Bret Stephens, a columnist at the New York Times, recently wrote that “a couple with a combined income of $400,000 a year doesn’t necessarily have a lifestyle we’d describe as “rich”: “They’re scrimping to send their kids to college, driving a Camry, if they have a car at all, and wondering why eggs have gotten so expensive.”
Ross Douthat, offers one answer: “These people are rich by any measure, and they are spending their money on things only rich people can afford, such as living in the best school districts and in or near amenity-rich megacities….many worry that their offspring will be downwardly mobile, which leads them to spend virtually all of their outsize disposable incomes on preparing the children to become star performers in the next round of competition.”
See Washington Post article for full story.
