Presidential candidate Mitt Romney was quoted this week saying the middle class earns between $200k and $250k.
My son pointed this out and he said,
I don’t know where they are getting their numbers, but Romney and Obama call the middle class 200-250k per year…
I laugh because that is so out of touch with reality. My son continues: The average or “Middle” of the group does not make 200-250k…but I’m pretty sure they mean household…and when we talked I meant individual when I said 100-150kJ
As a registered Republican I’m shaking my head with how this guy just keeps putting his foot in his mouth and has absolutely no connection to the average workers who earns a living by the hour and not by the number of corporate takeovers. Here is the quote from Yahoo Finance.
BOSTON (AP) -- Mitt Romney is promising to reduce taxes on middle-income Americans.
But how does he define "middle-income"? The Republican presidential nominee defined it Friday as income of $200,000 to $250,000 a year and less. Romney: “Middle-income” is $200k to $250k and less.
Obama pretty much agreed with his definition. These guys are in La-La Land, a place where middle America does not reside. These two knuckleheads need a CT scan to make sure they have a brain and an echocardiogram to make sure they have a heart.
By their definition not one of my clients is in the middle class and probably never will be in their lives. For the most part my clients are hard working bill paying middle class Americans. Not one has a book deal, runs a hedge fund, engages in corporate takeovers or gets to take their horses to European horse shows. They are simple working stiffs trying to make an honest living.
Here in Iowa $200 to $250k is not middle class; if it were I would be able to find a single working client with that kind of an income. Both the President and Romney are no longer in the middle class so to them they can't imagine any family actually being able to live on less than $200,000 to $250,000. Romney and Obama think people who earn less than $200k per year must be living in a trailer park. When you earn $25,000,000 per year your idea of who must be in the middle class is so distorted that you no longer can understand the middle class earns a lot less than those amounts. One example are judges. Judges in Iowa earn $110,000 to $125,000 and many of their spouses have to work or choose to work because the take-home pay for a judge isn't all that high. And it's higher than most Iowans make every year. In rural counties the spouses of judges might earn less than $25,000. (That’s per year Mr. Romney and Mr. President. Here in middle America we don't get book deals and earn $5,000,000 just to write.)
The Census Bureau reported this week that the median household income — the midpoint for the nation — is just over $50,000. [See the above article.]
So I asked my son, knowing what he earns, which man wanting to be President is closer to understanding what it's like to have to buy and sell on Craig's List just to support a family of five? Between Obama and Romney's "plans" for our country, if you were paying your student loans would you even be able to buy food for your family? I doubt it.
Do you think a guy earning $25mm a year and who sends his horses to a horse prom writing off $75k on his income taxes and calling it a business, has any clue or even cares about the food on your table or what you are doing in order to afford milk?
We need a third political party because the fact the Democrats are onboard with $200-$250k being the middle class shows how disconnected both parties are to what is going on at the bottom of the food chain.
The middle class family earns less than $125,000 per year; and that's the top of the middle class and with both a husband and wife working. Don't ever wonder why the divorce rate is so high. Most marriages split up because of financial stress - and that's because they aren't even in the very bottom of Romney and Obama's middle class. The bottom of the middle class is around $45,000. Anyone thinking otherwise will not be in this third political party.