First of all, I just can't leave Gordon's claim that millionaires aren't rich alone. If you're making a million annually, I totally get that you probably don't feel rich. You probably work pretty damned hard for your money. And you can easily amass a million in annual expenses through a mortgage and tuition and clothes and transportation and a bunch of other things. And you probably work with other people who make at least as much as you do, making this sort of life seem like the norm.
|You are making more than everyone in the above graph.|
And this comment by Gordon is really rich:
Today, a well-invested $1 million might generate $50,000 in a combination of investment returns and interest income. That isn’t chump change, but it’s roughly equal to the 2010 median household income.
Okay, if you can earn the median household income without actually working, you just might be rich.
Oh, and I can't let this one pass, either:
Income can’t be used to predict political opinion. In 2008, for example, Obama won the votes of 60 percent of those with a family income under $50,000 and 52 percent of those earning more than than $200,000. McCain carried the middle class.I challenge anyone to look at the exit polls from 2010 and conclude that income doesn't predict political opinion. I also challenge Gordon to explain what he means by "middle class."
Update: Income distribution graph added above. Data from the U.S. Census Bureau.