Romney Thinks 250K Is "Middle Class"

[Polk]

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

Full Transcript: George Stephanopoulos and Mitt Romney - ABC News

At the point where people are the very top of the income distribution are considered "middle class", either you're way out of touch or the word "middle" has been stretched so far as to be meaningless.

 

[Truthmatters]

He has NO idea what most Americans have lived like all his life

 

[Oddball]

The way it's going with Baghdad Ben's complete incompetence, $250K won't buy you a hot dog and a beer at the ball game.

 

[Polk]

The way it's going with Baghdad Ben's complete incompetence, $250K won't buy you a hot dog and a beer at the ball game.

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread. In fact, inflation has been below the target rate.

 

[Full-Auto]

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

Full Transcript: George Stephanopoulos and Mitt Romney - ABC News

At the point where people are the very top of the income distribution are considered "middle class", either you're way out of touch or the word "middle" has been stretched so far as to be meaningless.

As a class warfare specialist..

Why havent you broken down the middle.....Low, middle and upper middle......

 

[Katzndogz]

Depending on where you live $250k is middle class, but not upper middle class. When I hear of $250k a year describing middle class, I think of someplace like Kansas.

 

[8537]

As a general rule, I think this is a good place to abuse the 80:20 rule. Call incomes from the 20th percentile to the 80th percentile middle class. As of 2009, that was about 20,000 household income to about 100,000 household income.

Just a starting point. 250K of income doesn't put you in the super-rich but it should put you above worrying about meeting basic needs or making it to the next check.

 

[CrusaderFrank]

It depends on where you live.

 

[Zander]

Romney is right. It may be the upper range of what is considered "middle class" but it still is. Especially if you live in Los Angeles, San Franciso, New York, Boston, Chicago, Miami, etc......It may be considered a "rich" income in Omaha.....

 

[Mr Natural]

Long Island has one of the highest costs of living in the country.

If you're knocking down $250K a year here, you doing quite well.

 

[Oddball]

The way it's going with Baghdad Ben's complete incompetence, $250K won't buy you a hot dog and a beer at the ball game.

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread......

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

 

[8537]

The way it's going with Baghdad Ben's complete incompetence, $250K won't buy you a hot dog and a beer at the ball game.

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread......

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

 

[CrusaderFrank]

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread......

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

What a 1913 dollar worth today?

 

[Oddball]

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread......

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

ORLY?

And how, pray tell, do you suppose that the $16T existing debt and upwards of $70T of unfunded promises to pay are going to be dealt with?

Of course, who needs a wheelbarrow of currency, when you can jut add more zeros?

 

[8537]

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

What a 1913 dollar worth today?

A 1913 dollar is worth one dollar. That's why we call it a dollar.

 

[8537]

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

ORLY?

And how, pray tell, do you suppose that the $16T existing debt and upwards of $70T of unfunded promises to pay are going to be dealt with?

Of course, who needs a wheelbarrow of currency, when you can jut add more zeros?

So, facing a 100 year stretch of being wrong you...

continue to predict that in the future we're just BOUND to see this hyperinflation?

OK then. Happy hunting.

 

[Oddball]

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

What a 1913 dollar worth today?

A 1913 dollar is worth one dollar. That's why we call it a dollar.

How much is this dollar worth today, Mr. Smartypants?

 

[8537]

What a 1913 dollar worth today?

A 1913 dollar is worth one dollar. That's why we call it a dollar.

How much is this dollar worth today, Mr. Smartypants?

About 24 bucks as a commodity. But I'm sure some coin collector would pay you much more.

 

[CrusaderFrank]

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

What a 1913 dollar worth today?

A 1913 dollar is worth one dollar. That's why we call it a dollar.

Right. There's no such thing as inflation.

 

[Polk]

Romney is right. It may be the upper range of what is considered "middle class" but it still is. Especially if you live in Los Angeles, San Franciso, New York, Boston, Chicago, Miami, etc......It may be considered a "rich" income in Omaha.....

It is an upper class income. 250k a year places a household in the top 1.5% of the income distribution. If that's middle class, then someone at 2% from the very bottom does as well. That means a household who's annual income is 3k a year is also middle class.