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> only seemed to make people buy more tangible goods to hold on to. I wish I knew more of the truth/could make sense of the sea of stats/data out there on the
by MuffinFlavored 3y ago
> only seemed to make people buy more tangible goods to hold on to.
I wish I knew more of the truth/could make sense of the sea of stats/data out there on the topic of:
break down America's population by their wealth/income. anybody who isn't in debt and makes a decent income, we don't have to "worry" about
you see headlines that a lot of people are struggling, living paycheck to paycheck, in debt, housing is broken compared to 40 years ago and an entire generation on average can't afford to buy an average house on their average income
but then we have another group of people, not billionaires or $10-$100m, just like "average" rich people who have so much money it's affecting the entire system with high demand for tangible goods?
I personally can't make sense of it. I know both can be true, but I see it as a balance/see-saw in my mind. I know America doesn't work for everybody, etc. etc. I'm talking purely from a "how healthy is the economy right now" perspective. How is that we have what feels like polar opposite narratives constantly being mentioned (tons of poor people suffering/unable to get by + shrinking middle class versus too strong of a labor market and almost too much demand.
Is this all really just "appropriate response" to the fiscal/monetary policy done by the US government + federal reserve during covid?
- FredPret 3y agoYou may be surprised at the sheer size of the American millionaire class. I know I was. It’s a good chunk of the population. Looks like there’s about 25 million millionaires in the States in 2021. Collectively, they can spend a hell of a lot of money. I got this information from the Credit Suisse Global Wealth report - hopefully it’s reliable information despite that fact.
- MuffinFlavored 3y agohttps://www.credit-suisse.com/about-us/en/reports-research/global-wealth-report.html https://www.credit-suisse.com/about-us/en/reports-research/g... https://www.credit-suisse.com/media/assets/corporate/docs/about-us/research/publications/global-wealth-report-2022-en.pdf https://www.credit-suisse.com/media/assets/corporate/docs/ab... Checking it now, will update this comment with "how big is the American millionaire class" https://www.zippia.com/advice/millionaire-statistics/#:~:text=There%20are%20about%2022%20million,of%20the%20total%20U.S.%20population https://www.zippia.com/advice/millionaire-statistics/#:~:tex....
- FredPret 3y agoI edited my comment before I saw yours, sorry.
- MuffinFlavored 3y agoDon't be sorry. I appreciate the conversation. > Looks like there’s about 25 million millionaires in the States in 2021. Collectively, they can spend a hell of a lot of money. I feel like people who scrape in and are "technically worth" $1m or $2m on paper (most likely due to single family home ownership appreciation over time) but still need to work a job/support a family probably shouldn't count but other than that... it sounds like you and I are in alignment that of the ~160m working "taxpayers", 15% of them are millionaires who are basically unaffected by any recessionary downturns at the moment and are still out there spending like crazy? (like $20k Formula 1 Miami or $12k Warriors courtside tickets)
- FredPret 3y agoNote that this is per adult, not per household. Some measures also exclude primary residence.