<< the most you could say is that they are slightly reducing income of high-income earners
First, I would like you to reconsider 'high income' and putting $120k in that category. It was a good chunk of change. In this year of our lord 2025, it is not. It is, for my region anyway, barely acceptable middle class income.
The median income in San Francisco is $69k. In New York City, it's $41k. Median household incomes are ~2x those numbers.
A $120k job in any region of the country is 'high income'. You are feeling a different effect, which is that we have designed our country such that even high income people often do not feel economically secure.
Stop. Just because that is the median income does not automatically make it high. The value of the income comes from what it is able to purchase. That value has been steadily eroded over the year. If anything, it is indictment of the existing system. If anything, the proper way of looking at it is that the actual value you are able to get for your work has been greatly reduced. The number is meaningless to anyone, who is able to look at basic reality ( or does not depend on status quo for one reason or another ).
The sheer balls on people to suggest that high absolute value automatically means it is high. And that is before we get to how those jobs are are not even in the same category...
I am going to stop here, because I don't want to get mean.
If you barely consider yourself middle-class with an income 50% over the median then you are probably at least living in a "high income" region :P
And your self-classification is questionable, but that is very common. Maybe a good trigger to experience gratefulness and satisfaction for the economical situation you are in?
IMHO The ability to choose to live in a high income region (or more specifically a cosmopolitan city) is one of the core characteristics of what it means to be middle class.
Partially, that's because increased self determination is part of being middle class. Partionally, that's because the ability to participate in culture (art, music, education, multiculturalism, etc.) is part of being middle class; and those opportunities are highly concentrated in the cities.
I think you misunderstand me greatly and, more importantly, greatly misunderstand the zeitgeist. I am unbelievably thankful for being paid for what I am doing the amount I am paid.
But, and this is the most important part, just because I am in better situation than most, does not make the overall state of the population that much less shitty.
I deleted longer response from yesterday. Long story short, I disagree. If anything, it is unrealistic for anyone to expect that current economic ecosystem is sustainable.
I don't expect a lot, but I do expect my standard to improve over that of my parents', not decrease.
First, I would like you to reconsider 'high income' and putting $120k in that category. It was a good chunk of change. In this year of our lord 2025, it is not. It is, for my region anyway, barely acceptable middle class income.