4 ms·
this is why i define the middle class as the middle 3 quintiles of wealth rather than some nebulous standard of living, the latter of which can be manipulated m
by clairity 7y ago
this is why i define the middle class as the middle 3 quintiles of wealth rather than some nebulous standard of living, the latter of which can be manipulated more easily for political ends.
it's more obvious then to see that the 20-80% middle class standard of living has unambigously become more stressed, debt-laden, fearful, and immobile over the last 50 years, while the 1% has become much freer in all dimensions.
we need to bring that back into balance (which is not perfectly equal distributions by the way).
- leetcrew 7y agoclass, wealth, and income are all distinct concepts. imo you're better off being more specific if you really mean wealth or income buckets. taken alone, wealth throws away some important information. a retired couple worth $500k (roughly 80th percentile household net worth) is living a very different life than a twenty something who already has that in the bank.
- clairity 7y agoyes, i almost added a tangent about income, but really, that's at best second-order effect--class mobility has been dempened over those 50 years and doesn't make much difference except at the margins.