An investor called $140,000 the new poverty line. Experts disagreed but said he had a point.

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9. Several points here. First, "laughable to put a poverty line far above the median income" is itself laughable

There is no economic principle that says having more than 50% of the population in poverty is laughable or impossible.

Whatever the "poverty line" may be, dismissing a number based on how many are in poverty by implication is a laughable empty argument. It's really just calling it "fake news". Wrong because he doesn't like what it implies.

Second, defining the poverty line to be 3 times the cost of food is itself laughable. Literally only looking at one portion of what it takes to survive and then guessing that the rest is double the cost of food, ignoring differential inflation and the changes in basic requirements green focuses on.

Third, green's insights are much needed, even if they turn out to be quantitatively inaccurate. Fundamentally, a poor family needs quite a lot more, and more expensive stuff, than they did decades ago. Cars are much safer these days, but they're also far more expensive. Smart phones were a dream luxury item once upon a time, but now it's nearly impossible to function in society without one. My daughter could even apply for a job at a McDonald's in person, she was told she had to apply online.