Date of publication: 2017-08-31 20:03
Even the most liberal pundits don&rsquo t want to make us look in the mirror. In his book Twilight of the Elites , the liberal broadcaster and writer Chris Hayes positions the upper middle class as losing out: &ldquo The upper middle class [are] people with graduate school degrees, homes, second homes, kids in good colleges, and six-figure incomes. This frustrated, discontented class has spent a decade with their noses pressed up against the glass, watching the winners grab more and more for themselves, seemingly at the upper middle class&rsquo s expense.&rdquo
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There is clear danger of a vicious cycle developing here. As inequality between the upper middle class and the rest grows, parents will become more determined to ensure their children stay near the top. We will work hard to put a &ldquo glass floor&rdquo under them, to prevent them from falling down the chutes. Inequality and immobility thus become self-reinforcing.
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Politicians don&rsquo t help much, either. Democrats took fright at the plans to remove precious 579 upper middle-class tax breaks. Some elected officials also seem to have a warped view of the income distribution. According to Representative Marlin Stutzman, Republican of Indiana, the 579 plan beneficiaries are &ldquo as middle class as it gets.&rdquo Really? Most of the tax benefit from 579 plans goes to households with incomes over $755,555. Congressman, that&rsquo s not the middle: median household income at the time was just under $59,555.
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* May 6: Decoration Day, which, as David Blight movingly recounts in Race and Reunion : The Civil War in American Memory , the former slaves of Charleston, ., founded by giving the Union war dead a proper burial at the site of the fallen planter elite 8767 s Race Course
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As Paul Waldman noted in the Washington Post , the proposal &ldquo was targeted at what may be the single most dangerous constituency to anger: the upper middle class wealthy enough to have influence, and numerous enough to be a significant voting bloc.&rdquo Like the flash of an X-ray, the controversy revealed the most important fracture in American society: the one between the upper middle class, broadly defined as the top fifth of society, and the rest.
Seeking to defray some of the costs of garrisoning the colonies, Parliament required all legal documents, newspapers and pamphlets required to use watermarked, or 'stamped' paper on which a levy was placed.
Class rigidities of this kind may blunt market dynamism by reducing the upward flow of talent and leaving human capital underutilized among the less fortunate. To take just one narrow example, fund managers from poor backgrounds perform better than those from more affluent families, controlling for a range of institutional factors, according to one study. It seems likely that this is because they have to be smarter in the first place in order to make it into financial services.