General Discussion
In reply to the discussion: Blanket student loan forgiveness is redistributing wealth upward [View all]Johnny2X2X
(21,394 posts)Then problem is America is that the median income is too low now and that has caused the middle class to get smaller.
Median income in the US for individuals in $45K, so the median is falling short of the middle class.
People at the upper middle class, $120-156K are not rich, that's still less than my dad made in the 80s and 90s adjusted for inflation when he was a GM diemaker. You make $125K a year, you're still barely getting ahead. People just accept less and less nowadays. The upper middle class are not the enemy.
People's solution can't be to pull more people out of the middle class with Student Loan payments, because if we're poor, so should you be too.
What is rich? Top 1%, that's almost $600K in yearly income in the US right now. I doubt those people owe student loans. Top 5% is $265K, I doubt those people owe student loans at that income level either. $150K a year is not rich, it's middle class.