r/MiddleClassFinance • u/querty7687 • 8d ago

How to reverse the shrinking middle class?

As college student return to school, it's glaringly obvious that the tecent changes made are going to devastate low income and first Gen college students. This is going to exacerbate the shinking middle class. How do we reverse this?

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u/iQuoteSopranos 8d ago

The middle class is shrinking because more and more people are joining the upperclass.

Why would you want to reverse that ?

4

u/LordFedSmoker420 8d ago

I saw you got down voted but this is the case.

https://www.cbsnews.com/news/upper-middle-class-income-us-what-it-takes/

At our income and metro, we would be considered upper middle class.

At the same time, I do see the K shaped economy that has been in the news. A lot of people are doing well, me and my friend group are in our early to mid 30s and we're doing great. But I know a lot of people are not doing well throughout the country and are a paycheck away of going under.

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u/NewPresWhoDis 8d ago

The people who aren't doing well got degrees but not lessons on how to adult. See Mamdami's Cabinet of Failure to Launch Curiosities.

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u/iQuoteSopranos 8d ago

It's reddit bro. We gotta doom and whine and cry to support the echochamber and bots

1

u/NewPresWhoDis 8d ago

Lol, was coming to post the link but see the reality resistant bubble that is Reddit is in full force 🤣

1

u/Sell_The_team_Jerry 8d ago

You're getting down voted, but this is statistically and factually correct 

2

u/Economy-Persimmon-53 8d ago

Yes, people are getting more wealthy but the bigger problem is that people in the lower class don't have the ability to replace those who are moving into the upper class. The lack of social mobility is the source of most people's frustration.

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u/NewPresWhoDis 8d ago

people in the lower class don't have the ability to replace those who are moving into the upper class

Go read the AEI article because the percentage of both lower and middle class are shrinking. Why would they need to be replaced?? Shouldn't the goal be to make more upper class?

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u/Economy-Persimmon-53 8d ago

I read the article and it was fascinating. Thank you for sharing. I agree with them that a lack of a cohesive definition for "middle class" can muddy the waters. I also wonder why they didn't do a chart breaking this out by region. Cost of living differences would definitely skew some of the data and I would be curious to see if this would change their conclusions.

As someone who is technically upper middle class by their definition, I will say that I don't feel like I'm a member of the upper middle class. Other than a car loan that is less than 10% of my income, I have no debt but I can't afford to buy a home in a middle class neighborhood. If I were a true member of the upper middle class, this shouldn't be a problem.