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Ranks of US millionaires worth over $5 million swell

Discussion in 'Political Discussion' started by Patters, Apr 19, 2006.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    http://go.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=11896299&src=rss/domesticNews

    NEW YORK (Reuters) - The number of U.S. households boasting a net worth of at least $5 million swelled to an all-time high in 2005, according a report released Wednesday by consulting firm Spectrem Group.

    The report, "Affluent Market Insights 2006," is based on data gathered through mail and surveys of 1,014 respondents from September 2005 to November 2005.

    Spectrem, which specializes in the affluent and retirement markets, said a record 8.3 million U.S. households are worth at least $1 million, excluding the value of a primary residence.

    This is the second-consecutive year of record growth in the category, topping the 2004 mark of 7.5 million households.

    The Ultra High Net Worth category, which is comprised of households worth at least $5 million, not including the value of a main residence, surged 26 percent in 2005 to 930,000.

    ***

    Walking around west Cambridge last weekend, I noticed most of the homes that were having renovations done were the very expensive ones, ones that cost in excess of $3 million. And I saw many homes like that which were having landscaping, restoration, underground parking, or other enhancements done. I went to an open house (just for the heck of it) in the "best" area, where a 3/4 acre lot with a modern house that needs to be torn down is being sold for $5.5 million. The wealthy are doing very well, while the number of middle class homes (condos mostly) with renovation trucks parked outside seems to have diminished a lot. I think the Democratic claim that Bush's tax plan aid the rich at the expense of middle class is true, and I think it's unfair.

    Those of you who oppose the progressive income tax I think are being taken for a ride. The rich have you blaming the poor or the "government" for your economic problems, yet as the article implies the rich aren't doing anything different, but they're getting disproportionately wealthy. That's not fair. They have many more built-in advantages. The richer you are the more stuff you get.
  2. Chevy

    Chevy Rookie

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    Couple becomes rich .... Couple builds equity in their home ... Couple pays trade/craftsmen to perform the work ... Couple pays for materials ...

    Couple uses the money ... And this is bad?

    It is not a crime to be rich or successful ... It's a goal we all should be working towards.
    Last edited: Apr 19, 2006
  3. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    It's not a crime to be rich and successful, and it is something that's worth working towards. But, the system should do what it can to give people of all income brackets equal opportunities. When you reach a certain level of wealth, you literally do not have to do anything to get richer. I'm not against that, but I think there comes a point where the very wealthy can contribute more towards health care, education, keeping our neighborhoods safe, etc. The wealthy do a fine job taking care of themselves, and the middle class should try to do the same. The rich will take care of themselves even if the middle class demand they pay a larger share.
  4. Chevy

    Chevy Rookie

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    The wealthy contribute by paying property, consumption, and income taxes.

    Also, the system is geared towards the principle of effort sometimes equals reward. There are no guarantees.
  5. PatsWickedPissah

    PatsWickedPissah PatsFans.com Supporter PatsFans.com Supporter

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    Disable Jersey

    Patters means...
    From each acording to their means.
    To each according to their needs.
  6. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Good to see that Patters' jealousy is alive and well.
  7. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Couple gets wealthy off of real estate and stock market, new president comes in and protects their wealth by establishing tax breaks for them and their family...they use savings to invest in Haliburton and everyone lives happily ever after in their multi million dollar house.
  8. FreeTedWilliams

    FreeTedWilliams pfadmins PatsFans.com Supporter

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    #75 Jersey

    Where to start...

    OK first off inflation, more millionaires, because things cost more, people get paid more.

    Housing prices, everyones house is worth more, they keep going up, because as they say in the real estate business, God isn't making any more of it.

    Couples, absolutely, hell if I didn't have a wife, I would have blown half my cash in Vegas, fast cars, and cheap women. SO yes, you do make more when you are married, because two (or more) can live basically for the same price as a single person.

    This is great news! More Americans are getting rich, I can't see how anyone thinks this is bad? Did they committ some crime doing this? of course not, they simple worked hard, some had some good luck. It is not a crime to be sucessful!!
  9. wistahpatsfan

    wistahpatsfan Rookie

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    No arguement here. I like money, but I don't think I love it enough to get there.
  10. All_Around_Brown

    All_Around_Brown Rookie

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    couple moves their business offshore...evading taxes.
  11. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    People that don't have a lot of money don't want anybody else to have a lot of money.

