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(WaPo) The $400K conundrum: Why America’s urban rich don’t feel that way
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Date: January 30th, 2023 2:23 PM Author: Wonderful national security agency business firm The $400K conundrum: Why America’s urban rich don’t feel that way By Megan McArdle Columnist| January 29, 2023 at 7:30 a.m. EST Parker Brothers Monopoly "Chance" card (Photo: Washington Post staff). Listen 5 min Comment Gift Article Share
Periodically, some commentator suggests that in many American cities, someone with a very comfortable income is actually barely getting by. It is a venerable genre, but the first such instance I can remember came from law professor Todd Henderson back in 2010. The most recent is from Bret Stephens, a columnist at the New York Times. Sign up for a weekly roundup of thought-provoking ideas and debates
Last week, in a conversation with colleague Gail Collins, Stephens argued that a couple with a combined income of $400,000 a year doesn’t necessarily have a lifestyle we’d describe as “rich”: “They’re scrimping to send their kids to college, driving a Camry, if they have a car at all, and wondering why eggs have gotten so damned expensive.”
“Granted,” said Collins, which was the most fascinating part of this exchange.
The left side of the internet dragged Henderson mercilessly for days after his remarks 12 years ago. But here was a left-leaning New York Times columnist essentially conceding the point. As for the internet, I saw exactly one right-leaning economist gently joshing Stephens for his remarks. How have liberals gotten so comfortable with the idea that $400,000 a year — more than what 98 percent of the population makes — is really just a middle-class income? Advertisement
A recent essay by Ross Douthat, Stephens and Collins’s colleague at the Times, offers one answer: These people are rich by any measure, and they are spending their money on things only rich people can afford, such as living in the best school districts and in or near amenity-rich megacities. However, they are rich in a peculiarly modern way: in the context of a meritocracy where elites are supposed to re-earn their position anew each day. Follow Megan McArdle's opinionsFollow
Compared with the old establishment that survived on inherited wealth and social position, they are insecure, and many worry that their offspring will be downwardly mobile, which leads them to spend virtually all of their outsize disposable incomes on preparing the children to become star performers in the next round of competition.
(For this is primarily a problem of parents; you almost never hear a childless couple making $400,000 a year claim to really be just ordinary middle-class folks.) Advertisement
One way to cope with this insecurity is to try to lean into it, strive to accumulate so-called generational wealth, so your children never have to wake up at 4 a.m. wondering where the next tuition check will come from. Another is to look for a political solution, which might be one reason the highly educated have migrated toward the Democratic Party.
Unfortunately, generational wealth is an impossible dream for even most highly educated people for the very reason that it’s so attractive: the competition for scarce slots at a limited number of highly selective colleges (and the schools that feed into them) that function as the gatekeepers to the 2 percent, or the 3 percent, or the 10 percent. This zero-sum bidding war will consume any amount of extra money a normal professional can earn, because there is always something else you could be doing to give your kid a better shot at a good school and a good life — another tutor, another consultant, another enrichment program.
Through the magic of market competition, the price of that exclusive access will always be set at the maximum that the least-affluent members of the class can just barely afford to pay for private school tuition or a well-located house. Moreover, because the upper income distribution resembles a pyramid with a wide bottom and narrow top, most of the people in this class will be closer in situation to the desperate strivers who have zeroed out their 401(k), crammed the kids into a too-small house and borrowed all they can from family than they are to the lucky few near the pinnacle who can write huge checks without blinking. Advertisement
Small wonder that they feel strapped, and not really surprising that people in this group have become increasingly friendly to the party that has historically promised to buffer us from the punishing demands of the market economy. The problem with this particular political solution is that government cannot give them what they crave: a low-effort way to ensure that their kids never fall out of their world.
There’s no shame in wanting this. What self-respecting mammals don’t want their kids to have it at least as good as they did? At the median household income, that’s even a semi-plausible demand, because here all government needs to provide is median-grade public goods. But it cannot give everyone above-average doctors, schools, job satisfaction and earning potential — and in a democracy, it cannot promise to reserve those things for the children of those who already have them.
