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John Steinbeck: “Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaire
by AndrewKemendo 7mo ago
John Steinbeck: “Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires”
- bdangubic 7mo agotruer words have yet to be spoken
- slopinthebag 7mo agoRoughly 18% of US households have a net worth over 1 million, so to some extent, they really are.
- steveBK123 7mo agoIt's a big number, but it's often tied up in housing in VHCOL/HCOL areas. It also doesn't mean much re: not needing to work in these areas. Also given retirement in US is self-funded via saving/investment instead of pension, someone who wants a comfortable retirement in many areas of this country needs $1M NW by 65 to generate a $40k/year income (above the social security payments which don't go so far) at safe withdrawal rates.