Millionaires Growing By Leaps And Bounds!!!

[Seawytch]

They likely went to work when they lost their wealth, rather than complain and blame everyone else. Funny how that works.

and if you believe that, the upper 2% have a bridge to sell you...

Where do you think these "new" millionaires came from? People doing nothing?

Rich people doing nothing good I'll wager. Probably got richer sending MORE jobs overseas and slipping through MORE tax loopholes.

 

[Jroc]

They likely went to work when they lost their wealth, rather than complain and blame everyone else. Funny how that works.

and if you believe that, the upper 2% have a bridge to sell you...

Where do you think these "new" millionaires came from? People doing nothing?

Haven't you heard? They stole it from the poor.

 

[Jroc]

Who exactly are millionaires who should be asked to pay more taxes to help fund schools and scholarships?

By Income Or By Net Worth?
Is a millionaire someone who earns $1 million a year or is a millionaire someone who has $1 million or more in net worth? Wikipedia uses the net worth definition:

"A millionaire (originally and sometimes still millionnaire) is an individual whose net worth or wealth is equal to or exceeds one million units of currency."

The popular TV show Who Wants To Be A Millionaire also implies the net worth definition. Winning the grand prize once sure won’t make someone earn $1 million a year every year.

If we go by the net worth definition, we have millions of millionaires in this country.

Include Home Equity Or Not?

Should home equity be included when we calculate net worth? Absolutely.

Home equity is an asset. A home can be sold, refinanced, or inherited. It makes no sense if someone with a large mortgage and a large investment portfolio is counted as a millionaire but another person who has a smaller investment portfolio but owns the home free-and-clear isn’t counted as a millionaire. They just choose to hold their assets differently.

Many seniors living in homes without a mortgage in the coastal states are millionaires. Although they may not have as much income as a younger person still working, they have a much higher net worth.

Include Pension Or Not?
Some retirees have a pension. Most public sector workers and some private sector workers still have a pension. A pension gives someone an income stream now or in the future. A 401k or IRA balance also gives someone an income stream. If person A has a large IRA balance but no pension and person B has a smaller IRA balance but has a pension, who is a millionaire? A $2,000 a month pension with cost-of-living adjustments is easily worth half a million dollars.

The value of a pension should be included in the net worth.

Include Health Insurance Or Not?

Some people have health insurance as a part of their retirement package. Some must buy health insurance themselves. Since the value of a pension should be included in the net worth, the value of paid-for health insurance should be included too.

Health insurance isn’t cheap. It can easily cost over $1,000 a month. If person A has a large investment portfolio but must buy health insurance and person B has a smaller investment portfolio but has health insurance paid for life, who is a millionaire?

Who Is A Millionaire? - The Finance Buff

 

[Mr. H.]

Two of my brothers are "millionairs". It's not that they're so successful, they just don't spend money like drunken sailors. They pay more in taxes each year than they spend on themselves.

Being single and not having kids helps LOL.

 

[Trajan]

It looks like President Obama's economic policies are finally kicking in!!!!

The millionaire population jumped in the U.S. by 8% last year

The number of U.S. households worth at least $1 million rose to 8.4 million in 2010, compared to 7.8 million the prior year, according to a report by Spectrem Group.

Households worth at least $100,000 also grew last year, to 36.2 million from 34.6 million. But the report showed that Americans, even those with money, are more cautious than they used to be.

In the prior year of 2008, the millionaire population plunged 27%

U.S. millionaires population expanded by 8% in 2010 - Yahoo! Finance

.

I know you're a hater and thats sad, Really what it must be like to be this envious and jealous......do you wear a shawl all the time too? .


Anyway, yes lets hate on those approx. 16,000 people who have moved up from being the lower class, to middle class, to upper middle class to the 1%, this a bad thing eh?

Maybe be in your world where everyone sits down and shuts the hell up till the shop steward tells them its alright to have a contrary opinion.


Maybe we should all join a public sector union, this way we can just plunder those rich bastards who, btw, also have the temerity to create wealth along the way which pays for those jobs and others to boot.....oooops... .

 

[FA_Q2]

The only thing your OP really is saying is that the millionaire population is still 21% lower than it was two years ago. Things are going great, aren't they....

Boy, you're a real "glass half empty" guy aren't you? What the OP is saying is that the President's policies have helped the economy.

See that UPtick? That's improvement. I know it's hard to recognize after the Bush years and all...

So, the President isn't "bad for business" communist as the rightwingnuts like to claim. Seems like just another corporatist to me.

It was not a 'glass half empty' statement. It was simply a statement to the fact there was nothing in the OP. You restated Obama's policies were the reason that there was a small 8 percent uptick after the massive 27 percent fall without one single fact to show anything. Here is a hint - after a market crash there is ALWAYS an uptick. That is the way the economy works. Now, bring fourth some facts that show how the policies have helped and we can talk but the fact is there is none.

 

[rdean]

Wait a minute.

I thought people getting rich was a bad thing.

No, cutting taxes for the wealthy while placing the deficit burden on the poor is a "bad thing". Try to guess why.

 

[The T]

Wait a minute.

I thought people getting rich was a bad thing.