Thus, the unsolvable dilemma of the broke 2-percenter. If you would be satisfied knowing that your child had a secure but unremarkable life managing a Walmart in some exurb, the government could probably guarantee that. And, with a solid six-figure income, you could probably prepare them for that world without any government assistance. But then, if you could be satisfied with a solid ordinary life, you probably wouldn’t have spent decades working overtime and delaying gratification in order to make it into the 2 percent. Popular opinions articles HAND CURATED
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Date: January 30th, 2023 2:25 PM Author: Aromatic iridescent kitchen becky I’ve been telling you guys that $400k is middle class for like 5 years now (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45862952) |
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Date: January 30th, 2023 9:22 PM Author: Ocher meetinghouse (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45864917) |
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Date: January 30th, 2023 9:38 PM Author: Adventurous angry tattoo (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865001) |
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Date: January 30th, 2023 9:40 PM Author: Aromatic iridescent kitchen becky there is only MC, no need to parse it down any further (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865009) |
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Date: January 31st, 2023 2:03 AM Author: Topaz deranged cuck (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866025) |
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Date: January 30th, 2023 2:27 PM Author: slate nursing home *ctrl+f 'blacks'*
*no results* |
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Date: January 30th, 2023 2:33 PM Author: stimulating buck-toothed preventive strike *ctrl+f 'immigration'* *no results* |
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Date: January 30th, 2023 2:37 PM Author: laughsome library Maybe just maybe we shouldn't have filled America with mud-ppl so that it became necessary to live in the very nicest neighborhoods just to avoid them. Many of the "poor" 400k earners did in fact vote for this. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863012) |
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Date: January 31st, 2023 12:43 AM Author: Stirring fishy theater stage goal in life Latinos turned East Palo Alto into a safe city. It was one of the most dangerous cities in America in 1991. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865857) |
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Date: January 31st, 2023 12:50 PM Author: Concupiscible Pale Principal's Office True. Lived in Palo Alto in 1991. EPA was rough and did not go there. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867612) |
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Date: January 31st, 2023 1:17 PM Author: laughsome library Now do blacks. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867739) |
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Date: January 31st, 2023 2:39 PM Author: light outnumbered address twinkling uncleanness This Silicon Valley enclave is not representative of what Latinos are doing to America on the whole level.
People move to EPA because they work at tech companies (engineers or janitors) and need to live close by. Cities like San Bernadino tell a more accurate story. |
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Date: January 30th, 2023 2:39 PM Author: 180 yapping locale water buffalo Good lol fuck these “people” (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863025) |
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Date: January 30th, 2023 2:40 PM Author: excitant kitty cat half-breed “Thus, the unsolvable dilemma of the broke 2-percenter. If you would be satisfied knowing that your child had a secure but unremarkable life managing a Walmart in some exurb, the government could probably guarantee that.” how exactly would that work? |
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Date: January 30th, 2023 2:40 PM Author: Wonderful national security agency business firm yeah this article is borderline incoherent (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863037) |
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Date: January 30th, 2023 2:53 PM Author: excitant kitty cat half-breed looks like the average walmart store manager salary is $175k, putting them between the 90th and 95th percentiles of individual earners lol. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863092) |
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Date: January 30th, 2023 10:37 PM Author: Bat shit crazy skinny woman cr (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865241) |
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Date: January 30th, 2023 2:41 PM Author: Aromatic iridescent kitchen becky premise had potential but it’s a terribly written article
a bunch of overeducated yuppies did not just now decide to switch the Democratic Party |
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Date: January 30th, 2023 2:57 PM Author: histrionic hyperactive chad pit I strive to lead an insecure and unremarkable life at Skadden Arps (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863116) |
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Date: January 30th, 2023 9:53 PM Author: costumed bronze liquid oxygen legal warrant (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865059) |
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Date: January 30th, 2023 2:41 PM Author: Irradiated avocado piazza toaster article describes the worst people in the world (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863042) |
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Date: January 30th, 2023 2:54 PM Author: excitant kitty cat half-breed i.e., xo poasters. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863099) |
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Date: January 30th, 2023 2:58 PM Author: mind-boggling aquamarine people who are hurt What business can I start to fuck those people? (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863121) |
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Date: January 31st, 2023 3:05 PM Author: canary rigor potus Gotta leverage the kids. Day care, private school, after school program, college prep/applications concierge are all decent options. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868334) |
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Date: January 30th, 2023 2:58 PM Author: mahogany abode Declaring that the top 2% or 1% or whatever is "rich" is ridiculous. The only conceptually sound way to identify the "rich" is to describe, in the abstract, how a "rich" person could live, and then determine what that would cost. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863123) |
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Date: January 31st, 2023 3:40 PM Author: vibrant duck-like headpube church tcr (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868513) |
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Date: January 30th, 2023 2:58 PM Author: submissive circlehead associate Salary slaves are inherently insecure and feel "poor" because their livelihoods are tied to the whims of their employer who could end their careers at any point as many tech workers are learning right now. It doesn't matter if they make 100K or 500K per year -- they all must save save save for the day they have zero income and health insurance. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863124) |
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Date: January 30th, 2023 3:02 PM Author: diverse idiotic regret elastic band TCR (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863133) |
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Date: January 30th, 2023 3:04 PM Author: Aromatic iridescent kitchen becky (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863142) |
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Date: January 30th, 2023 3:10 PM Author: histrionic hyperactive chad pit save save save for the day your bbc slut cokehead dotter enrolls at tufts (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863163) |
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Date: January 30th, 2023 9:58 PM Author: costumed bronze liquid oxygen legal warrant (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865069) |
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Date: January 30th, 2023 10:53 PM Author: Aggressive brindle menage trump supporter "You got 20 million and your wife want 10, big deal! You ain’t starvin’. But if you make 30,000… and your wife want 15, you might have to kill her."
