Under President Joe Biden’s economy, Americans making $100,000 in income are considered a part of the lower middle class in 15 cities.
In Arlington, Virginia, as an example, individuals making between $91,000 and $152,000 would be considered lower middle class. Alongside this city are San Francisco and San Jose in California, which consider residents making $151,122 low-income, according to a recent study by GOBankingRates.
15 cities where at least $100K income is ‘lower middle class’: Study https://t.co/GitsExhha4
— Washington Examiner (@dcexaminer) February 19, 2024
Northwestern Mutual financial adviser Rodney Griffin said his clients in Arlington are experiencing the effects of the high cost of living under Biden.
“Clients I work with in Arlington are seeing that impact with the cost of housing, transportation, healthcare, education and general lifestyle,” Griffin said. “While $150,000 may be a comfortable salary in some places, high demand from many people with comparative salaries can create an increased cost of living.”
Individuals in Jersey City, New Jersey, would be close to making out of the lower middle class category if their salary exceeds $101,279. In Chesapeake, Virginia, such a categorization caps out at $103,003, according to the Washington Examiner.
In other cities, such as Irvine, Oakland and San Diego in California, Seattle in Washington, Gilbert Scottsdale and Chandler in Arizona, a yearly income of $100,000 would still be classified as lower middle class.
In December 2023, reports showed that existing home sales decreased to an annual rate of 3.78 million, marking the lowest since 2010. The Washington Examiner noted that such a development comes as mortgage rates price out potential house buyers.
Under Biden, Americans have greatly suffered because of the president’s illogical economic policies. Inflation has reached an all-time high, while energy prices have continued to increase.
A CBS/YouGov survey showed that just 42% of Americans approve of Biden’s presidential tenure, while 59% disapprove.
In 2022, Biden signed the so-called Inflation Reduction Act into law. Despite its name, the president later admitted that the measure does nothing to combat rising costs in the U.S., demonstrating his unwillingness to fix the economy.
“The Inflation Reduction Act — I wish I hadn’t called it that, because it has less to do with reducing inflation than it does to do with dealing with providing for alternatives that generate economic growth,” Biden said.
