The Increasingly Fragile Upper-Middle Class

Submitted by Charles Hugh-Smith of OfTwoMinds blog,
Many of these apparently high incomes are completely absorbed by high-cost upper middle class expenses.
Since the top 10% takes home 50% of all household income, it follows that this top slice has most of the discretionary cash, i.e. net income left after taxes, servicing debt and paying for essentials such as food, utilities and housing.