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Most Americans Say $150,000 Annual Income Makes You Rich (also, Walmart heirs $= Bottom 30%) [View All]

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onehandle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 11:50 AM
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Most Americans Say $150,000 Annual Income Makes You Rich (also, Walmart heirs $= Bottom 30%)
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Edited on Fri Dec-09-11 11:59 AM by onehandle
Source: Huffington Post

It's not only one percenters that Americans consider rich.

More than half of those recently polled by Gallup said an income of no more than $150,000 would qualify that person as rich. When asked how much money per year would be necessary for them to consider themselves "rich," 53 percent mentioned an income of $150,000 or less, and 71 percent said an income of $300,000 would be enough.

Wealth marketing HNW Inc. considers an income of more than $350,000 per year enough to push someone into the one percent. But they also say most one percenters aren't aware of their exceptional status.

That may be because of extreme levels of income inequality among the richest of Americans. Steeper inequality exists among those in the top tenth of the income scale than elsewhere in the income spectrum, leading to a comparative sense of poorness for many wealthy Americans, according to an analysis by the Tax Policy Center cited by The New York Times.

Read more:

Americans need to be educated on this.


Walmart Heirs Worth Same Amount As Bottom 30 Percent Of Americans In 2007: Analysis

The Occupy Wall Street movement has brought increased focus on the disparity between the top one percent of earners and everyone else in the United States. But one American family paints a particularly stark picture of the country's wealth gap.

The six children of Walmart's founders, Sam and James "Bud" Walton, had the same net worth in 2007 as the entire bottom 30 percent of American earners, according to an analysis from Sylvia Allegretto, a labor economist at University of California-Berkeley's Center on Wage and Employment Dynamics.

Though the 2007 figure is striking, the gap between the Walmart heirs and the rest of the country may get even bigger -- the Walton's combined fortune has grown by more than $20 billion, according to data compiled from the Forbes 400 this year.

