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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.
Between my wife and I we make a little over 200k USD a year.
I do not own the fruit of my labor. If I am unemployed for an extended period of time I will lose my home. Sure I am not struggling to pay my bills (for now, but I could be hot with a layoff at any time), and sure the numbers that flow through my bank account are unmanageable for a lot of people. But at the end of the day I have a lot more on common with someone making federal minimum wage then I have with someone who owns the means of production.