More Millionaires

[jeffrey]

According to a new study by Spectrem Group, there are now more than 7.5 million millionaire families in the US. This is a 21% increase from the previous year and the largest increase since 1998. The 7.5 million millionaire families also broke the the previous record of 7.1 million millionaire families in 1999. The study excluded primary residences, but did include second homes and other real estate to calculate the million dollar wealth.

Another survey released by Boston Consulting Group showed that the US beats the rest of the world in creating new millionaires. This study showed that the number of households with liquid assets exceeding $20 million is increasing by some 3,000 families a year.

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[VJW]

This data coordinates nicely with the fact that the Poverty Rate, the long-term Unemployment Rate, the number of uninsured, and the federal deficits and debt, have all increased in 2001, 2002, 2003, and 2004, every year that this administration has been in power.

[JLP]

Re: More Millionaires

This data coordinates nicely with the fact that the Poverty Rate, the long-term Unemployment Rate, the number of uninsured, and the federal deficits and debt, have all increased in 2001, 2002, 2003, and 2004, every year that this administration has been in power.

Hmmm... that could also be due to the clinton bust that began BEFORE he left office. This is America. If you want to get ahead, you can. It's that simple.

[VJW]

Hmmm... that could also be due to the clinton bust that began BEFORE he left office.

No it couldn't, as there was no "bust" during President Clinton's two terms. There was no recession during President Clinton's two terms either.

This is America. If you want to get ahead, you can. It's that simple.

* Then why did 86% of the wealthy either inherit their wealth or greatly benefit from their family's wealth ?

* And why is there very little economic mobility in America today ?

http://www.nytimes.com/2005/05/15/national/class/OVERVIEW-FINAL.html?pagewanted=print

You're wrong again.

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[JLP]

Re: More Millionaires

I believe the NASDAQ (an excellent indicator of the clinton bubble) peaked in March of 2000. Then it fell bigtime the rest of the year. Bush took office in 2001. Tell me HOW this didn't happen under clinton!

Why is there very little mobility in America today? Because people are too busy buying stuff. They would rather have the fancy cars and the boats and nice houses rather than save money for retirement. Anybody can achieve success in America.

[VJW]

Re: More Millionaires

I believe the NASDAQ (an excellent indicator of the clinton bubble) peaked in March of 2000. Then it fell bigtime the rest of the year. Bush took office in 2001. Tell me HOW this didn't happen under clinton!

A) There was no "Clinton bubble".

B) The NASDAQ fell because of the 'Internet Bubble', the stocks of which encompassed that exchange. Anyone who didn't know that was a bubble was a fool.

C) The 'Internet Bubble' was a very TINY FRACTION of the overall national economy, which grew at 5% GDP in 2000.

Why is there very little mobility in America today? Because people are too busy buying stuff. They would rather have the fancy cars and the boats and nice houses rather than save money for retirement.

That's NOT "economic mobility".

Anybody can achieve success in America.

Then why has Poverty INCREASED every year of the last four years ? Why is Long-term Unemployment the HIGHEST in three decades ? Why are bankruptcies at the HIGHEST level in history ? Why are home foreclosures at the HIGHEST level in history ? Why has the 'Standard of Living' of the vast majority of American workers gone BACKWARDS every year of the last four years ?

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[skipper]

Re: More Millionaires

I completly agree we cant blame everything on Bush this is classic trickle down it started with Clinton and trickled down and became Bush's problem which he is trying to fix. These things take time to get into and more time to get out of

[JLP]

Re: More Millionaires

A) There was no "Clinton bubble".

But it happened under clinton's watch! Think back to the mid-90s. The economy was booming because of the internet. People were going nuts over anything that had to do with the internet.

C) The 'Internet Bubble' was a very TINY FRACTION of the overall national economy, which grew at 5% GDP in 2000.

Everybody knows that the market precedes a recession. The peak was during clinton's administration. Democrats seem to forget that.