Allegretto compared the Waltons' net worth in 2007, according to Forbes magazine, to the Federal Reserve's 2007 Survey of Consumer Finances.
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  -Most Americans Say $150,000 Annual Income Makes You Rich (also, Walmart heirs $= Bottom 30%) onehandle  Dec-09-11 11:50 AM   #0 
  - Most americans think "rich" starts...  FBaggins   Dec-09-11 11:58 AM   #1 
  - That sounds like a failure of imagination  pscot   Dec-09-11 12:28 PM   #4 
  - You would be rich with $150,000 almost anywhere outside of  ThomCat   Dec-09-11 12:37 PM   #6 
  - I lived in San Diego  Beavker   Dec-09-11 01:01 PM   #7 
  - Cost of Mercedes S class 90K and up, Bertram 700 roughly 4 million, 2nd  zogofzorkon   Dec-09-11 01:03 PM   #8 
  - I draw a distinction between comfortable and rich.  Pacifist Patriot   Dec-09-11 01:23 PM   #9 
  - Yep... and there's another distinction to be made.  FBaggins   Dec-09-11 02:18 PM   #14 
  - If you are earning more then $157,000 a year you are in the top 9.0% of the population  happyslug   Dec-09-11 03:54 PM   #26 
  - ++  Samba   Dec-09-11 06:43 PM   #29 
  - If you have an income of $150,000, you could save  JDPriestly   Dec-10-11 01:24 AM   #39 
     - "I doubt that a person earning $150,000 would think that he or she was rich."  boppers   Dec-10-11 03:58 AM   #41 
        - Because when most people earn that kind of money, they  JDPriestly   Dec-10-11 06:28 PM   #59 
  - In the DC area, $150,000 joint income is barely middle-class and paying the bills.  leveymg   Dec-09-11 03:02 PM   #20 
  - $1200/mo for groceries? Seriously? Someone needs to go to Aldi  NickB79   Dec-09-11 03:06 PM   #22 
  - If you are earning more than $150,000, you are in the top 10% of all families  happyslug   Dec-09-11 04:06 PM   #27 
     - $150,000 a year here buys a decent house, 2 reliable cars, college education for 2 kids, puts food  leveymg   Dec-09-11 09:56 PM   #33 
        - The problem is is $150,000 is Petty Bourgeois  happyslug   Dec-09-11 10:20 PM   #35 
        - The PB aren't defined so much by income as by social class and an attitude toward money  leveymg   Dec-09-11 10:37 PM   #36 
        - The Traditional Definition of Middle class is the that group  happyslug   Dec-09-11 11:34 PM   #37 
        - Petit bourgeois?  ChangoLoa   Dec-10-11 08:56 AM   # 
        - Petit bourgeois is a Marxist term  happyslug   Dec-10-11 01:02 PM   #56 
        - It's Not the Income Dropping, It's the Expenses Rising  NashVegas   Dec-10-11 08:56 AM   #49 
           - What people look at is NET INCOME.  happyslug   Dec-10-11 01:08 PM   #57 
        - "one week at the beach"?  boppers   Dec-10-11 04:05 AM   #42 
  - It's all relative, but I agree, 150k sounds pretty cushie.  Shoe Horn   Dec-09-11 06:28 PM   #28 
  - You'd Be Doing Damn Well Pretty Much Everywhere  NashVegas   Dec-10-11 08:47 AM   #48 
  - I would be extremely rich with that income. I now live on $8376 and that  jwirr   Dec-09-11 01:34 PM   #10 
  - Most Americans don't understand the difference between income and wealth.  Xithras   Dec-09-11 01:41 PM   #11 
  - Perfect explaination.  Muskypundit   Dec-09-11 02:24 PM   #15 
  - Amen, brother. This is surely why so many pro athletes go broke  DinahMoeHum   Dec-10-11 09:59 AM   #54 
  - You're dead wrong.  truthisfreedom   Dec-10-11 02:06 PM   #58 
  - For most people , $150,000 a year would pay off the mortgage,  hedgehog   Dec-09-11 02:37 PM   #17 
     - What you've described is smack dab in "middle class"  FBaggins   Dec-09-11 03:14 PM   #24 
     - The median US home sale price in May 2011 was $166,500  panzerfaust   Dec-10-11 07:22 AM   #45 
  - Does  kcks   Dec-09-11 12:00 PM   #2 
  - The polling method indicates it was taken over all 50 states and DC. That's a good sampling overall.  onehandle   Dec-09-11 12:03 PM   #3 
  - Well, Certainly  RobinA   Dec-09-11 02:31 PM   #16 
  - Most americans are clueless or too young to remember the Great Prosperity.  Warren Stupidity   Dec-09-11 12:30 PM   #5 
  - Explain to me again very carefully exactly what essential function the  coalition_unwilling   Dec-09-11 01:42 PM   #12 
  - Why does everyone have to have an "essential function?"  Dreamer Tatum   Dec-09-11 02:40 PM   #18 
     - The crack addicts essential function is to make the crack dealer rich or  zogofzorkon   Dec-09-11 02:54 PM   #19 
     - Because nowhere is it written as a universal law that anyone has  coalition_unwilling   Dec-09-11 03:23 PM   #25 
  - I would posit...  watajob   Dec-09-11 01:51 PM   #13 
  - ...I can't even ever imagine making 150K  SoapBox   Dec-09-11 03:06 PM   #21 
  - Can't even imagine that kind of income  FirstLight   Dec-09-11 03:14 PM   #23 
  - Americans don't "get" money.  Karenina   Dec-09-11 06:51 PM   #30 
  - Summary: We have no idea how we are getting screwed  underpants   Dec-09-11 07:51 PM   #31 
  - Still too confusing.  Samba   Dec-09-11 07:59 PM   #32 
  - There are two ways to look at "rich"  jmowreader   Dec-09-11 10:15 PM   #34 
  - I like Chris Rock's distinction between wealthy and rich  lazarus   Dec-10-11 01:17 AM   #38 
  - Perfect summary of post #11  saras   Dec-10-11 11:46 AM   #55 
  - There's only one way to deal with this...  Scuba   Dec-10-11 03:33 AM   #40 
  - Than most Americans are buffoons  Ter   Dec-10-11 04:35 AM   #43 
  - It is when it is 2-4 times your income  Nikia   Dec-10-11 08:22 AM   #46 
  - So some of the rich bastids see themselves as poor do they  madokie   Dec-10-11 05:37 AM   #44 
  - Unrec - when one tenth of the top one percent controls so many assets -  TBF   Dec-10-11 08:38 AM   #47 
  - That's the stupidest unrec I've ever seen. Here's why.  GaYellowDawg   Dec-10-11 09:05 AM   #50 
     - You evidently didn't read all the threads after it complaining about folks making  TBF   Dec-10-11 09:38 AM   #52 
     - And, beyond your personal insults,  TBF   Dec-10-11 09:41 AM   #53 
  - VERY illuminating article.  GaYellowDawg   Dec-10-11 09:10 AM   #51 
  - More proof of how ignorant Americans are.  sendero   Dec-10-11 06:54 PM   #60 
  - $150,000 is not rich  harvey007   Dec-10-11 07:39 PM   #61 
  - 3 different - overlapping - 1%s  Samba   Dec-11-11 02:27 AM   #62 

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