-- Chris Rock |
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Date: January 30th, 2023 10:55 PM Author: soul-stirring twinkling market Not only that but I think having to constantly eat shit at work plays a big part. "How can I be "rich" if I'm treated like this etc" (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865337) |
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Date: January 30th, 2023 11:08 PM Author: Obsidian orchestra pit Cr. Owning your source of income has tremendous value, financially, psychologically, and otherwise. Part of the reason why Google employee making 500k is a Democrat and a plumber with his own business making 100k is a Republican. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865389) |
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Date: January 31st, 2023 11:18 AM Author: copper big spot (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867048) |
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Date: January 31st, 2023 11:21 AM Author: lascivious rigpig (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867066) |
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Date: January 31st, 2023 12:02 PM Author: Aromatic iridescent kitchen becky can confirm (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867326) |
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Date: January 31st, 2023 2:45 PM Author: exciting deep school internal respiration (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868262) |
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Date: January 31st, 2023 3:33 PM Author: disgusting spruce hunting ground (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868463) |
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Date: January 31st, 2023 4:11 PM Author: Black bull headed home (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868668) |
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Date: January 31st, 2023 5:23 PM Author: copper big spot (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45869153) |
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Date: February 3rd, 2023 12:48 AM Author: motley vengeful den (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880504) |
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Date: January 31st, 2023 11:21 AM Author: lascivious rigpig (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867064) |
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Date: January 30th, 2023 11:06 PM Author: Jet-lagged Supple Goyim (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865381) |
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Date: January 30th, 2023 3:01 PM Author: diverse idiotic regret elastic band Like bros who live in Merrick paying $30k in property tax on a $1.5 million 70yo shitbox house to avoid nigs and then another $60k a year on Hewbew day schools to avoid the white goyim on top of the nigs. 90k after tax before the mortgage is even factored in. And they only do Merrick because the same shitbox house in the good part of 5 Towns is 2.2 million. They are also F500 slaves so always one bad review or recession from being unemployed. |
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Date: January 30th, 2023 3:26 PM Author: appetizing property If they get fired they can always appeal to Kans for Kikes to get free food for holocaust survivors (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863251) |
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Date: January 30th, 2023 9:46 PM Author: olive azn WTF is this fucking Jew drivel Merrick nonsense? You couldn’t pay me to live in that shit hole. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865032) |
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Date: January 31st, 2023 2:00 AM Author: diverse idiotic regret elastic band Only couples making 400k in Yankeestan are Jewish and Asian. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866018) |
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Date: January 31st, 2023 2:05 AM Author: Topaz deranged cuck stfu you rancid fatass kike (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866026) |
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Date: January 31st, 2023 3:03 PM Author: 180 yapping locale water buffalo (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868328) |
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Date: January 30th, 2023 3:53 PM Author: vibrant duck-like headpube church $400k/year isn't rich in urban locations. When they say that is more money than 98% of Americans make they're comparing to the guy in Indiana, Ohio, Alabama, Kansas, etc. No one is counting on spending $1.2 million + $1500/month in fees for a 1 bedroom in a safe area + $50k/kid/year tuition + $1k/month parking + taxes. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45863378) |
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Date: January 30th, 2023 8:33 PM Author: Hilarious cream old irish cottage university For the record, i make 310k, 600k 1 bdrm w/ 1800 mortgage and 2000 monthly, 2 kids (both under 2) and 478/monh in parking + taxes (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45864708) |
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Date: January 30th, 2023 11:11 PM Author: Obsidian orchestra pit It's still probably top 5 (or certainly top 10) % in urban areas. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865405) |
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Date: January 31st, 2023 11:16 AM Author: vibrant duck-like headpube church Most of "urban areas" are outright dystopian and much of the housing is at government-controlled pricing (non-market). Large portions of every borough are dangerous hellholes. Take NYC for example. Manhattan is the best off but even MFH has large areas that are dangerous with awful housing.
