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So if in 50 years the top 1% owns 99% of the economy, will we call folks with zero debt and zero assets the middle class or will it be more fair to say that the
by akomtu 6y ago
So if in 50 years the top 1% owns 99% of the economy, will we call folks with zero debt and zero assets the middle class or will it be more fair to say that the middle class is gone? My definition of middle class is it "those who have to work, but are financially secure and can afford their own place, cars, kids and some vacation", while the rich are those who live off capital gains and don't need to work at all, and underclass are the paycheck to paycheck crowd (half the nation).
- AnimalMuppet 6y agoSo anyone who has a million dollars, but still has to work because a million isn't enough to retire on, is middle class by your definition. Let's just call that a minority view of the definition of middle class... (I can accept the definition of "rich" as "able to live off of capital, and therefore not needing to work". But there might be another layer between that and "middle class". You might call it "wealthy rather than rich" or something. Having a million in capital puts you a long way past "able to take a vacation".)