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Does $250K a Year Mean You're Wealthy?

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  • Description

    Moody's Capital Markets Chief Economist John Lonski describes what 'wealthy' is in the U.S.

  • Duration 3:33
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-- for now these are rich was talking in all seriousness about people making 200 grand a year or more and get family stood at 50000 a year more considered to be quote -- quote wealthy.

In this budget so you probably think in this depends on where you live right.

-- our first guest today has some thoughts on exactly that -- -- he's chief economist Moody's capital markets joins us and what would you say to that is this when we started this question yesterday people there's a well the big time response to a people really get energized by what is rich.

In this country how you define it.

-- 250000.

Dollars a year.

For a family of war is far from wealthy right especially if you live in the northeast and -- -- work of the United States.

War in California on the West Coast receptive are you that you're -- up analogy -- -- It's nothing John -- -- -- for seconds or put up a map here median incomes and yet -- New York you're talking 55 this just the median income.

55 grand and out California sixty plus but then you get in the middle the country gonna go down a little bit even in a big state.

I like Texas and in many of -- states we didn't include you're gonna go down a lot more than that so why don't we have these blanket.

Tax brackets and what do you think -- -- the odds are that the president gets his way with this budget.

It's a political ploy that's what it comes down to a -- it's impossible.

To scientifically.

Determined that level of things -- beyond which you why are wealthy -- -- also -- makes a difference suppose you're young kid out of college you're really Smart good yep.

May be an MBA from Harvard.

You're 47 years old you're making 250000.

Dollars year no family that's a lot of money.

On the other hand if you Slade your entire life that a job you when your wife.

And you're getting your middle -- -- the fifty years all -- Charlie make.

250000.

Different story that first description for a second I think you're gonna say you make 800 grand a year like point I think that's an interesting point -- nobody would concede rookies in Major League Baseball as the three Major League 80000 I think for the can happen yeah depending on what Dieldrin depending on what city live.

The betting on as you said how old you are now -- let's talk about the budget -- in the proposals -- is reporting on what secretary Geithner saying today trying to defended and essentially make you give it up.

What in the cycle as we try to recover from what we went and then long term we can worry about is that the right approach even if you don't agree with the details are now.

I think.

You wanna be very careful we -- -- suspending plans going forward what Arabia's conservative.

-- possible when it comes to disbursing.

Government funds.

-- it's still it's still questionable as to whether or not we actually need.

-- fiscal stimulus or that's gonna provide us.

With any benefits and the longer term we have to worry a great deal about how in the world -- what's government's going to fund the retirement of these -- of baby -- no -- have today but don't you worry about their roles include of course more -- terribly Medicare spent right.

You don't worry about growth near term -- and before we get -- is definitely a problem near term minutes questionable as to whether or not.

The current tax code and regulatory structure is designed in a way.

We -- we maximize economic growth.

The the well off wealthy John Lonsky joining us to talk about -- if you're rich or not thanks that we always appreciated thanks for coming on.

My.

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