Which brings me back to the point that if you want to live normally in a place like Manhattan, $400k/year isn't a lot. If you lived in a place like Ohio, then $400k/year would be plenty. |
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Date: January 31st, 2023 1:02 PM Author: saffron underhanded psychic legend Absolutely nowhere in Manhattan is "dangerous." Maybe ugly and filled with bums, but New York's crime rate even now is tiny compared to almost any American city. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867686) |
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Date: February 2nd, 2023 8:55 PM Author: vibrant duck-like headpube church I used to live in Harlem and this is total bullshit. I've seen some shit. A dude got shot across the street from where I lived. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45879590) |
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Date: January 30th, 2023 3:59 PM Author: Chestnut Sanctuary Sound Barrier Shitlibs: $400k is rich. It's more than what 98% of Americans earn.
Random person in the world: $7/hr is rich. It's more than what 98% of the world earns.
Shitlibs: reeeeeee |
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Date: January 31st, 2023 12:07 PM Author: chartreuse boltzmann pozpig FW FW FW (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867352) |
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Date: February 1st, 2023 7:46 PM Author: talented nowag party of the first part (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45874352) |
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Date: January 30th, 2023 9:09 PM Author: Concupiscible Pale Principal's Office In n Out Burger pays $18/hr to start. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45864856) |
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Date: January 30th, 2023 9:37 PM Author: Aromatic iridescent kitchen becky I said NEAR the In n Out (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865000) |
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Date: January 30th, 2023 9:50 PM Author: olive azn Perhaps the biggest part of the problem is the insane cost of daycare. It’s at least $2,000 per month in nice urban areas, and can go as high as $4K. (I paid $3,700 for my oldest, pre-pandemic.) You only need it for 3-4.5 years in places with UPK, but fuck is it expensive. And it is discouraging the UMC from having kids, buying homes, etc. IMO it’s a way bigger issue than student loans (which can be deferred, refinanced, etc.) You need cash money, and people won’t have kids if they don’t think they can afford to do so maintaining their current lifestyle. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865046) |
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Date: January 30th, 2023 9:54 PM Author: Adventurous angry tattoo (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865060) |
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Date: January 30th, 2023 10:39 PM Author: Comical sinister tank laser beams WaPo fails to mention that nobody has 400k on one income. Of course the 400kmos don't feel MC, the mom has to work all the time and they leave their kids in daycare every day. Lol! (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865253) |
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Date: January 31st, 2023 2:03 AM Author: diverse idiotic regret elastic band Grandparents need to step up. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866023) |
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Date: January 31st, 2023 12:28 PM Author: transparent dragon institution Almost no one in my coastal city gets support from their parents like this. Was very common back home. Libs + boomers + GC-inspired moving away from home and breaking bonds. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867520) |
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Date: January 31st, 2023 2:53 PM Author: stimulating buck-toothed preventive strike Most grandparents are still working themselves. Not too many people in their 60s are just full-on retired yet these days. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868292) |
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Date: January 31st, 2023 3:40 PM Author: disgusting spruce hunting ground your wife should watch the kids (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868516) |
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Date: February 1st, 2023 5:16 PM Author: puce zippy masturbator Wives refuse. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45873805) |
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Date: January 30th, 2023 10:00 PM Author: Offensive plaza new version "if they have a car at all" (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865078) |
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Date: January 30th, 2023 10:35 PM Author: Bat shit crazy skinny woman i know this sort of article is xo catnip. surprised no one picked up on this line yet:
"However, they are rich in a peculiarly modern way: in the context of a meritocracy where elites are supposed to re-earn their position anew each day."
Oh how my heart breaks for such a struggle |
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Date: January 30th, 2023 11:00 PM Author: cerise dopamine *ahem* (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45865348) |
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Date: January 31st, 2023 2:06 AM Author: Topaz deranged cuck my friend and his wife make like 600k and they still get papa murphy's take and bake (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866031) |
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Date: January 31st, 2023 10:34 AM Author: Obsidian orchestra pit I was recently talking to a husband and wife who are state employees in New Jersey. White collar, managerial types probably making high five/low six figures. They were talking about how they still rented a house despite being fairly advanced in their careers. The cost of buying would be way too high. It seemed pretty sad, but then I realized, when your middle class job is absolutely, completely secure, you don't necessarily need the security of owning a house. If your lease gets cancelled, you can just rent somewhere else.
