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I find this constant tom-tomming of wealth increases based on increases from March 2020 to date quite disingenuous. The primary reason I find it so is because t
by hannofcart 6y ago
I find this constant tom-tomming of wealth increases based on increases from March 2020 to date quite disingenuous. The primary reason I find it so is because they measure the rise from the lows in March to the highs of this year (as evident in the infographics in the article).
Here's the thing, while I'm nowhere near even a millionaire, my net wealth also increased by around 50% since March of last year because I'm mostly invested in index funds. But if you make the comparison from Jan 2020 to Jan 2021, it's a much more modest (albeit decent) 14%. Most of that 50% was just the recovery from the hammering that the index took during Feb-March.
Sure, some outliers in that list have seen their investments see dramatic rises, but that's true in any given year.
What's more, I don't remember anyone shedding too many tears for 'capitalists' who saw their fortunes take a hammering in the early part of March. I used to wake up with cold sweats worrying how much the index was going to tank the next day.
- zibzab 6y agoBut you are definitely not poor either. How much of your net worth is invested in stocks and funds? Would an average American be able to do the same?
- Dma54rhs 6y agoEveryone has a pension fund?
- amanaplanacanal 6y agoIt appears that 56% of American workers participate in some sort of pension or retirement savings plan.
- hannofcart 6y agoI'm not an American but my country's index roughly correlates with the DOW. > Would an average American be able to do the same? Probably not. How does that matter here though? Even if you are making the case that the vast majority of the population does not participate in the broader stock market, and even when that's true, the fact remains that the article is propagating a deliberately misleading idea that the wealth of billionaires 'increased dramatically during the pandemic' by using the lows in March as the base.