‘Embarrassment of riches’

by July

What the Rich Won’t Tell You

This article touched on a few points relevant to Totebag discussions.  Here’s one.

And, as they try to be “normal,” these wealthy and affluent people deflect the stigma of wealth. If they can see themselves as hard workers and reasonable consumers, they can belong symbolically to the broad and legitimate American “middle,” while remaining materially at the top.

The author suggests that such attitudes deter us from pushing for more income distribution.

Your thoughts?

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The new middle

by Rhode

A Portrait Of America’s Middle Class, By The Numbers

Our favorite topic – what is the middle class…

Do you agree with the numbers?

I found the shape of the middle class by numbers interesting. Who knew Sheboygan had 3.6 million people? But seriously, the more expensive the area, the larger the proportion of lower income (and the lower the median income). The McAllen Texas area is telling – and probably more representative of “middle America” than we on the coasts would like to believe.

How do you think these numbers will shape decisions at the Federal level? When we talk of political candidates talking to the middle class, do we mean middle class by income (like this article), or is it a more “cultural” middle class defined by attributes and values?

Another way to label income groups

by Rocky Mountain Stepmom

And here’s a piece from Robert Reich. I mostly found it interesting because he has new labels for various income groups. Whether Bernie is The Answer is up for debate. For Totebaggers, I think some of us are “Overclass” and some of us exist in the apparently unmentionable land between $300K and $1M.

There are now four classes in America: an underclass, an anxious class in the middle, an overclass, and an oligarchy at the very top.

The underclass is the bottom 20 percent with family incomes under $26,000 this year, who live in marginal neighborhoods, whose kids attend lousy schools, and whose families are in continuous danger of hunger, homelessness, or serious medical problems.

The anxious class is the old middle class — 75 percent of Americans, with family incomes between $26,000 and $80,000 a year, whose jobs are becoming less secure and who are living paycheck to paycheck, and most of whose children will not live as well as they do.
The overclass is the top 5 percent, earning between $80,000 and $300,000 a year, who still feel pressured and worry about the future but can afford to live in good neighborhoods and send their kids to good schools.

The oligarchy is the top 0.1 percent, most earning over $1 million a year and sitting on over $15 million of wealth, who now possess almost all the power. Through their political contributions, lobbying, “think tanks,” and media, they essentially rule America – influencing politicians and organizing the market to get most of the economic gains.

It’s a vicious cycle. The only way to reverse it is through a political revolution of the sort Bernie has been advocating.

What do you think?