CNBC is just now getting raked over the coals for a story published five months ago that suggested families earning $400,000 a year “aren’t exactly living large,” with many on social media pretty irked that an income like that would be considered struggling by some.
“According to a financial planning analysis, families making $400,000 a year aren’t exactly living large — especially in major cities,” Robert Frank wrote in a CNBC story that was originally published in October 2020, “A family of four with $400,000 a year in income is more likely to drive a Toyota and take staycations than drive a Lambo and fly first class.”
That story and Frank’s $400,000 figure, which President Joe Biden says is the family income where he’d begin tax increases, went viral on Twitter earlier this week and triggered a flash flood of posts from disgusted Twitter users.
While a long list of recent tweets includes some comments from individuals protest that the cost of living in certain U.S. cities does not allow a $400,000 household to enjoy the life of the rich and famous, most represent a snarkfest of outrage about the purported struggles of the affluent.
“I am willing to ‘struggle’ at $400k per year for the next decade, in case anyone is trying to run the experiment. I promise to give honest feedback” one individual quipped on Twitter.
And others joined in on the discussion:
lotta room between "own a Toyota/staycation" and "Lambo and fly first class" and both of which are better off than vast majority. https://t.co/XzhtWedwjB
— Clara Jeffery (@ClaraJeffery) March 19, 2021
I *hate* stories like this. which bring out the inner sans culottes in me. The people who write them have no clue what it's like to live on median household income or less. You *are* wealthy if you make $400K a year, even in New York City or LA, etc. https://t.co/ZoOAwlCb2K
— Nick Gillespie (@nickgillespie) October 6, 2020
an annual household income of $400,000 puts one in the top 2 percent of households! no you aren’t a billionaire or multi-millionaire but that doesn’t mean you aren’t very affluent. https://t.co/aaevSJ7mFD
— b-boy bouiebaisse (@jbouie) March 19, 2021
Hate to break it to everyone, but if you go on "modest vacations" SEVERAL WEEKS a year you're not middle class. https://t.co/UKorPNKuB5
— Brock E.W. Turner (@BrockEWTurner) October 6, 2020
I am willing to “struggle” at $400k per year for the next decade, in case anyone is trying to run the experiment. I promise to give honest feedback https://t.co/XOt340cVWE
— G. Elliott Morris (@gelliottmorris) March 19, 2021
when you think you're making the case against tax hikes on the wealthy, but really you're making a viral argument for why those taxes should be hiked IMMEDIATELY https://t.co/g4hbcSm65C
— Taniel (@Taniel) March 19, 2021