No, cutting taxes for the wealthy while placing the deficit burden on the poor is a "bad thing". Try to guess why.

How can that BE when the POOR don't PAY TAXES?

'Splain it to us Deany?

 

[mnbasketball]

conservative schooling

OBAMA IS BAD, democrats are horrible, Reagen and republicans are good , OK guys on to second grade where we learn about guns, gays and GOD as we believe it.

 

[The T]

conservative schooling

OBAMA IS BAD, democrats are horrible, Reagen and republicans are good , OK guys on to second grade where we learn about guns, gays and GOD as we believe it.

And what leads you to belive what you spout? It surely cannot be history...

 

[Sallow]

and if you believe that, the upper 2% have a bridge to sell you...

Where do you think these "new" millionaires came from? People doing nothing?

Haven't you heard? They stole it from the poor.

Basically..yeah.

 

[Sallow]

i only care till i have money.

Well..

I'm sorta "upper" middle class..but it bodes badly for a society to concentrate wealth.

It's kinda like concentrating all your blood into your pinky. Your pinky might be fine and dandy..but the body will die.

 

[The T]

Where do you think these "new" millionaires came from? People doing nothing?

Haven't you heard? They stole it from the poor.

Basically..yeah.

Basically...NO. The Poor spend what they get as anyone...There is no one stealing anything from the POOR. That is a fallacy. Poor are poor for thier life choices when THEY have the same oppritunity as ANYONE ELSE...And I challange YOU to prove otherwise.

*DARE*

 

[Sallow]

Haven't you heard? They stole it from the poor.

Basically..yeah.

Basically...NO. The Poor spend what they get as anyone...There is no one stealing anything from the POOR. That is a fallacy. Poor are poor for thier life choices when THEY have the same oppritunity as ANYONE ELSE...And I challange YOU to prove otherwise.

*DARE*

Um.

I'd have a better chance with a brick wall. And the brick wall wouldn't smell like Dewers.

 

[Gadawg73]

Most millionaires that have reached over a million is assets over a long period of time, the majority of millionaires, did it by saving their $$$ and investing wisely.
And that is looked down upon as evil these days and those evil folks need to be PUNISHED.

 

[Seawytch]

Teachers work very hard for years and years to become teachers. They spend considerable money on their educations to become teachers...and yet the Republicans are making them out to be evil and are punishing them for a financial crisis not of their making.

We are lowering pay and raising benefit cost shares on working people, but it is sacrilegious to ask the richest people in the country to pay a little more in taxes? They are SITTING on trillions and trillions and TRILLIONS of dollars and the country is HURTING, but we can't ask them to pay a little more... NO, we must take it out on the family of four who is struggling to pay their health insurance bills and put food on their table.

Sorry, but that's fucked up.

 

[Jroc]

These libs.They defend not letting us explore for our own energy sources, which increases our gas prices for our cars, increases Natural gas to heat our homes, increases every thing we buy food, anything made with oil who does that hurt? What about this cap a trade crap the libs are pushing? Who does that hurt? They are so mired in their stupid ideology they can't see they are only hurting the people they claim to support.




[ame="http://www.youtube.com/watch?v=HlTxGHn4sH4"]http://www.youtube.com/watch?v=HlTxGHn4sH4[/ame]

 

[ba1614]

Haven't you heard? They stole it from the poor.

Basically..yeah.

Basically...NO. The Poor spend what they get as anyone...There is no one stealing anything from the POOR. That is a fallacy. Poor are poor for thier life choices when THEY have the same oppritunity as ANYONE ELSE...And I challange YOU to prove otherwise.

*DARE*

Yet these assholes argue they don't have a fair chance and won't look at the Whitehouse to see that, yes, anyone can achieve anything if they set their minds to it.

 

[Seawytch]

These libs.They defend not letting us explore for our own energy sources, which increases our gas prices for our cars, increases Natural gas to heat our homes, increases every thing we buy food, anything made with oil who does that hurt? What about this cap a trade crap the libs are pushing? Who does that hurt? They are so mired in their stupid ideology they can't see they are only hurting the people they claim to support.

No amount of domestic drilling is going to have any discernible effect on our gas prices

From the US Department of Energy:

"The projections …indicate that access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030. Leasing would begin no sooner than 2012, and production would not be expected to start before 2017."

Furthermore:

"Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant. "

And:

"In addition, the average field size in the Pacific and Atlantic regions tends to be smaller than the average in the Gulf of Mexico, implying that a significant portion of the additional resource would not be economically attractive to develop"

The United States contains 2.5 % of the world's oil resources and 3% of world natural gas resources and yet we are responsible for 24% of total world consumption of oil and 22% of natural gas consumption. The U.S. could drill every national park, wildlife refuge, and coastline and still be importing 60 percent of the oil we use.

Oil and petroleum products are traded globally so there is no guarantee that oil drilled in the U.S. will stay in the U.S...it ain't Vegas baby!

Reducing consumption is the key.

 

[JimH52]

It was Ronald Reagan's big plan, you know? It was the trickle up theory....or was that the trickle down.....Oh well, HOORAY FOR RICH PEOPLE!