Posted on 08/31/2017 7:30:43 AM PDT by rightwingintelligentsia
Middle class benefits are being revoked in the name of affordability. Because of several factors including stagnant wages, rising costs, and politics, being a member of the American middle class is quickly losing what little prestige it has remaining.
Are you middle class? In its discussion of historical middle class societies, The Economist reports, “Their members are neither rich nor poor but somewhere in-between…’Middle-class’ describes an income category but also a set of attitudes … An essential characteristic is the possession of a reasonable amount of discretionary income. Middle-class people do not live from hand to mouth, job to job, season to season, as the poor do.”
Some argue that the most sensible income amount to attach to the middle class would be the median household income, around $54,000. Perhaps, anyone who earns between the 25th percentile and 75th percentile is a member of the middle class.
Diana Farrell, once Deputy Director of America’s National Economic Council, told The Economist she thinks a middle class income begins at the point where a person (or family) has one-third of their income left over for discretionary purposes after they’ve provided themselves with food and shelter. In other words, someone who earns $3,000 per month would have $1,000 left after they’ve paid their mortgage or rent, utilities, and grocery bills.
Discretionary income is not so easy to find. We’ve created a list of ten things the middle class can no longer really afford. We’re not talking about lavish luxuries, like private jets and yachts. The items on this list are a bit more basic, and some are even necessities.
(Excerpt) Read more at cheatsheet.com ...
The only true middle class that remains is government workers.
Except they’re not middle class they’re privileged Government Class.
ML/NJ
Even high end toys / endeavors are in danger. General Aviation is dying, no new pilots. New aircraft are un-afforable and have been so since the late 60’s as Burt Rutan has noted in his forum. Used aircraft sometimes are less expensive than a Harley or Muscle Car, but maintenance and hangar fees etc are killers. It does not bode well for those that will want to go on vacation in 10 years, as professional pilots will be in short supply.
So what are the 10 things?
Despite it all, I still hope to try for a pilot’s license. Next year, maybe.
Interesting how they don’t mention housing costs.
Housing costs in some parts of the country are absorbing bigger and bigger percentages of income.
Housing is the biggest single expense most of us have, yet, it’s not mentioned in this article about the middle class financial squeeze. Interesting omission.
What drones I know seem to be doing just fine.
Wow there are whole multi-billion dollar industries disproving basically every entry on the list. Pure hokum.
For a number of those, I’d bet over 50% of the consumer cost is because of
* government regulations
* government-protected monopolies
If you throw in government-mandated taxes and insurance needed for out of control law suites you can probably get to 70-80% for a couple (and the government won’t allow competitors to do it for less because the want to protect the monopolies and collect taxes).
Add to that the government-required costs of having an employee keeping salaries down and it’s no wonder so many things are hard to afford.
And the liberal solution is “more government”.
1. Vacations
2. New vehicles
3. Student loans
4. Emergency savings
5. Retirement savings
6. Medical care
7. Dental work
8. Skipped paychecks
9. Child care
10. Going to the movies
Big time kudos to the website for posting them all on one page instead of making you click through ten pages of ads.
Thieves have ruined it.
Now, you just steal if you want something.
Professional sporting events, ticket prices are outrageous.
They can afford them, they just have to budget for them the same as everyone else who is not "Richie Rich".
This is like the "Hunger in America" nonsense where they ask if you have ever had to not eat something you wanted because of price. Well duh! Surf and Turf every night is out because of price. So I must be starving.
Meanwhile, more than once this year we had an opportunity to go to the movies (had the time), but even with Marcus’ $5 Tuesdays, we couldn’t find something we were interested in.
We did, this year, buy two used cars. Which cost the same as two new cars just 10 years ago. Wow, have the price of cars, new and used, gone up.
The other problem is the last 10 years with no real raises. There is a culture issue with businesses and the current government environment. At least that might be changing with Trump.
I rent. At $150/hr wet, I can afford to go once or twice a month without putting much of a strain on the budget.
I think the list is fine. Globalism screwed the middle class.
I’ve never been to a pro football game.
The list is lies. Middle class people buy every single thing on that list.
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