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Forums - Politics Discussion - Half the world's population is now middle class or richer

SpokenTruth said:
GProgrammer said:
so anyone earning more than $110 a day is not middle class but rich, Wow Everyone I know is a member of the rich class

Spending per day, not earning per day.  If you are spending $110 per person in your home per day, then = rich.  For a family of 4, that's $3,080 spent per week....$12,320 per month.

$12,320 is $147,000 a year.  That is not rich. This is total bull.  



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Ka-pi96 said:
jason1637 said:
$110 a day is rich? Shouldn't that go into yhe vulnerable section?

That's 40k per year, per person. And that's spending, not earning. So they'd have to be earning a lot more than that to be able to spend that much after taxes have been deducted. A family of 4 that spends 160k per year absolutely is rich, in no way whatsoever would anybody consider them to be vulnerable.

Spending is a horrible way of calculating this.  Every student with loans knows you can spend 50k a year easily without including food or anything else.  You don't have to be rich to have a mountain of spending debt either.  At all.  When did wealth turn from earning to spending?  There are rich people who do spend much money at all.  Are they poor?  What?



An interesting but misleading fact. The few on the "rich" side of that scale, probably own more than everyone on the left hand of the scale.



SpokenTruth said:
CosmicSex said:

$12,320 is $147,000 a year.  That is not rich. This is total bull.  

Spending, not earning, spending.  There is a huge difference between the two.

I know.  There is no way in the world that spending $147,000 a year would make you rich though.  I was in downtown Manhattan last weekend and I can tell you thats not rich by any standards. 



CosmicSex said:
SpokenTruth said:

Spending, not earning, spending.  There is a huge difference between the two.

I know.  There is no way in the world that spending $147,000 a year would make you rich though.  I was in downtown Manhattan last weekend and I can tell you thats not rich by any standards. 

Wealth operates on a very, very different scale in downtown Manhattan compared to the rest of the US and the world for that matter. It may not make you rich compared to Manhattan, but it makes you a lot wealthier than the rest of the US and the world.



I predict NX launches in 2017 - not 2016

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jason1637 said:
$110 a day is rich? Shouldn't that go into yhe vulnerable section?

Truthfully - no. People at this income/spending scale in the US still get very generous tax breaks (they pay almost no federal income tax), receive subsidized health coverage through ACA, get access to food stamps and generally are able to spend this $110 on rent, Netflix, food or really whatever they like. Or they can save it.



I predict NX launches in 2017 - not 2016

fleischr said:
jason1637 said:
$110 a day is rich? Shouldn't that go into yhe vulnerable section?

Truthfully - no. People at this income/spending scale in the US still get very generous tax breaks (they pay almost no federal income tax), receive subsidized health coverage through ACA, get access to food stamps and generally are able to spend this $110 on rent, Netflix, food or really whatever they like. Or they can save it.

Say what? That's SPENDING $40,150 to be able to spend that you must be making more.

 

I just ran the SNAP tool making $40,150 with 1000 a month rent and 400 utilities and didn't qualify in Indiana.  Where are you coming up with subsidized health care, no income tax, and food stamps.... I net less than 40,150 and owe income taxes and qualify (I'm pretty sure) for jack shit in the way of assistance.



This study is completely bogus half the people in the US make less then $30K a year that is nowhere near being middle class. So if not even half the people in the US are middle class its highly doubtful that half the word population is middle class or higher. My guess is that this study was paid for by some unphilanthorpic billionaire so that they feel better about hoarding all that wealth.



Ka-pi96 said:
Jumpin said:

I agree with people pointing out that they don't define "Middle Class" correctly.

If you're working a wage job, you're not middle class, you're still working class.

Working Class is anyone who is on a paycheque from an employer.
Middle Class is anyone who makes the majority of their income from personally owned sources: such as investments and your other income streams.
Upper Class is anyone who has enough personal wealth that they have no need of an income to live extravagantly.

umm... that's the weirdest definition of middle class that I've ever seen. You seriously consider doctors, lawyers etc working class just because they're employed by a company that pays their wages?

My fault, I wasn't clear enough in my post. I should have said anyone working for a wage paycheque. So this would exclude the professions you've listed, they're professionals and would fall in the Middle Class since they own their means of production. Although, if by some chance you have a doctor or a lawyer who is not in control of their own practice, but instead on a wage cheque, then they would be working class - but I have never heard of such a thing, at least not in Europe since the collapse of the second world.



I describe myself as a little dose of toxic masculinity.

fleischr said:

Glad to know markets are still helping raise health and living standards and eliminating poverty.

Capitalism FTW.

To be fair, straight capitalism in the US has caused this country's richest class to grow and its middle class to shrink. If this number (in the OP) means anything (and it sounds like it is not very representative of the individual economies), it grew because of a communist country with a capitalist outlook: China.

A mix is probably best: socialism with capitalism for instance. Straight capitalism has led to a country with the most billionaires and a middle class that's been shrinking for 30 plus years while the lower class grows daily.