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Let's be clear here: I didn't equate or fix the definition of a middle class salary to 40k. In some parts where the cost of living is not very high, it is a very high wage. Well above the per capita income for most states (and about 20% below the national median household income) :jesse73 said:Working at 40k all your life you won't have a sound retirement plan especially with inflation being pretty much a constant occurrence. I suppose you would have social security retirement benefits but who knows how long that will last in this political landscape and the realities of an increasing amount of seniors and a diminishing amount of employed young adults combined with a political apathy over young adults being employed in a decent job.
Pay for PhD's in industry and professors needs to be high because to save an equal amount for retirement to those employed post bachelors you need to make more money and save it (that is how compounded interest works).
http://en.wikipedia.org/wiki/List_of_U.S._states_by_income#States_ranked_by_per_capita_income