The Pew Research Center’s recent report The American Middle Class Is Losing Ground …says that 49% of adults are members of the Great American Middle Class. My more qualitative analysis suggests that…no more than 33% of U.S. households qualify as middle class. Claiming that 49% of the nation’s households are still middle class is a gross exaggeration. [I substantiate my contention in this most interesting and revealing article.]
By Charles Hugh Smith (davidstockmanscontracorner.com)
- investing in their children’s future,
- investing in their own retirement (so they won’t be a burden to their adult kids) and
- building wealth that won’t vanish when the current asset bubble bursts.
- around $100,000 for state/corporate employed adults (i.e. jobs that provide healthcare and retirement/401K benefits) and
- $130,000+ for self-employed people (who have to pay their own healthcare and retirement costs)
is more or less the minimum required to fund the qualities described above. It’s remarkably easy to earn this income and have very little to show for it by year-end, so this is (at least in many areas) bare-bones but, as you can in the chart below of nominal (not adjusted for inflation) median household income, this is roughly double the median household income of $52,000 annually.
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The original article was written byCharles Hugh Smith (davidstockmanscontracorner.com) and is presented here by the editorial team of munKNEE.com (Your Key to Making Money!)and the FREE Market Intelligence Report newsletter (see sample here – sign up in top right corner) in a slightly edited ([ ]) and abridged (…) format to provide a fast and easy read.]
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