Cutter wrote on Dec 10, 2024, 01:05:
It's too bad all the angry people going out on killing sprees don't take out on the elites. Go storm some boardrooms and lay waste. That's about the only way we're going to bring the oligarchs to heel. If they don't start sharing the wealth it's just going to be another bloody revolution yet again.
Supposedly (according to a lot of finance sites) a pretty high percentage of American households are millionaires... (not likely nearly as high as they claim)
Financial sites keep citing surveys like the Federal Reserve's Survey of Consumer Finances which in its most recent iteration purports that 1 out of 5 American households have a net worth of $1MM or more:
https://finance.yahoo.com/news/guess-percent-households-over-1-193023481.htmlMeanwhile, according to Wiki's article about the survey's methodology:
"Participation in the study is strictly voluntary. However, because only about 4,500 to 6,500 families are interviewed in the main study, every family selected is very important to the results. In the 2004 survey, the median interview length was about eighty minutes. However, in some particularly complicated cases, the amount of time needed was substantially more than two hours. The majority of interviews were obtained in person, although interviewers were allowed to conduct telephone interviews if that was more convenient for the respondent....
To retain the scientific validity of the study, interviewers are not allowed to substitute respondents for families that do not participate. Thus, if a family declines to participate, it means that families like theirs may not be represented clearly in national discussions."
I've seen other finance articles claiming that 1 out of 20 American households have net worth of $1MM or more. I find even that not very likely. About 2/3 of American households live in their own home, and about 2/3 of those still maintain a mortgage while a not inconsequential percentage of the rest have a home equity or reverse mortgage on their home. And the average home value is not that high to account for enough home equity to push a household very high - especially since most surveys indicate that home equity is almost half of the median net worth of all households and is the overwheling majority of most household net worth.