Earth to Fiscal-Cliff Pundits: $250K Does Make You Rich

A lot of people don’t realize in the large urban and suburban areas of America, $250,000 doesn’t make you rich.

Tom Brokaw, on Meet the Press

See, look.

As Elspeth Reeve points out in The Atlantic, a very few people actually earn that much money, even in New York City.

Earning $250,000/yr in salary may not make you “rich” but it sure does not make you middle class as we’ve historically known it. And “rich” is really a relative term.

If your expenses are also $250,000/yr and you don’t feel “rich” because you don’t have a lot of extra money, that’s your fault and you have control over that.

If $250,000 is “not rich” then our definition of “poor” needs to expand to include people making a lot more money than we consider “poor” folks to be making now.