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Most people self-identify as middle class. People don't want to say they are upper class, because that's not politically correct and clearly, unless you are very downtrodden, no one wants to say they are lower-class.
Interestingly, "working class" was usually reserved for "lower class", but apparently the Gallup organization now feels that working class is middle class. Who knew?
"Among Americans, 73% say they belong to the middle or working classes, according to an April 2022 survey from Gallup.
Additionally, 14% identify themselves as upper-middle class and 2% categorize themselves as upper class. In determining their social classes, people often don't think only about income, experts say, but about other factors like education, location and family history.
The majority of participants in a 2023 poll by the Washington Post, for instance, said that Americans need to do the following to be considered part of the middle class:
Own a home.
Have a secure job.
Be able to save money.
Have the time and money to take vacations.
Have health insurance.
Be able to afford a $1,000 emergency.
Be able to pay all your bills on time.
Have a job with paid sick leave.
Be able to retire in comfort.
I think that the above list is one of the best definitions of middle class I have seen except for 'owning one's own home' and 'being able to retire in comfort' UNLESS one is over 30. Many people under 30 rent while saving for a home or making sure that they will be in one place for at least a few years before moving again, and most people under 30 don't yet know whether they will be able to retire in comfort.
Now to answer the question, I am comfortably retired, but if I had been born in 1963 or later, due to higher prices in almost everything that would not have been met by corresponding increases in our paychecks, I am quite sure that we would be struggling now and worse off than we were five years ago if we still needed to work. It is all well and good to talk about increased net worth due to increase home equity, but unless one is planning on selling and downsizing, increased equity is just a number on paper (or on a computer spreadsheet).
Also, as a side note, we would not have been able to afford our retirement home that we bought four years ago if we had waited to retire even two years.
Last edited by katharsis; 05-05-2024 at 08:38 AM..
There is a significant difference between lower middle class Americans and upper middle class Americans.
Together, they comprise the majority of society.
But I would say one group is doing pretty well economically while the other is struggling or falling behind.
For some reason, this is not that widely acknowledged or talked about.
There is a significant difference in people who are middle class and people who think they are middle class. I don't think we will ever get an accurate definition that everyone will agree with.
If someone does not have a college education, can they be middle class?
Of course. Was a time when 90% were such. LOTS of good solid jobs without a HS diploma.
Middle class is about having a REAL job that pays enough and security that it will still be there 20 or 30 years on.
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