Only the rich are middle class

[Cornfed]

Article pointing out that only the top 20% would be regarded as middle class by traditional standards. The bottom 80% of the population would now be considered working class or poor.

http://www.zerohedge.com/news/2014-05-0 ... -lifestyle

[Moretorque]

The money multipliers are the main cause of all the acceleration of this phenomenon at such a record pace.

[HappyGuy]

How does the updated picture look?

[jamesbond]

Article pointing out that only the top 20% would be regarded as middle class by traditional standards. The bottom 80% of the population would now be considered working class or poor.

http://www.zerohedge.com/news/2014-05-0 ... -lifestyle

I wonder what these figures look like now after the economic collapse due to the coronavirus.

[Contrarian Expatriate]

Article pointing out that only the top 20% would be regarded as middle class by traditional standards. The bottom 80% of the population would now be considered working class or poor.

http://www.zerohedge.com/news/2014-05-0 ... -lifestyle

I wonder what these figures look like now after the economic collapse due to the coronavirus.

There is no agreement on what is considered middle class in the United States and 90% of Americans consider themselves middle class which is laughable. However, most sociologists and economists consider college education to be the most definitive factor.

Their definition of middle class in the linked article is WAY off. What they actually defined is UPPER middle class. Middle class is far less about income and wealth than it is primarily about educational level, value system, and behavioral indicators.

Moreover, they only considered INCOME instead of wealth in their calculus. Many high-income people live paycheck to paycheck and will never be middle class for a variety of reasons.

So if 20% of Americans are UPPER middle class as they reported, that is astoundingly good.

[Cornfed]

Their definition of middle class is WAY off. What they defined is UPPER middle class.

It is now - that is the point. 40 years ago their definition of middle class would be generally accepted.