For an economy to be successful, the government and society in general must encourage and facilitate upward economic mobility,the ability of an individual to move up through the economic classes ideally to the top of earners and wealth holders. Know more:
For an economy to be successful, the government and society in general must encourage and facilitate upward economic mobility, the ability of an individual to move up through the economic classes ideally to the top of earners and wealth holders.
Why is upward mobility imperative? It is that there is one group that is the engine of the economic bus that carries all the rest down the road to prosperity. The Middle Class is not first defined by income because that varies from country to country. It is defined by what a family can afford and then by how much income that requires. Home ownership is first. According to a 2020 survey, about 60 percent of households in the Philippines occupied housing units they owned . However, less than 50 percent own a car.
Spending is a factor. Low-income families spend more than 50 percent on food. Middle income spends twice as much as low-income on education and healthcare.
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