By contrast, lots of UMC people with 400k HHI have traded that kind of rock solid stability of working for the government or a university or having a trade, for a somewhat but not massively higher income. Not always a good deal. |
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Date: January 31st, 2023 10:41 AM Author: submissive circlehead associate It's a terrible deal because these UMC types often end up unemployed in their 40s when they become pigeonholed in a narrow field and are too old to start something new after they get laid off or fired. And it's too late to get a gov job at that point. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866815) |
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Date: January 31st, 2023 10:56 AM Author: Sapphire Crotch Persian These two are state employees and (in theory) will get pensions and free healthcare in retirement. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866892) |
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Date: January 31st, 2023 10:57 AM Author: green lodge it's really an insane deal. if i lived in some place with exorbitant payrolls for state employees like IL or NJ there is no chance i would've gotten into "white collar" work. just finish a degree in criminal justice or public administration by 21, be state trooper and cop a pension at age 41, then roll over to a corporate security gig at 200k then retiring for real at 51 with a paid off SFH and vacation house. ljl at us. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866908) |
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Date: February 1st, 2023 4:45 PM Author: diverse idiotic regret elastic band Any remotely competent white collar bro is 2 down from C suite by age 45 and making 600k a year sans the spouse. Government work pays garbage compared to that. And RSUs at a F500 rape any pension. I have 300k in company stock I dont even think about half the time. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45873722) |
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Date: January 31st, 2023 11:19 AM Author: vibrant duck-like headpube church The "in theory" bit is the biggest concern. The worry for current people is that the rug will get pulled out from under you before you croak, leaving you poor. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867054) |
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Date: January 31st, 2023 10:45 AM Author: razzmatazz philosopher-king hehehe no other rich country has at will employee, its hilarous how even shitlibs like bernie sanders dont make a deal out of this, it causes yuge problems (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866836) |
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Date: January 31st, 2023 11:05 AM Author: excitant kitty cat half-breed $400k is a lot more money than $200k. the availability of a government pension is a huge component of how secure that couple’s situation is in the long run. from what i read a lot of those old-school defined benefit pensions for life are no longer available. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866961) |
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Date: January 31st, 2023 11:05 AM Author: green lodge (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45866965) |
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Date: January 31st, 2023 11:17 AM Author: vibrant duck-like headpube church The other concern is that a lot of these states could just yank the rug out from under people. If the state truly goes bankrupt and tells retirees that they only get federal social security then what are they going to do? Tough shit, guys. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867044) |
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Date: January 31st, 2023 11:18 AM Author: green lodge fed gov will bail them out (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867049) |
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Date: January 31st, 2023 11:22 AM Author: vibrant duck-like headpube church Assuming they're able to. National debt is at what, $30 trillion? This whole thing is a house of cards. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867073) |
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Date: January 31st, 2023 11:25 AM Author: green lodge at that point everyone is fucked. but barring that, booomer pensions will NEVER be messed with. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867096) |
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Date: January 31st, 2023 12:09 PM Author: chartreuse boltzmann pozpig boomers are already almost all retired and half-dead at this point (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867360) |
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Date: January 31st, 2023 12:17 PM Author: vibrant duck-like headpube church We're not boomers. I understand that they'll die having milked us all. But this house of cards is not going to last the span of our lives. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867437) |
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Date: January 31st, 2023 12:21 PM Author: green lodge gen-x pensions won't be touched either
it's moot after that because the ladder has been pulled up and the pensions gutted |
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Date: January 31st, 2023 12:22 PM Author: vibrant duck-like headpube church I'm not so sure about that, particularly as you get to most of XO's age which is that gen-x/millennial border. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867476) |
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Date: February 2nd, 2023 8:12 AM Author: cerise dopamine Gen X pensions will get set ablaze and there’s nothing they can do about it. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45876134) |
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Date: January 31st, 2023 12:08 PM Author: excitant kitty cat half-breed cr. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867356) |
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Date: January 31st, 2023 11:31 AM Author: ruby main people Many state employees aren't covered by Social Security because they're in a state government retirement program. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867133) |
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Date: January 31st, 2023 12:18 PM Author: vibrant duck-like headpube church Really? So it isn't state pension + SS, it is just state pension? (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867438) |
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Date: January 31st, 2023 12:21 PM Author: green lodge yes a lot of the time (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867458) |
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Date: January 31st, 2023 12:23 PM Author: vibrant duck-like headpube church Do they still have to pay in? (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867479) |
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Date: January 31st, 2023 12:23 PM Author: green lodge no (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867482) |
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Date: January 31st, 2023 12:56 PM Author: vibrant duck-like headpube church At least that's an extra 7.5% they get to keep/year (especially since most don't hit the cap). (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867646) |
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Date: January 31st, 2023 12:59 PM Author: green lodge cr. you would do well if you had a job paying in the max for 10 years and then bounced to one of these exempt jobs. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867670) |
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Date: January 31st, 2023 8:28 PM Author: excitant kitty cat half-breed it’s a great deal for anyone and i wish it were available to actually productive members of society. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45869964) |
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Date: January 31st, 2023 12:24 PM Author: shaky spectacular ladyboy What happens to states like IL and CA when the pension commitments exceed tax revenue ? (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867489) |
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Date: January 31st, 2023 4:02 PM Author: vibrant duck-like headpube church Especially if it coincides with a national debt crisis. Realistically, someone is going to get shafted and I'm guessing it is the retirees. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868616) |
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Date: February 1st, 2023 5:00 PM Author: Out-of-control nighttime ticket booth california's state plans are not that poorly funded. 70-90% funded with the state kicking in extra money to fund them every year. some of the cities and municipal governments might be in trouble, but that's it.
