Both Gov Romney and President Obama often describe, at least implicitly, the middle class as households with incomes below $250,000 (or $200,000 for individuals).
OK. But just so we’re all on the same page here, the Census data that just came out show that the median HH income—the amount at the 50th %’ile—was about $50K last year, and, as the figure shows, there are only two percent of HHs with incomes above $250K.
I’ve thought a lot about what it means to be middle-class in America and scribbled some of that down here. But most of us would probably agree that the cutoff is somewhere below the 98th percentile.
Source: Census Bureau