Income: The Great political – and possibly, Geographic — Divide

Without a doubt, the answer to the question “What makes a person rich” marks a political divide in this country – a divide that is widening by the second as the mid-term elections fast approach.
But in the heated debate over whether to let the Bush tax cuts expire, Tom Bradley, president of TD Ameritrade Institutional, has managed to put a geographic spin on the question..
“Anyone try to live in New York City on $250,000?,” asked Mr. Bradley in an auditorium full of financial “It’s not easy.”
Naturally, my eyes brimmed at the thought of trying to skimp by in the Big Apple on such a paltry amount. I mean, my gym membership cost nearly that much.
Seriously, how do those 80% of all families in the United States manage to get by on annual incomes of less than $250,000?
To be sure, Mr. Bradley is not the only one scratching his head at the prospect of Life After Lattes.
A recent Marist poll showed that many Americans (New Yorkers and non-New Yorkers) alike are asking the same tough questions.
Asked whether they thought a household income of $250,000 a year makes you wealthy, 55% of American voters said “yes” and 45% said “no,”
About two-thirds of Democratic voters (67%) and a majority of independent voters (54%) view an annual household income of $250,000 or more as being wealthy while 54% of Republican voters do not.
Fortunately, Mr. Bradley puts it all into perspective.
“You have to be a little more realistic around where you draw the line on wealth,” Mr. Bradley. “I mean, $250,000 is probably a lot of money in Denver, but it’s not a lot of money in New York. . . I can tell you that.”