illinois is probably fucked though |
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Date: January 31st, 2023 11:24 AM Author: lascivious rigpig I will never forget dismissing my mother like a jackass when she suggested I apply to government positions out of college. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867087) |
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Date: February 1st, 2023 7:12 PM Author: unhinged cuckoldry Mother always knows best. Sometimes it takes us too long to realize. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45874218) |
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Date: January 31st, 2023 11:37 AM Author: provocative volcanic crater cruise ship The Industrial Revolution and its Consequences (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867166) |
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Date: January 31st, 2023 11:38 AM Author: green lodge (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867171) |
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Date: January 31st, 2023 12:03 PM Author: Chrome coldplay fan Not a single word about taxes odd case (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867330) |
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Date: January 31st, 2023 12:07 PM Author: green lodge (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867348) |
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Date: January 31st, 2023 12:27 PM Author: Comical sinister tank laser beams 400k today is worth 314,000 from ten years ago. Anyone making 314k in 2013 was considered middle class. But what they don't tell you is that costs have outpaced wages by nearly double. A 314kmo in 2013 had a lot more purchasing power and a lower mortgage. A lot of this is due to no new home construction. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867513) |
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Date: January 31st, 2023 12:28 PM Author: green lodge (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867517) |
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Date: January 31st, 2023 12:37 PM Author: lascivious rigpig (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867565) |
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Date: January 31st, 2023 12:53 PM Author: Aromatic iridescent kitchen becky (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867630) |
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Date: January 31st, 2023 12:54 PM Author: Henna razzle-dazzle parlour roommate applies across the board, it’s manifestation of the 4chan greentext on decline, but the npc programmers can be counted on to sneer and say lol those rich fags just spend it all on tutors and tennis anyway rather than risk alerting the herd that there is no rising tide, this dock is inching toward bone dry (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867632) |
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Date: January 31st, 2023 12:54 PM Author: green lodge (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867637) |
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Date: January 31st, 2023 12:58 PM Author: Comical sinister tank laser beams The whole point of being UMC in the past was you had money to throw around at tennis lessons for your kids and a dumb scooba vacation once a year so your kids had something to believe in in the back of their minds while they were grinding to get into UG. It was a staple of Millennial culture, but most of us moved down in class unless you went all in on woke corporatism and sucking the Jew teat. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867660) |
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Date: January 31st, 2023 1:00 PM Author: green lodge (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45867676) |
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Date: February 2nd, 2023 11:15 AM Author: histrionic hyperactive chad pit (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45876795) |
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Date: February 1st, 2023 5:15 PM Author: puce zippy masturbator Few if any regular people consider 314k middle class in 2013. Obama considered them really rich when he put the net investment income tax on only ultra high earners, which was defined as people making over 200k. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45873804) |
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Date: January 31st, 2023 3:02 PM Author: cordovan jew codepig Gee, it's almost like this is the predictable (INTENDED) result of a parasitic ruling class.
