True or false: A household whose income is $160,000 is “wealthy” or “rich”?
I asked this simple question on Twitter earlier in the month and it sparked a small debate. Some people said true, others said false, a few said the issue is way too complicated for 140-characters, which is probably right.
$160,000 is what I’d estimate was the household income of my former four-person group house in Arlington. We lived comfortably enough, always had money for the rent and the bills with a little left over at the end of the month, but I don’t think any of us ever necessarily felt rich.
With all the Occupy rhetoric about the 1 percent and what it means to be wealthy, a lot of nuance has been lost. On paper, a person like me would seem to be doing pretty well, if the only data point you look at is my household income. But that ignores the fact that my cost-of-living is very high, that I have (student) debts, that only a fraction of my household income actually belongs to me, and that only a certain amount of my income is actually discretionary.
But let’s back up to this question of household income. Consider four different types of households:
[Continue reading Rob Pitingolo’s post at Extraordinary Observations.]
Rob Pitingolo blogs at Extraordinary Observations. The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.