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  • surewhynotlem@lemmy.world
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    1 year ago

    It absolutely does when 90% of the wealth is grouped in the top one or two percent.

    The difference between a millionaire and a homeless person is tiny compared to the difference between a millionaire and a billionaire.

    • Chobbes@lemmy.world
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      1 year ago

      Wouldn’t the middle class be centered around the median, which would be completely unaffected by extreme outliers (such as the top 5%)?

      I agree with the sentiment that the difference between a billion and a million is about a billion and all, and I’m not sure how things are actually defined… But I would think that it would make sense to use median income (instead of mean income) to determine what the “middle” class is precisely to avoid skew from outliers.

    • redballooon@lemm.ee
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      1 year ago

      I suggest you tell the next homeless person that he’s practically a millionaire, when compared to Elon Musk, and see his face light up. He’ll thank you for the really useful reference point that practically gets him off the street.

      • surewhynotlem@lemmy.world
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        1 year ago

        What’s your point exactly? That a millionaire could fix homelessness? Or do you disagree that 1M minus 0 is much smaller than 1B minus 1M?

      • SgtThunderC_nt@lemmy.zip
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        1 year ago

        I agree with you that he’s better off than most people, but do you consider a boomer who bought a house for $150k in 1980, that’s now work $1m in 2023, to be upper class? Technically there’s plenty of upper middle class people worth $1-2m.