INSANELY misleading title! If you have a $10 net worth, you're "wealthier" than 25% of Americans. That's a lot different than if you have a $10 bill in your wallet.
“If you’ve no debts and have $10 in your pocket you have more wealth than 25% of Americans. More than 25% of Americans have collectively that is.”
The thing is– not only did the government create the incentives, but they set the standard.
With a net worth of negative $60 trillion, US citizens are just following dutifully in the government’s footsteps.
Taking a fresh look at the country, you have to admit that when the vast majority of the wealth is held in the hands of the tiniest percent;
When a quarter of the population has negative net worth;
When the government has $18 trillion in debt and another $42 trillion in unfunded liabilities;
And when the central bank is borderline insolvent;
It becomes really hard to make the case that you’re still the richest country in the world.”
Well done homObama
A giant house of credit cards waiting to fall.
Bernie!!!
Maybe true but not astonishing. Most of us buy in to the 80/20 rule of thumb.
If you apply that rule to wealth, 80% of the world's wealth is owned by 20%. Now apply the 80/20 rule to the top 20% and you get 64% of the world's wealth owned by the top 4%. Apply the rule again and you get 51.2% of the world's wealth owned by .8% of the population.
If you have any net wealth even of the meager kind you are target no. 1.
A whole lot of people do not think you should have any net wealth at all, and if you do, you are a resource for future wealth grab. I really don’t think the powers that be look at people with assets any other way than how they can wrest that wealth away from them. Did I mention you really shouldn’t have it in the first place?
If you have no debt and a $10 bill in your pocket, you’re wiser than 25% of Americans.
the fallacy in the college debt is not evaluating the education as an asset that is multiples of the debt incurred to obtain it.