CynPro's Blog

It struck me that a lot of people have been led to believe they are
in one economic class, when statistics tell a much different story.

This break in definitions may be causing confusion in understanding
what politicians are saying, so thought I'd post some info I picked up.

OUR ECONOMY
2007 Median annual household income was $50,233 (Census Bureau).

2007 Approximate percentage earnings:
68% earned under $25,000 yearly.
45% earned $50,000 yearly.
27% earned $75,000 yearly.
16% earned $100,000 yearly.
6% earned over $150,000 yearly.

Nothing set in stone. The following are like a loose rule-of-thumb.

Capitalist class - Top-level executives, high-rung politicians, heirs.
Ivy League education is common. Upper class 1% Top-level executives,
celebrities, heirs; income over $500,000 is common.

Super-rich - Multi-millionaires. Celebrities and powerful executives
politicians. Ivy League education common. Incomes commonly exceed $350,000.

Rich (5%) - Households with net worth of $1 million or more;
largely in the form of home equity. Most have college degrees.

Upper middle class (15%) - Highly educated (often with graduate degrees),
Most commonly salaried, Professionals & managers with household incomes
from the high 5-figure range and higher.

Middle class - College educated workers with incomes considerably
above-average and compensation. $100,000 yearly may be typical.

Lower middle class - Semi-professionals and craftsmen.
Average standard of living. Most have some college and are white collar.
Approximately $40,000 to $90,000 anually.

Working class (30%) - Clerical and most blue collar workers whose work is
highly routinized. Standard of living varies depending on number of income
earners, but is commonly just adequate. High school education.
Low job security. Common household incomes from $16,000 to $30,000.

Working poor - Service, low-rung clerical and some blue collar workers.
High economic insecurity and risk of poverty. Some high school education.

Lower class - Those who occupy poorly-paid positions or rely on government.
Some high school education.

Underclass (12%) - The poor with limited or no participation in the labor force.
Reliant on government. Some high school education. Those living below poverty.
Household income of $18,000 is typical.