Where would you prefer to be middle-class: The United States or Japan? Would you choose to live in a middle-class household in Boston, Massachusetts, or Lisbon, Portugal? While people talk about the decline of America’s middle-class, the heart and soul of the nation’s economy is thriving. In fact, the nation’s middle-class is the best in the world. Why?
A Look at the Data
It is essential to look at the amount of money people make when discussing America’s middle-class. The first statistic to examine is annual income. If your household earns a minimum of $52,000 per year in the US, then you are a part of the global 1%. More middle-class Americans are moving into a higher income bracket – about one-third of US households are earning an all-time high of $100,000 or more.
The cost of housing is a lot cheaper in the US when compared to the rest of the world. According to the Organization for Economic Co-Operation and Development (OECD), housing costs are the third-lowest, at 18% of income.
While our problems are subjective, on a worldwide level they pale in comparison to even the wealthiest of people living in Sierra Leone or middle-income families in Latvia.