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US Millionaires up 16%

Discussion in 'Political Discussion' started by Holy Diver, Mar 9, 2010.

  1. Holy Diver

    Holy Diver Rookie

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    The number of U.S. households with a net worth of at least $1 million jumped 16 percent last year after dipping sharply during the financial crisis, an industry consulting group said on Tuesday.

    U.S. millionaire ranks up 16 percent last year | Reuters


    Huh?


    So, most americans are getting screwed by healthcare costs, rising prices, forclosures, layoffs etc...


    and we manage to create millionaires ata rate of 16%?


    So, that trickle down should be coming any decade now....right?

    something is wrong here....
    Last edited: Mar 9, 2010
  2. Real World

    Real World Moderator Staff Member

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    First off, this is net worth. Second, a million dollars isn't the huge sum it's considered to be. Third, the jump is explained more or less, as the markets were down at the end of 2008, and back up by the end of 2009 (there was a 27% decline in 2008). That affects net worth substantially. Forth, it's a matter of simple mathematics. The more money you have, the higher the margin will be if investing (gain or loss). Even if you use the same bank as a millionare, your $10k will earn less interest than the person with $100k, who will earn less interest than the person with $1 million, and so on, and so on, and so on....even if the rate is the same.

    S&P 500

    http://moneycentral.msn.com/inc/images/gray_dot.gif

    Dow

    DJIA - Dow Jones Industrial Average Stock Charts - CNNMoney.com

    Nasdaq

    NASDAQ - Nasdaq Composite Index Stock Charts - CNNMoney.com


    I'll add the figures from the article:

    There are fewer "net worth" millionare housholds in 2009, than there were in 2007. Remember again that this is net worth. People in 2007 who had any sort of connection, or investment in the markets, were enjoying an artificial high. On paper their assets had peeked, with the Dow at 14,000. In 2008 that artificial paper value crumbled to an artificial low. Enter 2009, and the markets have recovered somewhat, which is why those paper, net worth value, have returned somewhat. There are still fewer today, than there were in 2007.
    Last edited: Mar 9, 2010
  3. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    There's nothing wrong with more millionaires. I hope to be one someday - and I don't even own (or work for) an insurance company :D
  4. Wolfpack

    Wolfpack Banned

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    Um, if the number of millionaires is increasing dramatically - especially during tough times - wouldn't that be evidence that trickle down works? :confused:
  5. Wolfpack

    Wolfpack Banned

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    It is just more of the same typical leftist politics of hatred and division and class warfare. Clearly this thread has backfired on the OP, but it is funny to see the complete disdain and contempt with which he uses the word "millionaire."
  6. Holy Diver

    Holy Diver Rookie

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    I'd love to follow you on this one...

    I'd say if avreage income increased for average workers...yes.

    but I've had two years of pay freezes, and increased HC costs over the same time.

    I'm certainly not seeing any trickle down.
  7. Real World

    Real World Moderator Staff Member

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    Since you didn't get laid off, my guess is Obama counted yours as a job saved by the stimulus! :D
  8. Holy Diver

    Holy Diver Rookie

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    Ha!....the way they screw with those #s, I wouldnt be surprised.
    Last edited: Mar 9, 2010
  9. Harry Boy

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

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    America America
    God Shed His Grace On Thee

    Liberals hate Conservative Millionaires but Soros, Movie Stars, Rap Artists, Kennedy's, Clintons, Obama's, Pelosi's, Oprah, Kerry's their all OK, yup (good millionaires)
  10. efin98

    efin98 Rookie

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    So since you haven't seen it happening for you personally it isn't working?!?!?!
    Last edited: Mar 9, 2010
  11. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #12 Jersey

    Right...just like since you haven't seen anyone die because they couldn't get health care they aren't dead.
  12. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    Evidence of trickle up, it never was trickle down.
  13. Holy Diver

    Holy Diver Rookie

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    My personal views on this aside, its happening all over....even to millionaires in '08!

    The average family income has decreased
    The average family debt has incrased
    The average health insurance premiums have been going up
    Average savings down

    etc...


    Its not JUST me, its mostly everyone.
  14. Holy Diver

    Holy Diver Rookie

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    Thats kinda what I was asking WolfPick...

    he said its evidence of trickle down somehow?
  15. efin98

    efin98 Rookie

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    You just made my point for me...
  16. efin98

    efin98 Rookie

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    As I thought, you are making an assumption based on no statistics, no facts, no real informaiton- just generalizations on what you THINK is happening.

    Just because you THINK is happening based on your own PERSONAL impact does not mean it isn't happening as a WHOLE.

    But please, do back up your claims and I'll gladly give you your just deserved accolades :rolleyes:
  17. Mrs.PatsFanInVa

    Mrs.PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    #12 Jersey

    ROFLMAO

    Are you now admitting that a lack of affordable health insurance IS responsible for deaths which could have been prevented?

    Are you agreeing that not everyone gets "free life saving treatment" in the ER?

    Thank you, I may have made your point but you just made my day.
  18. Holy Diver

    Holy Diver Rookie

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    http://www.census.gov/prod/2009pubs/p60-236.pdf

    are you serious?

    From 2007 http://www.epi.org/economic_snapshots/entry/webfeatures_snapshots_20070905/

    In an alarming reversal of past progress, real household income for the typical family has declined over the last seven years. Despite increases over the prior two years, median household income for 2006 (the last year for which data are available) is still $1,043 below its peak in 1999. As the Figure shows, the three decades prior to 2000 saw average annual household income increases that ranged between 0.4% and 0.9%. This is in stark contrast with a 0.33% decline in the 2000s since hitting a peak in 1999.


    You dont think our economy is in a crisis? Recession, 2nd depression, housing bubble , failing banks, bailouts?



    wher ethe flunk have you been, Millionaire Island?
    Last edited: Mar 9, 2010
  19. reflexblue

    reflexblue PatsFans.com Supporter PatsFans.com Supporter

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    #91 Jersey

    In this brave new neo-clown world up is down, right is left, and bad is good.
  20. efin98

    efin98 Rookie

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    Your attempt at making a smart remark there just simply proved the point I was making about his claim.

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