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Unformatted text preview: Cost of living has gone up Getting laid off In the last 20 years, family income has increased by only 20 percent, according to the U.S. Census Bureau , compared to almost 100 percent growth in the 30 years prior. Meanwhile the cost of basic needs like housing and health insurance have continued to rise. For me being middle-class meant you werent rich and you werent poor. It means you have a job, a home, a car, some children and you pay your bills. If we were to compare a family with one child who makes a combined $35,000 annually, who pay their bills on time but living paycheck-to-paycheck to a family making $55,000 combined who pay their bills on time but living paycheck-to-paycheck who is better off? Why would one family be considered in a higher class than the other just because of annual income? However, our in our text, Lester C. Thurow defines the middle class as a household who earns between $36,150 and $60,250 annually. For me however middle-class has always meant you werent rich and you werent poor. It means you have a job, a home, a car, some meant you werent rich and you werent poor....
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- Summer '10