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Old 03-22-2016, 09:29 AM   #21
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Good article and especially liked this part.

How the middle class can take back its lost wealth.
Middle-class individuals and families looking to get back on track should have four main focuses: improving their savings rate, reducing debt, minimizing taxes paid, and investing more.
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Old 03-22-2016, 09:43 AM   #22
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I do think the reporting has been skewed. You don't often hear that nearly twice as many people have moved into higher income quintiles than have fallen into lower ones.

But it's also important to remember that the impact on people's lives from these two scenarios isn't symetrical. It's much more awful to fall out of middle incomes than it is beneficial to rise above.

And given the relative awfulness, I don't think it's unreasonable to focus attention on the large numbers of people who are falling out of the bottom and wonder if there is anything that can be done to remedy that.
So lets give "awful" a real face. I have a single friend that lives down the way from me. He rolled his truck about 4 years ago and destroyed a couple of vertebrae in his back. He lives on SSD. That is about $12,000 per year which is tax free. The state gives him $1000 worth of propane to heat his trailer whenever he needs it. He can get free food at the local pantry but usually doesn't bother because he can't eat it all. He orders most of his food from Amazon. He has a car, satellite TV and internet and last Fall he bought a new Polaris off road vehicle. He has had over $2,000,000 worth of medical care to fix his back. He lives every bit as well as I do on a lot less money. But I do have to pay taxes. I'm not complaining and neither is he, just saying you can live quite nicely and be happy on a fairly low (poverty) government supplied income.
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Old 03-22-2016, 04:30 PM   #23
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...just saying you can live quite nicely and be happy on a fairly low (poverty) government supplied income.
As a former Section 8 landlord, I will vouch for that. It's a bit hard to travel, but not too hard, and you have lots of time.
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Old 03-22-2016, 09:34 PM   #24
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Where other than the U.S. do the poor live so well?

Our poor have numerous color televisions, washer and dryers, and even cars. And so many of our poor are also fat--well nourished.

With a couple of kids, they can easily live a lifestyle approaching $24K per year net without jobs--totally supported by government entitlements.
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Old 03-22-2016, 09:40 PM   #25
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With a couple of kids, they can easily live a lifestyle approaching $24K per year net without jobs--totally supported by government entitlements.
I think it is more than that....

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Old 03-23-2016, 07:04 AM   #26
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I think it is more than that....

No wonder we have such a large deficit, and can't get people to work.
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Old 03-23-2016, 07:42 AM   #27
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It would seem that the US is very [mod edit] liberal. What happened?
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Old 03-23-2016, 07:47 AM   #28
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And if you make $250K in Palo Alto, CA you are middle class. Who says you need to work to retire?


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The city council has unanimously passed a housing plan that would essentially subsidize new housing for what qualifies as middle-class nowadays, families making from $150,000 to $250,000 a year.

$250K/Year Salary Qualifes For Subsidized Housing Under Palo Alto Plan « CBS San Francisco
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Old 03-23-2016, 07:58 AM   #29
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It would seem that the US is very socialist. What happened?
People's perceptions have become completely disjointed from reality.
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Old 03-23-2016, 12:03 PM   #30
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Thanks all for an interesting discussion.

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