Everybody else may know this, but each time I reflect upon these Census Bureau numbers (2006), they surprise me. Anyone who has an annual household income above $92,000 is in the top quintile of the population–with all the other “rich.” If your youngest son’s income falls between $19-36,000 (many interns and new hires will get the picture), he is in the 2nd quintile. The next quintile runs from $36,000 to $58,000.
No matter what the Left says, quintiles don’t actually shrink, and neither does the middle class. The middle class is constituted by all those with annual income in the 2nd, 3rd, and 4th quintiles. That means household income between $19,000 and $91,000. Three-fifths of the population, right there.
Over the years, even controlling for inflation, those income levels keep marching upward. The middle class keeps rising upward. In fact, the American middle class is moving up faster and further than that of any other developed nation. For the definitive international comparison, link here.
By the way, the top 5% of income earners begin at $166,000 per household. The top one percent begins at $333,000. Strange thing, nearly everyone below the top one percent (and even many inside the top one percent) do not think of themselves as “rich.”
The Clinton, Edwards types are the really rich.