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No, but a lot of upper middle class people are sure happy to exploit the connotation of poverty from the phrase.
People making $30k/yr and people making $300k/yr have nothing in common except they both hate they people making $1m/yr. They don't belong to the same class. They just have a mutual enemy.
Workers with higher incomes are definitely buffered from a lot, but they easily have more in common with people making 30k than with people who are set up for life. Further, people making 30k have more in common with higher income workers than they do with people with no current income who are struggling with being unhoused. Also, everyone living as part of a community suffers together from the increased crime, health issues, and lack of opportunities promoted by economies with extreme class hierarchies.