Biden Acknowledges Administration 'Misread' The Economy

[Bubba]

Actually, the social structure and income levels have been somewhat defined in our country. Of course these numbers are arbitrary, but they are based on readily available economic data. Here is a breakdown from 2006.
Class /Subset /Annual income /% of population
Upper /Ultrarich /Over 1 mil /less than .5%
Upper /Wealthy /250k to 1 mil /less than 2%
Middle /Upper Middle /100k to 250k /6
Middle /Middle Middle /60k to 100k /25
Middle /Lower Middle /35k to 60k /37
Lower /Working Poor /19k to 35k /17
Lower /Poverty /to 19k /13

This data was taken from my compensation management class textbook.

Henderson, Richard. Compensation Management in a Knowledge-Based World. Tenth. Upper Saddle River, NJ: Pearson Prentice Hall, 2006. Print.

 

[aaronb]

Hooray for politics on a sports board.

 

[BGIF]

Thanks for diving in and getting some numbers to talk from, DRI. Reps!

I agree the numbers are arbitary. I googled "upper class" income and got several articles which surrouded the numbers from Henderson.

Do you know if Annual Income is Gross Income, W-2, Adjusted Gross Income, "earned compensation only, includes benefits or whatever?

Companies I worked for (engineering) didn't have the best benefits nor the worse. They ran about 35 - 38% of base be it salaried or hourly. OT for the hourly people was extra.

Can you expound on what Henderson mean by % of population? Do I take that as only the wage earners themselves or does it include all the members of a wage earners family.

 

[Bubba]

Thanks for diving in and getting some numbers to talk from, DRI. Reps!

I agree the numbers are arbitary. I googled "upper class" income and got several articles which surrouded the numbers from Henderson.

Do you know if Annual Income is Gross Income, W-2, Adjusted Gross Income, "earned compensation only, includes benefits or whatever?

Companies I worked for (engineering) didn't have the best benefits nor the worse. They ran about 35 - 38% of base be it salaried or hourly. OT for the hourly people was extra.

Can you expound on what Henderson mean by % of population? Do I take that as only the wage earners themselves or does it include all the members of a wage earners family.

None of the references or footnotes identify if it is gross income or whatever. But it is based on a family of four and on the fact that 64% of the working-age population is employed (including teenagers).

 

[jason_h537]

You think you can afford a penthouse condo, the club membership and a Bentley on $70,000 a year? You still live at home, don't you?

I said this is what is considered upper class not what i do. Just like the US government cosiders minimum wage to be enough income for a person to live on his own and support themselves. DiveRightIn basically gave you the same numbers i did

Pardon me, BS! WTF does the percentage of registered voters have to do with Upper Class. Apparently the voters in Cook County have been Upper Class for generations. There are voting districts in Texas that have more voters than the Census counted people (including children and illegals)
Seniors are upper class because they vote in 80% of elections? You make this up as you go along, don't you.

You got this from what i said? I was mearly trying to point out that seniors and upper class voters have higher turn outs in electuion as opposed to lower middle class and minorities. A smaller population could have a larger impact on elections because so many choose not to vote even though there is a higher poulation.