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Note that in the article it says the avg net worth is now around $8000, which means 34% more is only ~$11,000. That's noticeable, but still not really as a big
by war1025 7y ago
Note that in the article it says the avg net worth is now around $8000, which means 34% more is only ~$11,000.
That's noticeable, but still not really as a big of a drop as 34% makes it sound.
- onlyrealcuzzo 7y agoIs that inflation adjusted? If not, the $11k, probably should've been higher than $18k. Still not a huge drop in absolute terms, but the percentage is a lot worse.
- Retric 7y agoAveraged across 10’s of millions of people and even 100$ is quite significant. It’s not that everyone has X$ less, some people have more and others have significantly less.
- anextomp 7y agoThe percentage is very misleading because you can have a negative net worth. The average could be $1, in which case you get a 500% increase by giving everyone $5. That doesn't discount the article entirely, but I wish people would stop using misleading statistics for completely valid points. It really ruins your argument.
- ibarea277 7y agoI'd almost be more interested in the change in variance across time. If education costs are the main factor, and the top 10-20% (? estimate) have parent's who pay for college, you'd think this might be yet another factor exacerbating inequality.
- war1025 7y agoI'd also be much more interested in a more detailed net worth distribution over time. Reminds me of the quote Nassim Taleb is fond of, "Never cross a river that is on average 4 feet deep".
- ajmurmann 7y agoWith the student debt I honestly expected the average net worth to be negative.