This is interesting: Have you guys seen the articles that talk about how people tend to think they’re middle class no matter what their actual income is, whether they make $22k a year or $200k a year? Depending on the polls you look at, about half of all Americans describe themselves as middle class — which is often defined either as earning around the median family income of just above $56,000 (as of 2016), or as the half of the population making more than the bottom quarter and less than the top quarter of households. People’s definitions of what actually constitutes middle class, however, tend to vary depending on their own family income level.
So that’s a good question
What does being middle class mean to you? Does it mean making a specific income? Having enough to pay your bills? Having enough to send your kids to college or to save for retirement? Having an emergency fund that can pay for unexpected expenses, or always having enough food in the house? Having a car — having a newer car — having a paid off car?
- CNN Money has a calculator here to see if your household is defined as being in the middle class range for your own state and county — very broadly defined as being between two thirds and two times and median income for that county.
- And Time has an interesting article here that talks about defining middle class more broadly than yearly income alone.
No one really agrees on the exact definition of middle class, making it easier to see why most people think of themselves as middle class.
One more question
How much would you have to earn (or have in the bank) in order to feel rich?
rachel
Thursday 9th of February 2017
Just a note guys: As comments are beginning to take a more political turn, here, note that I will shut comments on this post off if it becomes acrimonious -- there are plenty of places to argue about politics online, but this is not one of them.
:)
Joan
Wednesday 8th of February 2017
Think most have disappeared ,because of companies leaving USA and too many immigrants coming here everyday ! and technology improving and eliminating over many jobs ):
Christi
Wednesday 8th of February 2017
I found this calculater to be of interest when taking your locale into consideration -- http://money.cnn.com/interactive/economy/middle-class-calculator/
Christi
Wednesday 8th of February 2017
For Cook County -- Middle class range is 36K - 107K
rifat
Wednesday 8th of February 2017
" It did help millions of people get insurance, but a lot more got stuck with higher bills than it helped." Sounds like things may get better without ACA.
SSMark1
Wednesday 8th of February 2017
ACA mainly helped sick people & lower income people who couldn't get or afford insurance. Someone has to pay for it. A few people lucked out, and weren't affected too badly who had prior policies, but many lost customized, right-sized, cheap insurance. with the Dr's they loved. Diabetes & Alzheimers & end of life care are big weights on the system along with drug costs. Big lawsuits & high insurance for Dr's are very expensive as well. Canadians pay 50% income tax & the more you make, the more you pay. Urgent care is still waiting long hours in Canada. Ask any Canadian. Drugs ARE cheaper in Canada. Look at all the places the are just across the boarder where Canadians with money go for medical. Look at Florida & places where the Canadian snowbirds vacation. There are companies that specialize for Canadian patients in those areas! Amazing, huh? Regulations in the US & red tape preventing low drug prices. The laws protecting consumers are a large part of the higher costs. You want to lower health insurance? Get people to be more responsible of what they eat & consume. (= NO GARBAGE!!!) A balanced diet & exercise, minimal alcohol & no smoking. You fix that, you lower costs with a generally healthier population. There is NO incentive with a single payer system. 1/3 of companies now have penalties if you smoke. Many have rebates & incentives to get employees healthier to lower costs. The general population is much less active these days & we ALL will be paying for it one way or another. Without BIG monetary incentives for the majority of the people to be healthy, nothing will work. Sadly enough, being healthy just to be healthy is not enough incentive for many people, so we all end up paying for their unhealthy choices. Somethings like pre-existing can't be helped, (ex. some cancers, hereditary, accidents, birth defects, etc), but the MAJORITY of health issues are preventable. Just a few things to think about... -Mark
SSMark1
Wednesday 8th of February 2017
We keep hearing the middle class is shrinking, & it sad but it's true. If it gets redefined by spinning it differently, it's hard to compare year over year where each of us stand. Most people are paying more for Healthcare & rates are increasing at higher accelerated rates (unless you don't make enough & you get a subsidy) & a higher percentage of taxes. It did help millions of people get insurance, but a lot more got stuck with higher bills than it helped. Social programs like this need everyone on board, the young & healthy people are not getting on board so it's failing. I know several that have elected to just pay the joke of a penalty. Some penalty. It doesn't scare anyone... I haven't figured out how some of people can protest the changing of the ACA & not pay into the ACA, & are part of the cause of it to be financially failing... They decided to pay the cheap penalty vs. those inflated premiums. Some of those ACA policies are worthless with the crazy copays & deductibles. If you are not getting raises to keep up with inflation & all the extra taxes in fees being added (even the small things like the shopping bags in the city or like soda tax (coming soon in Crook County)), higher property taxes to pay for Illinois mess, etc, you will be falling down the ladder. Other things like if your water supply comes from Lake Michigan, your fess have increased over the past year or so, if they haven't they will. It all adds up. Illinois credit rating was downgraded again a few weeks ago, which means it will cost all of us in higher taxes...again. Lots of finger pointing, but looking in mirrors. I had lunch with 2 Chicago Alderman yesterday, & the former Mayor of Evanston. Things have been getting much worse over the past decade. No one wants to be responsible & fix things. We all know the revenue is there with our state being one of the highest taxed states in the US, it's the spending & the corruption. It is possible to KEEP all the social programs to help lower income folks that are in place at much lower costs, but the behind the scene corruption prevents things from being fixed properly. We keep hearing about all the good jobs leaving ILLINOIS. Why is that? We all know what the problem is... BUT I STILL LOVE ILLINOIS! ... :*) -Mark