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More Americans Are Breaking Into the Upper Middle Class

3 months 2 weeks ago
More Americans have moved into upper-middle-class incomes over the past several decades (source paywalled; alternative source), with new research suggesting that group has grown sharply while the lower and core middle class have shrunk. The Wall Street Journal reports: In 2024, about 31% of Americans were part of the upper middle class, up from about 10% in 1979, according to a report released this year by the right-leaning American Enterprise Institute. There is no single, standard definition of middle class, or upper middle class, and what counts as a hefty income in one city can feel paltry in another. The AEI report, by Stephen Rose and Scott Winship, classified a family of three earning $133,000 to $400,000 in 2024 dollars as upper middle class. Households earning more were categorized as rich. The analysis looked just at incomes, not assets such as stocks or real estate. [...] The gains span generations. Many baby boomers, born to parents who grew up in the Great Depression, are living well on their savings, aided by steady Social Security checks and decades of stock-portfolio gains that they can now tap. Millennials, who everyone worried would be permanently set back by the 2008-09 financial crisis, are earning solid incomes, buying homes and surpassing their parents. Many families are surprised to find that they have moved into this new economic tier, and see themselves as comfortable, not rich. They tend to have jobs that are white collar but not flashy -- think accountants, not tech founders. This doesn't mean that all Americans are climbing the ladder. Entrenched inflation and higher prices on major necessities have pushed many families closer to the financial edge, or locked them out of homeownership. Those costs weigh on high-earning families too, and for many are the reason they don't feel wealthy. The AEI report divided families into five different groups by income. Three groups were in the middle: lower middle class, core middle class and upper middle class. The authors found that more families now fall into the two highest-earning groups -- upper middle class and rich -- and fewer fall into the three lower-earning categories.

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Peter Thiel Is Betting Big On Solar-Powered Cow Collars

3 months 2 weeks ago
Halter, a New Zealand agtech startup now valued at $2 billion, has raised $220 million to expand its AI-powered cattle management system. "Halter is now valued at $2 billion following the Series E, which was led by Peter Thiel's Founders Fund with participation from Blackbird, DCVC, Bond, Bessemer, and several others," reports Inc. From the report: Halter plans to use the funding to expand its existing footprint in the U.S., Australia, and New Zealand, as well as to grow into new markets such as Ireland, the U.K., and parts of North and South America. The round is one of the biggest to-date in the industry, and comes amid growing adoption of the technology among U.S. ranchers. According to Halter, U.S. ranchers have erected some 60,000 miles of virtual fencing since the company's launch in 2024. Halter's technology works through a system of solar-powered collars and in-pasture towers that collect data -- some 6,000 data points per collar per minute -- from grazing cattle and feed it into a cloud-based platform and app for farmers. The collars are ergonomically designed to be comfortable for the cattle wearing them, and leverage AI to play audio cues or vibrate when it is time to move to a different grazing location or if they step outside of a predetermined zone. The collars can also deliver an electric pulse if an animal does not respond. Halter's app also creates a digital twin of a ranch, which essentially means a digital replica that leverages real-time data to accurately reflect conditions. Farmers can consult the app to check on their herd, or fence, and move cattle with just a few clicks. Halter also has a proprietary algorithm that it calls a "Cowgorithm" trained on seven billion hours of animal behavior. Altogether, this technology is meant to make ranchers' lives easier when herding cattle, help them save money on building physical fencing, and provide insights about pasture management to improve soil health and pasture productivity. Halter says some 2,000 farmers and ranchers currently use its tech worldwide.

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