Explain why 1 person of every 18 in the USA is a millionaire???

Discussion in 'Politics' started by healthmyths, Dec 12, 2011.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Would ANY of you like to go back to 1890s???

    Early 1900s, colleges were not exclusive just to children of the wealthy.
    Today: college education is FREE! Pell Grants.. scholarships..!!!!
    NOT ONE millionaire in 1890 could do what the poor can do today:
    1)travel anywhere at no costs including from NYC to LA in one day!

    2) Not one millionaire had a FREE cell phone to text their friends!
    3) NOT ONE millionaire received free housing, free health..
    and today one of every 18 people are "millionaires"!

    1850, the US was home to 19 millionaires. But the years following the Civil War had seen a considerable increase in membership of that exclusive club. By the end of the 1890's the number of millionaires in the US had swelled to more than 4,000.

    A quarterly report prepared by the Economist Intelligence Unit on behalf of Barclays Wealth in 2007 estimated that there were 16,600,000 millionaires in the USA
    Millionaire - Wikipedia, the free encyclopedia

    4,000 millionaires in 1890 40 times that ..16.6 million millionaires in 2007!

    Population in 1890 --62,979,766 or ratio of 1 millionaire for every 15,744!
    Population in 2007 --301,139,947 ratio of 1 million for every 18 people!

    Seems there is today 1 millionaire for every 18 versus
    in 1890 ... 1 millionaire for every 15,744!!
     
  2. G.T.
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    G.T. Diamond Member

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    A million dollars in 1890 was not a million dollars today,






    wow
     
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  3. healthmyths
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    healthmyths Gold Member Supporting Member

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    DUH!!!
    $1.00 at the beginning of 1890 had the same purchasing power as
    $28.10 at the end of 2010.

    AND why the qualifiers??
    Then this bullcrap about INCOME disparity
    MUST take THAT in consideration also!
    In other words, the $26,000 a year the poor get in free cell phones, EIT credits, Section 8 housing, Food stamps.. would NOT exist in 1890s!
     
  4. G.T.
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    G.T. Diamond Member

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    Exactly. So you'd take a million, divide by 28.1, and then see how many people had THAT much money, if you're comparing to today's millionnaires.

    That other diatribe - miss me with it, I'm not in the giving a fuck category.






    wow
     
    Last edited: Dec 12, 2011
  5. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    You're off your rocker... 1 person out of every 18 is not that wealthy. Don't put so much sugar on your corn flakes.
     
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  6. Douger
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  7. healthmyths
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    healthmyths Gold Member Supporting Member

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    So YOU Don't believe the math???
    AGAIN..
    FACTS...
    A quarterly report prepared by the Economist Intelligence Unit on behalf of Barclays Wealth in 2007 estimated that there were 16,600,000 millionaires in the USA
    Millionaire - Wikipedia, the free encyclopedia

    So when I divide 310 million
    by 16.6 million.. MY math shows:
    I'm trying to make it so simple... even a grade school kid would understand!

    Divide 310 million Americans by 16.6 million and that equals 18.6 Americans for every ONE millionaire...

    Is that too hard for you???
     
  8. G.T.
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    Almost as grade school as comparing being a MILLIONNAIRE in 1890's rarity to being a millionnaire now's rarity.

    Does not compute / is retarded.
     
  9. Douger
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    So. With an approximate work force of say...........80 million( and that's high) take it from there.
    Everyone's a millionaire ! They're everywhere !
     
  10. healthmyths
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    healthmyths Gold Member Supporting Member

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    YOUR above link said:

    Four percent, or 4.6 million U.S. households, had net assets of at
    least $1 million in 1998,

    NOTE 1998 and their stats were of HOUSEHOLDS!

    Divide 112 million households by 4.6 million that equals:
    1 of every 24 HOUSEHOLDS are millionaires!

    Then in 2010!!!! 1 of every 13 households are millionaires!
    The Federal Reserve released their latest survey of household wealth earlier this month which indicated that for the fourth quarter of 2010 household net worth increased 3.8% to $56.8 trillion. While positive, and moving in the right direction, a closer look at the data indicates several interesting trends:

    About 8.4 million American households had assets of $1 million or more at year end, a gain of 8 percent (see chart courtesy Wall Street Journal

    www.lsgifund.com/TVF/3.23.11Report.pdf

    THAT is double the 4.6 million households in 1998 and of the
    112 million households divided by 8.4 million households is
    1 millionaire household for every 13 households!

    AGain... WRONG WRONG WRONG!!!
     

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