We do need a new vocabulary to discuss what is happening economically today. Take for example, the middle class, once a vibrant part of our society, has now diminished in numbers so much that it has divided. The current definition is so loose that those earning 300,000 dollars a year consider themselves middle class. There are those with millions of dollar in property consider themselves struggling citizens. The comedic beliefs are possible when once defined terms have collapsed into gibberish.
The middle class should probably be defined into a band roughly from 30K to 60K. Below this are the lower class; above this the upper middle class which ends at around 200K. Above this are the upper class. At one million dollars and above are the wealthy.
Please read the thoughts from NCPrism’s Blog.
With the demise of the middle class and the blending of all income levels below the extremely small group of wealthy people in the United States, we need new labels for our social strata. I suggest we use descriptive titles for these groups. The rich would be called the “rising wealthy,” a term that acknowledges their ever-increasing income and holdings. It isn’t limited to static social status or finite income; this group has no true growth lim … Read More
via NCPrism’s Blog