On the erosion of middle class America. Poverty line is around 140k if actual costs taken into account. The 1960s benchmark assumed cost of food to be 1/3 of overall costs. Now it's 7% or so, meaning 1/15 of overall costs. This pushes up the poverty line to 5 times the level used, or some 150k USD pa
Example of a proxy being used as 'measurement' and the assumptions in a proxy never re-evaluated.