#7 Chicken Little

Household income figures at OMB Watch provide a snapshot break down of American households by fifths.

Bottom Quintile: Income Range: $0 - 17,970; Share of Total Income: 3.5%
Second Quintile: Income Range: $17,970 - $33,314; Share of Total Income: 8.7%
Middle Quintile: Income Range: $33,314 - $53,000; Share of Total Income: 14.6%
Fourth Quintile: Income Range: $53,000 - $83,500; Share of Total Income: 23.0%
Top Quintile: Income Range: $83,500 and up; Share of Total Income: 50.2%

This particular household has been in all of them. Many people hit at least four over a lifetime. As more Boomers retire, they'll be hop-scotching quintiles downward, and there will be much hand wringing in the media causing alarm among the senior citizen Boomers as that middle and second quintile begin to swell.

Boomers have done very well, many better than their parents. As they inherit their Depression era parents' hard earned estates, their actual income may be going down. But remember, income isn't wealth. You can have a very low income but own a mortgage-free house, two or three cars, a nice portfolio, beautiful art work, lovely clothes, jewelry, etc.--and draw social security. (Not me; I’m not eligible because of my teacher’s pension.)

We'll be hearing lots of squawks as these numbers change, but it will from the chicken littles who think the sky is falling.