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Not to worry there lefty loons I guess this just isn't fair. Obama says he wants to transform America which means share the wealth to all the non 1%'rs. Your children and grandchildren will be living in mud huts like the rest of the third world if you folks get your way.
"It only takes $34,000 a year, after taxes, to be among the richest 1% in the world. That's for each person living under the same roof, including children. (So a family of four, for example, needs to make $136,000.)
So where do these lucky rich people live? As of 2005 -- the most recent data available -- about half of them, or 29 million lived in the United States, according to calculations by World Bank economist Branko Milanovic in his book The Haves and the Have-Nots."
How was this calculated? Using net worth or financial assets? Seems to be a big difference depending on which method one uses to determine what constitues a "millionaire".
Quote:
Recently, there has been some controversy over how to correctly determine a person's status as a millionaire. One of the two most commonly used measurements is net worth, which counts the total value of all property owned by a household minus the household's debts. According to this definition, a household owning an $800k home, $50k of furnishings, two cars worth $60k, a $60k retirement savings account, $45k in mutual funds, and a $325k vacation home with a $250k mortgage, $40k in car loans, and $25k in credit card debt would be worth about $1,085,000; and every individual in this household would thus be a millionaire.
However, according to the net financial assets measurement used for some specific applications (such as evaluating an investor's expected tolerance for risk for stockbroker ethics), equity in one's principal residence is excluded, as are lifestyle assets, such as the car and furniture. Therefore the above example household would only have net financial assets of $80,000.
Another term used is "net investable assets" or working capital. These practitioners may use the term "millionaire" to mean somebody who is free to invest a million units of currency through them as broker. For similar reasons, those who market goods, services, and investments to high net worth individuals are careful to specify a net worth "not counting principal residence."
In the real estate bubble up to 2007, average house prices in some U.S. regions exceeded $1 million, but many homeowners owed large amounts to banks holding mortgages on their homes. For this reason there are many people in million-dollar homes whose net worth is far short of a million—-in some cases the net worth is actually negative.
So you can be considered a millionaire on paper, but don't have two nickels to rub together.
Dumbest statement to come out of someone's mouth to make it look as if Americans are doing fine, just fine and the American Dream is alive, well and kicking.
Quote:
"It only takes $34,000 a year, after taxes, to be among the richest 1% in the world. That's for each person living under the same roof, including children. (So a family of four, for example, needs to make $136,000.)
Not to worry there lefty loons I guess this just isn't fair. Obama says he wants to transform America which means share the wealth to all the non 1%'rs. Your children and grandchildren will be living in mud huts like the rest of the third world if you folks get your way.
"It only takes $34,000 a year, after taxes, to be among the richest 1% in the world. That's for each person living under the same roof, including children. (So a family of four, for example, needs to make $136,000.)
So where do these lucky rich people live? As of 2005 -- the most recent data available -- about half of them, or 29 million lived in the United States, according to calculations by World Bank economist Branko Milanovic in his book The Haves and the Have-Nots."
No. Nor the 20th century or the 21st century. American wants to remain America.
America will become Europe in the 19th Century, if America keeps going down it's current path. Whether you like it or not. It will be ruled by the Robber Barons i.e. the Elites even more than it is now. Go America!!!
Not to worry there lefty loons I guess this just isn't fair. Obama says he wants to transform America which means share the wealth to all the non 1%'rs. Your children and grandchildren will be living in mud huts like the rest of the third world if you folks get your way.
"It only takes $34,000 a year, after taxes, to be among the richest 1% in the world. That's for each person living under the same roof, including children. (So a family of four, for example, needs to make $136,000.)
So where do these lucky rich people live? As of 2005 -- the most recent data available -- about half of them, or 29 million lived in the United States, according to calculations by World Bank economist Branko Milanovic in his book The Haves and the Have-Nots."
You call lefty's "Loons" after starting a topic like this? Ok
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