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The Upper Middle Class Is Getting Squeezed
- arcanus 4y agohttps://archive.ph/YaFHc https://archive.ph/YaFHc
- headsupernova 4y agoI think they'll be fine. A squeezed upper middle class is good for the climate. Squeeze away, I say.
- jibe 4y agoNow just make this the official policy of the democratic party instead of the unofficial policy, and let people vote on whether they support it.
- wing-_-nuts 4y agoAs opposed to the unofficial policy of conservatives to cut taxes for the rich and 'pay for it' by putting the nation (and hence, all of us) deeper in debt? Please. If anything the democratic party seems to be more 'fiscally conservative', because at least they're not afraid to raise taxes to pay for their spending.
- calculatte 4y ago> cut taxes for the rich and 'pay for it' by putting the nation (and hence, all of us) deeper in debt This is what both parties have been doing for decades with no exceptions. It's time to stop playing tribal games.
- wing-_-nuts 4y agoYeah, I think the last time we really saw fiscal conservatives in office was the 90's.
- tyen_ 4y agoonce we have created an underclass of depth grovelers we will finally have good weather
- stuckinhell 4y agoNot as good as squeezing the real upper class. https://news.sky.com/story/the-worlds-richest-are-plundering-the-planet-billionaires-huge-carbon-footprints-prompt-call-for-action-12460623 https://news.sky.com/story/the-worlds-richest-are-plundering... https://www.zmescience.com/science/private-flights-from-the-rich-and-famous-are-screwing-the-planet/ https://www.zmescience.com/science/private-flights-from-the-... https://earth.org/billionaires-single-space-flight-produces-a-lifetimes-worth-of-carbon-footprint-report/#:~:text=Aside%20from%20space%20tourism%2C%20the,0.1%25%20emit%20about%20467%20tonnes https://earth.org/billionaires-single-space-flight-produces-....
- ajsnigrutin 4y agoOh yes, of course, the upper middle class are the ones who use a plane to travel 40 miles.
- lampshades 4y agoThey define upper-middle as a household earning between 75k-127k. But, before that, they mention that a member of the upper-middle class, Mr. Yu, purchased a new home, a duplex, and an 8-unit apartment complex during the pandemic. Is there any wonder he’s getting squeezed? He’s trying to play outside of his league using other people’s money. The real story is that the “upper middle class” played too fast and loose at the top of the longest bull market in decades and now reality is setting in.
- dinobones 4y agoUpper middle class as a household earning between 75k-127k is pretty surprising to me. Here in Phoenix, $127k is about the household earning you need to afford a 4 bedroom home ~500k/~2500 mortgage). I wouldn’t consider that an upper middle class lifestyle.
- swagasaurus-rex 4y agoYeah, seems low to me. The multimillion dollar houses I think about when I think successful high-paying career for upper middle class seem to be out of reach for that income bracket.
- AnimalMuppet 4y agoI think your perspective is off. To me, "multimillion dollar houses" are upper class, not upper middle class.
- corrral 4y agoPeople use "upper middle" to mean different things. Some use it to mean the upper portion of the middle class, by income. Others use it to mean a distinct (and much smaller) class between the middle and upper, with distinct tendencies and preferences, comprising people who live something close to a "rich" lifestyle but are distinguished from the actually-rich by having to work to maintain it, rather than being able to live a very nice life off investment income alone. Doctors, lawyers, other very-well-paid white-collar types, constituting perhaps a single-digit percentage of the population. I'm not sure which, if any, definition has a credible claim to being, in some sense, most-correct.
- gizmo 4y agoArticles like these are to me indistinguishable from subtle trolling. The person the article leads with just bought a house, a duplex, an 8 unit apartment complex, has a good sized stock portfolio, and has a good job to boot. How is this person getting “squeezed”? He isn’t. People just get greedy when the stock market goes up and then they overleverage and tell themselves they’re on the cusp of getting rich. Investor psychology makes people take riskier bets when they see the number in their account go up, despite every investment book explaining why you should do the opposite and derisk during a mania.
- vidanay 4y agoIt's like those fake Q&A "articles" you see on Yahoo Finance and Google Finance. "I'm 52, my house is paid for (worth $1.2 mil), I have $3.7 mil in the bank, my wife and I make $375k combined. Will I be able to retire?"
- SoftTalker 4y agoGeorge Carlin's take on the middle class squeeze: The upper class does none of the work, and keeps all of the money. The middle class does all of the work and pays all of the taxes. The lower class is there to scare the shit out of the middle class.
- jollyllama 4y agoI don't see what stocks and other investments going down has to do with this, unless most middle class people are leveraged against their portfolio value, which I doubt. This is really a story about inflation and the value of cash savings and earnings decreasing. The only people who benefit from inflation are debtors, specifically those whose debt interest increases slower than inflation / interest rates - or not at all. This also benefits low income earners, but they are hit harder by rising prices.
- 5350-uiop-1130 4y agocry me a river