    Poor people don't like Rich people.
    Rich people don't like poor people.

    If there wern't any rich people who would a ss holes like me work for :bricks:
  12. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    It strikes me the righties are trying to avoid a discussion. Pissah accuses me of being a communist. Chevy and BB turn my point into jealousy. So, I guess at this point, I should simply accuse them of being bootlickers of the wealthy. On the other hand, I could try to continue this discussion by re-asserting my point: that the Republican economic plan is benefiting the wealthy more than it's benefiting other groups. While the plan has helped companies to get away with giving employees 3% raises, it has enabled the wealthy to get far more. Why do you support economic policies that benefit one group at the expense of another?
  13. All_Around_Brown

    All_Around_Brown Rookie

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    I hope the rich sleep well at night knowing that their tax breaks have been bankrupting america while our forces in Iraq scrounge for armor.
  14. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Nope. The more people who have a lot of money the better. I hoe to be one of them one day.
  15. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    That's just silly. Republicans aren't limiting raises. That's supply and demand and with record low unemployment, wage increases are expected to be stronger in the 3rd and 4th quarters.
  16. PatsFanInEaglesLand

    PatsFanInEaglesLand Rookie

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    #37 Jersey

    And jealousy rears its ugly head again, complete with the usual suspects. They want wealth distribution. They want more for less, and others to have less with more. Gee, Patters, I wonder why you were called a communist:rolleyes:

    In case you don't know it this suggests new money that people have earned themselves, not old money like the Kennedy's, Kerry's-Heinz, Rockefeller's or Bush's. So they earned, that's usually what happens when you spend your time working instead of whining.
  17. Turd Furguson

    Turd Furguson Rookie

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    Accumulation of wealth is something we all strive for.

    None of us goes to work each day trying to make LESS money do we?


    As long as we're all doing it on the up and up then I fail to see a problem.

    People who have money, spend it and fuel other areas of the economy.


    People who DONT have it actually drain the economy so its good that we do have those people of means to offset that.

    But to insinuate that someone should be forced to give more simply because they can is not my definition of freedom. Should they? Probably if they were decent people but by no means should the government make them.
  18. Turd Furguson

    Turd Furguson Rookie

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    "The world needs ditchdiggers too."

    - Judge Smails
  19. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Jackie Onassis once told her children, "There's them and there's us".

    Summer time is fast approaching up here in Maine, soon the Million Dollar motorhomes will appear, the campgrounds are getting ready, the public boat ramps are being cleaned up for the truck driver on vacation with his 300 thousand dollar fishing boat, the fancy restaurants all along the coast are cleaning up the lobster tanks, the motels in Boothbay Harbor and Kennebunk are busy cleaning up the swimming pool and hiring the chamber maids who can't speak english (and don't want to learn).

    Do you know who they are getting ready for up here in "Vacation Land", they are getting ready for the "Sh1thead Like Me" the guy that never finished school (8th grade) but works for the "RICH PEOPLE", makes good money, saves his money, has a nice backyard, beer & hot dogs every saturday, kids play little league, owns a pick up and a SUV, owns a dog and a cat, ride around mower, little barroom in his cellar and now he is getting ready to hook his $300 thousand dollar boat onto his SUV and come up to Vacation Land and play for two weeks.
    HE GOT ALL THIS WORKING FOR THE RICH MAN.

    "MR GORBACHEV, TEAR DOWN THAT WALL"
    Last edited: Apr 20, 2006
  20. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Well, no surprise PFIELs resorting to the "jealousy" argument, too. That's pretty absurd, and quite honestly I have nothing to be jealous about.

    As I keep saying, I'm not at all against wealth, but I do think society has to run smoothly, and when middle class kids can't afford college, poor kids are getting second rate education, poor people are dying because they can't get health care, we need to do something. I'm not against raising taxes on the middle class, but to me the rich have more disposable income and would be less affected by a tax hike.

    As to Turd's point, I agree you need to have wealthy people, and I certainly don't favor major shifts of wealth. But, I would support tax loopholes that encourage investors to put their money in alternative energy sources or in low income housing, for instance. I also think we need to give more incentives to small businesses, such as ways for them to get unsecured loans (perhaps to employ someone). I do favor, as does Republican Bill Gates, the estate tax especially on wealthy $10 million+ estates. Yet, I'm not at all against wealth, and to even say that is childish on your part, unless you believe Bill Gates is also against wealth for supporting the estate tax.

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