYC were built prior to the 1970s, some in 1870s
.Posted on 9/27/17 at 12:59 pm to Centinel
quote:
I think that says more about just how many people we have in this country who make retarded amounts of money...
...and more importantly, just how many we have that live off of those of us who are paying taxes.
Agree, what those numbers tell me is that there is probably some middle ground where we could say okay "you you and you can afford to pay more taxes" and "okay you you and you, need to get off your asses and contribute to your own existence" but that won't ever happen because we let the dickheads dictate policy on both sides.
Posted on 9/27/17 at 12:59 pm to Iosh
quote:
class is defined by wealth not income
To a degree, but income is a solid, if not perfect, proxy for class.
Most folks build wealth off their own personal income. Folks born wealthy derive income from their inherited wealth. Nearly every American falls in one of these camps.
It is easier to build wealth with greater income, but obviously, you have doctors who make very nice income for years but are or are married to spendthrifts, so their net worth doesn't reflect this income.
Doesn't make them lower class, now does it?
Posted on 9/27/17 at 12:59 pm to NYNolaguy1
quote:A LOT!
What items would you subtract out to make the math work?
quote:You've neglected the lower cost of most necessities due to imports.
Between internet and cellphone thats maybe $200/month. Also, factor that gas was much more expensive then.
quote:
Lastly, figure that home a/c and heaters are also much more efficient now, vs then.
that won’t come close to paying the additional sq footage. Posted on 9/27/17 at 1:00 pm to HeyHeyHogsAllTheWay
quote:
Agree, what those numbers tell me is that there is probably some middle ground where we could say okay "you you and you can afford to pay more taxes" and "okay you you and you, need to get off your asses and contribute to your own existence" but that won't ever happen because we let the dickheads dictate policy on both sides.
How federal and state taxes are not adjusted for cost of living is beyond me.
Posted on 9/27/17 at 1:02 pm to Ace Midnight
quote:
Right - any line is arbitrary anyway, but anyone who thinks that a guy slugging it out in a medical practice, law office, or even a mid-sized company making $325k, $400k, even $500k is the same kind of rich as someone who makes $5 million per (which is not billionaire money, by the way) is just clueless
Yup
And hell. The guy making 5 mil a year has virtually nothing in common with Bill Gates
I've often said that people making 300k have more in common with a single mom making 50k than they do with Buffet
Posted on 9/27/17 at 1:03 pm to Taxing Authority
quote:
Taxing Authority
Here's a fun fact for you. The minimum wage today is roughly 80% of what it was from the 50s-80s. Spin that however you want, doesn't change the fact that today's minimum wage worker DOES have it harder than yesterday's minimum wage employee.
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