Pop Quiz: Who Is Living America's Middle-Class Dream?
- <p>
A. $30,000<br />
B. $50,000<br />
C. $65,000<br />
D. $80,000</p>
- <p>
Answer: B. According to the Census Bureau, the middle 60% of households make between $20,263 and $101,582, and the middle quintile -- the "middlest" of the <a href="http://www.census.gov/hhes/www/cpstables/032012/hhinc/toc.htm" target="_blank">middle class</a> -- makes $38,521-$62,434 per year. The <a href="http://www.huffingtonpost.com/2012/03/07/media-income-2011_n_1324859.html" target="_blank">median household</a> brings home $50,020 per year.</p>
- <p>
A. $40,000<br />
B. $50,000<br />
C. $60,000<br />
D. $70,000</p>
- <p>
Answer: D. According to a recent Pew poll, the median <a href="http://www.pewsocialtrends.org/2012/08/22/the-lost-decade-of-the-middle-class/" target="_blank">middle class</a> response was that it takes $70,000 per year to fund a middle class family of four.</p>
- <p>
A. High School diploma<br />
B. Associate degree<br />
C. College degree<br />
D. Graduate degree</p>
- <p>
Answer: B. Educational attainment is one of the fault lines between money-based and lifestyle-based definitions of the middle class. Most theorists claim that a college degree -- or even a graduate degree -- are necessary for membership in the group. The <a href="http://www.census.gov/hhes/www/income/data/historical/household/" target="_blank">Census Bureau</a>, on the other hand, notes that the median household headed by someone with an associate's degree makes $55,928 per year -- almost $6,000 more than the median household. As for households headed by college graduates, their median income is $83,985. In other words, according to the Census Bureau, it doesn't take a four-year college diploma to live the middle-class dream.</p>
- <p>
A. 4%<br />
B. 15%<br />
C. 21%<br />
D. 34%</p>
- <p>
Answer: A -- or maybe B. The middle 20% of the country -- the core <a href="http://www.dailyfinance.com/2010/10/24/americans-favor-radical-wealth-redistribution/" target="_blank">middle class</a> -- holds 4% of the nation's wealth, which is defined as assets, minus debts. The middle 60%, which is a more expansive definition of the middle class, has just over 15%. The rest, 85%, is <a href="http://www.levyinstitute.org/pubs/wp_589.pdf" target="_blank">almost entirely held</a> by the richest <a href="http://www.dailyfinance.com/2011/10/27/the-middle-class-squeeze-falling-wealth-rising-costs/" target="_blank">20%</a> of the country.</p>
- <p>
A. 3%<br />
B. 7%<br />
C. 10%<br />
D. 15%</p>
- <p>
Answer: A. According to the nonpartisan <a href="http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=456" target="_blank">Tax Policy Center</a>, the effective income tax rate -- basically, income tax after deductions and tax credits -- is 3.3% for the <a href="http://www.dailyfinance.com/2011/06/14/the-high-cost-to-the-middle-class-of-low-taxes-on-the-rich/" target="_blank">middle 20%</a> of taxpayers. For the middle 60%, it ranges from -0.4% to 6.2%. In other words, a large part of the middle class fits into the <a href="http://www.dailyfinance.com/2011/11/18/what-percent-are-you-the-numbers-behind-the-tax-divide-debate/" target="_blank">47% of citizens</a> who don't pay any federal income tax.</p>
- <p>
A. 20%<br />
B. 49%<br />
C. 63%<br />
D. 72%</p>
- <p>
Answer: B. For decades, the number of people who define themselves as <a href="http://www.pewsocialtrends.org/2012/08/22/the-lost-decade-of-the-middle-class/" target="_blank">middle class</a> has remained fairly consistent, fluctuating between 45% and 49%. Surprisingly, this is also fairly consistent across races: In a recent study, 51% of white respondents described themselves as middle class, compared with 48% of blacks and 47% of Hispanics.</p>
- <p>
A. 18%<br />
B. 37%<br />
C. 41%<br />
D. 58%</p>
- <p>
Answer: D. The middle 60% of Americans -- the full <a href="http://www.mlive.com/opinion/kalamazoo/index.ssf/2012/09/perception_and_reality_of_fede.html" target="_blank">middle class</a> -- receive 58% of all federal entitlements. The top 20% receive 10% of entitlements, and the bottom 20% -- the poorest people in the country -- receive 32%</p>
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