"The United States will have Weimar conditions" -- Ernst Zundel, 1996
"The problem is and has always been the Jew. The Jew has a predisposition to burrow into a people and then weaken them to the point of their destruction. I already see Jewish names being predominant again with bankers, head of large companies, lawyers, politicians, and so forth. With this trend they will acquire great wealth and power over the Western world. Morals and Christianity will be attacked; women will be the primary targets as they are the vessels of reproduction of their peoples. They will bring in the darker races in an effort to pollute Europe, all while holding weak politicians in the hands who will support such endeavors." -- Karl Wolff, 1981 |
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Date: January 31st, 2023 3:04 PM Author: 180 yapping locale water buffalo (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868331) |
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Date: January 31st, 2023 3:05 PM Author: silver cumskin Article came out 10 days ago on New York Times. Is anything more fraud than op ed journalism
https://www.nytimes.com/2023/01/20/opinion/fleishman-meritocracy.html |
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Date: January 31st, 2023 3:07 PM Author: mahogany abode $400k earned income is not anywhere close to making someone "rich", but libs insist that it is because they hate the upper middle class more than they hate anything else. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868348) |
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Date: January 31st, 2023 3:10 PM Author: cordovan jew codepig However, they are rich in a peculiarly modern way: in the context of a m̶e̶r̶i̶t̶o̶c̶r̶a̶c̶y̶ ̶w̶h̶e̶r̶e̶ ̶e̶l̶i̶t̶e̶s̶ ̶a̶r̶e̶ ̶s̶u̶p̶p̶o̶s̶e̶d̶ ̶t̶o̶ ̶r̶e̶-̶e̶a̶r̶n̶ ̶t̶h̶e̶i̶r̶ ̶p̶o̶s̶i̶t̶i̶o̶n̶ ̶a̶n̶e̶w̶ ̶e̶a̶c̶h̶ ̶d̶a̶y̶ "diverse", "trans-inclusive" hollowed-out GC hellscape run into the ground by a hostile elite. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868362) |
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Date: January 31st, 2023 4:30 PM Author: Jet-lagged Supple Goyim I live in FL wfh household income 500 to 600kish. I do feel wealthy but unless/until I have enough money to retire it's not real. I could be laid off tomorrow. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45868816) |
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Date: January 31st, 2023 6:47 PM Author: copper big spot is this TMF? you don't have kids, what are you worried about/ (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45869508) |
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Date: February 1st, 2023 5:11 PM Author: puce zippy masturbator Michael Douglas addressed this in 1987:
Wake up, will ya pal? If you're not inside, you're outside, OK? And I'm not talking a $400,000 a year working Wall Street stiff flying first class and being comfortable, I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars buddy. A player, or nothing. |
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Date: February 1st, 2023 10:24 PM Author: Bat shit crazy skinny woman (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875125) |
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Date: February 1st, 2023 11:31 PM Author: costumed bronze liquid oxygen legal warrant https://youtu.be/Ib29b8BXsBg (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875447) |
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Date: February 2nd, 2023 12:32 AM Author: Aromatic iridescent kitchen becky $400k then is what $1mil now? (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875613) |
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Date: February 2nd, 2023 5:55 PM Author: puce zippy masturbator Yes. About $1.1 million. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45878850) |
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Date: February 1st, 2023 5:21 PM Author: vivacious primrose factory reset button this is a load of kike nonsense. 400k is MORE than enough HHI to feel fine in any east coast major city. the reason these white and asian niggers don't feel rich is because they're always comparing themselves to the next slave a step or 2 higher on the ladder.
You can live in a nice place, go out to nice restaurants, take nice vacations, AND put money toward retirement. What more do you need to feel "rich".
edit: what I will say is that at 400k you sure as fuck should not be buying unnecessary luxury items like watches/purses that are more than 5k. you don't have fuck you money so don't waste $ pretending like you do |
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Date: February 1st, 2023 8:35 PM Author: Chestnut Sanctuary Sound Barrier Map this out for a couple working in midtown with two kids on 400k HHI.