Then why has Poverty INCREASED every year of the last four years ? Why is Long-term Unemployment the HIGHEST in three decades ? Why are bankruptcies at the HIGHEST level in history ? Why are home foreclosures at the HIGHEST level in history ? Why has the 'Standard of Living' of the vast majority of American workers gone BACKWARDS every year of the last four years ?

Explain to me how any of this is directly Bush's fault. We went through a recession. Regarding bankruptcies: I would think it is because people are in too much debt. What about personal responsibility? Is it President Bush's job to make people more personally responsible?

[VJW]

Re: More Millionaires

I completly agree we cant blame everything on Bush this is classic trickle down it started with Clinton

Care to explain how "trickle down" "started with Clinton" ???

and trickled down and became Bush's problem which he is trying to fix.

He's "tying to fix" it ?

YOU ARE KIDDING ?

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[VJW]

Re: More Millionaires

But it happened under clinton's watch!

If there was no economic bubble, how could it have happened under "Clinton's watch" ?

Think back to the mid-90s. The economy was booming because of the internet.

I'm afraid not.

The internet was a TINY FRACTION of the overall national economy.

Overall retail sales in 2000 amounted to more than $3.2 Trillion. On-line retail sales in 2000 amounted to something like $50 Million.

I'll let you do the math.

People were going nuts over anything that had to do with the internet.

Yes, that explained the foolish 'Internet Bubble' within NASDAQ

Everybody knows that the market precedes a recession.

Everyone knows (or should) that the "market" has predicted TWENTY of the last nine recessions.

Explain to me how any of this is directly Bush's fault.

He implemented failed economic policies.

We went through a recession.

And ?

Regarding bankruptcies: I would think it is because people are in too much debt.

And you would be wrong.

The largest number of bankruptcies (almost half) are because of inability to pay medical bills (and the majority of them HAD insurance). The next largest segment (almost another third) are from job loss, which is at record levels.

Next ?

What about personal responsibility?

Ask the Bushies. They've irresponsibly piled up trillions of dollars of federal debt.

Is it President Bush's job to make people more personally responsible?

Non–sequitur.

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[rockymamen]

Re: More Millionaires

All happens in...United States! Normal!

[JLP]

Re: More Millionaires

VJW,

I gotta hand it to you: you have an answer for everything. Unfortunately, most of them are pure drivel. You won't admit we had a bubble, which clearly we did. Sure, you say it was a tech bubble but it was much larger than that. The economic troubles this nation has had also started while clinton was still in office, but you ignore that.

You need to spend some time learning economics.

I'm through with you. Come back one year!

[elefriend]

More Millionaires

Is this from Bush's tax policies!?

[VJW]

Re: More Millionaires

VJW,

I gotta hand it to you: you have an answer for everything.

Just the facts.

Unfortunately, most of them are pure drivel.

Too bad you're not able to substantiate that mindless belief.

You won't admit we had a bubble, which clearly we did.

Another myth you cannot substantiate.

Sure, you say it was a tech bubble

Actually, I wrote that it was an "Internet Bubble".

The economic troubles this nation has had also started while clinton was still in office, but you ignore that.

Easy to ignore unsubstantiated fantasy.

The Boy Emperor Clown inherited the longest economic expansion in American history, federal budget surpluses, the lowest unemployment in four decades, record drops in poverty rates, and the creation of 22 million net new jobs.

You need to spend some time learning economics.

I'll allow others to determine who is in need of remedial classes in economics.

I'm through with you. Come back one year!

You obviously cannot even support your own misguided assertions.

BYE !

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[nixuzer]

Re: More Millionaires

* Then why did 86% of the wealthy either inherit their wealth or greatly benefit from their family's wealth ?

Can you provide where you got that number from?

Also, please define the term 'wealthy.' Are you referring to the top 1% or 2% or 5% of the U.S. population or the top 1% or 2% or (you get the point) of the worlds population?