Friday, March 1, 2019
New York Times op-ed: How the Upper Middle Class Is Really Doing: Is It More Similar to the Top 1 percent or the Working Class?, by David Leonhardt:
Is today’s upper middle class — that is, high-earning professionals who don’t tend to have major wealth — more similar to the truly wealthy or to the actual middle class? That question has been the subject of a big debate in recent years.
On one side are writers like Richard Reeves and my colleague David Brooks, who argue that the upper middle class is flourishing. On the other side are people like the economist Thomas Piketty and Senator Bernie Sanders, who say that the important divide is instead between the 1 percent and everyone else.
The only real winners in today’s economy are at the very top, according to this side of the debate. When Bernie Sanders talks about “the greed of billionaires” or Thomas Piketty writes about capital accumulation, they are making a version of this case.