A respectable place (2000 square feet and <20 year old remodel) within 30 minutes of work is $16,000/mo, or $192k/year. Daycare in the UES is $3k/mo/kid, so $72k/year. Take home after taxes is probably $300k. So just housing and daycare cost leave you with $36k/year to live the rest of your life. |
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Date: February 1st, 2023 9:25 PM Author: talented nowag party of the first part a family with an hhi of 400k shouldn't be spending 6k/month in rent, much less 16k/month (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45874831) |
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Date: February 1st, 2023 10:01 PM Author: Chestnut Sanctuary Sound Barrier Well, then you cannot live a minimally comfortable life in Manhattan, let alone a nice one like the guy i was replying to said. $16k isn't rent, it's servicing a 20% down mortgage. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875027) |
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Date: February 1st, 2023 10:11 PM Author: talented nowag party of the first part they shouldn't be buying, as they clearly cannot afford manhattan (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875068) |
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Date: February 1st, 2023 10:24 PM Author: Chestnut Sanctuary Sound Barrier Who are you arguing with? I'm responding to a guy who said "You can live in a nice place, go out to nice restaurants, take nice vacations, AND put money toward retirement" on 400k HHI in any city. I'm saying a reasonable place is unaffordable to them (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875130) |
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Date: February 2nd, 2023 6:14 PM Author: provocative volcanic crater cruise ship Why does it matter that they can’t live in Manhattan? They should be living in the CT or NJ suburbs and working downtown. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45878925) |
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Date: February 2nd, 2023 7:42 PM Author: Chestnut Sanctuary Sound Barrier "You can live in any city comfortably so long as you live far away in another state." (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45879272) |
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Date: February 2nd, 2023 9:58 PM Author: provocative volcanic crater cruise ship NYC has five boroughs. Please explain why you claim it only includes Manhattan. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45879857) |
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Date: February 2nd, 2023 11:46 PM Author: Chestnut Sanctuary Sound Barrier "They should be living in the CT or NJ suburbs and working downtown." -you, but one poast ago
Also, now 400k is well off, and yet living in a borough with 1.6m people is unaffordable. |
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Date: February 3rd, 2023 12:48 AM Author: Comical sinister tank laser beams Pumo is done here (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880502) |
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Date: February 1st, 2023 11:47 PM Author: saffron underhanded psychic legend 2k square feet is preposterously luxurious for MFH. If you want that much space live in fucking Jersey. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875509) |
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Date: February 2nd, 2023 12:46 AM Author: excitant kitty cat half-breed the fact that 2k square feet for a family of four can be said to be “preposterously luxurious” is entirely the point. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45875656) |
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Date: February 2nd, 2023 10:52 AM Author: Chestnut Sanctuary Sound Barrier (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45876712) |
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Date: February 3rd, 2023 12:48 AM Author: Comical sinister tank laser beams (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880503) |
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Date: February 3rd, 2023 12:55 AM Author: Racy overrated temple partner (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880525) |
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Date: February 2nd, 2023 5:44 PM Author: vivacious primrose factory reset button i said u can live in any east coast city. i didn't say the most expensive part of each city.
for christ's sake live in jersey city |
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Date: February 2nd, 2023 5:51 PM Author: excitant kitty cat half-breed nobody is saying it needs to be a penthouse overlooking the park. but a reasonably sized living space in a reasonably located part of the city that contains an order of magnitude more high-paying jobs than any other city in that entire half of the country should not be absurdly out of the question for the “urban rich.” (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45878839) |
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Date: February 2nd, 2023 6:12 PM Author: mahogany abode Those people are rich. They just have to commute over an hour on several trains from their cramped, dilapidated housing, you know, as rich people typically must. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45878920) |
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Date: February 2nd, 2023 7:40 PM Author: Chestnut Sanctuary Sound Barrier "You can live in New York City so long as you actually live in Jersey City" (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45879258) |
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Date: February 3rd, 2023 12:49 AM Author: Comical sinister tank laser beams *Jersey City resident*
Ah, to have made it in NYC. Central Park, merely a river and another state and several streets of enormously tall buildings occluding the view away... |
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Date: February 2nd, 2023 7:50 PM Author: Obsidian orchestra pit Almost 2 million people live in Manhattan, and plenty of them make far less than 400k. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45879312) |
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Date: February 2nd, 2023 11:48 PM Author: Chestnut Sanctuary Sound Barrier Sure, you can live there. No one ever said 400k is unlivable. Turd claims "You can live in a nice place, go out to nice restaurants, take nice vacations, AND put money toward retirement," and that's just not true for New York (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880319) |
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Date: February 3rd, 2023 12:51 AM Author: Comical sinister tank laser beams Section 8 is YUGE in MFH (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880514) |
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Date: February 3rd, 2023 12:58 AM Author: puce zippy masturbator Plus rent control, rent stabilization, and projects (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880532) |
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Date: February 3rd, 2023 1:02 AM Author: Aromatic iridescent kitchen becky let’s see the squalor they live in (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45880542) |
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Date: February 4th, 2023 4:16 PM Author: vermilion cuckold LOL, XO is like a step above urban baby in these threads at this point. we have been overtaken by poors and dumbs. (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45887349) |
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Date: February 4th, 2023 4:40 PM Author: green lodge which part (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45887436) |
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Date: February 4th, 2023 5:41 PM Author: Chestnut Sanctuary Sound Barrier XO has never been better or worse than UB (http://www.autoadmit.com/thread.php?thread_id=5280866&forum_id=2#45887590) |