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Median personal has to be close to zero before redistribution payments, for all ages. It paints a pretty poor picture of what is possible. I met many uneducated immigrants on a fish processing boat in the Bering Sea making 10k a month, a job usually begging for people. They would show me pictures of their wives and children living well.
How many died that season? Dangerous work.
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This is astronomically incorrect it’s basically an info hazard. A market crash like that would result in extremely broad layoffs, major global supply chain instabilities, and a cataclysmic knock on effect of capital losses into nearly every walk of life on earth. Not to mention, as many already have, the federal govt would undoubtedly bail out the worst actors and leave the poor to fend for themselves. Just yesterday…
Also the rich have cash flow and can continuously invest during crashes. The top 10% aren’t losing their jobs in a crash, but the bottom 50% might. So while the top 10% keeps investing and will maximize the recovery, the bottom 50% will cash out at the bottom and won’t return to invest for years after their emergency fund has recovered.
There are a lot of levered rich people. Musk would be screwed if he got margin called on Tesla.
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I think what you are trying to say is that the average American is absurdly poor.
And top 10% household in Japan is about 10 million Yen ($67k)...
So a stock market and/or real estate crash can actually be good to reduce inequality . In fact I think its about the only way to dramatically reduce inequality. Think about young people trying to buy their 1st home now, its becoming impossible.
I think about this from time to time and I suppose everything is cyclical in the end. Most of us would have been some peasant in the feudal age and when it gets really bad it always ends in a revolution of some sort. It's just on a global scale and timeframe now. As more of the population feels the effects of inequality they won't appeased by just fancy toys and shiny things, they will want change by force. My only s…
So a stock market and/or real estate crash can actually be good to reduce inequality . In fact I think its about the only way to dramatically reduce inequality. Think about young people trying to buy their 1st home now, its becoming impossible.
The 2008 stock market crash famously reduced inequality. Definitely didn't increase inequality by leaving the average person (via government bailouts) holding the bag.
In the US you need to earn only $178,611 as a HOUSEHOLD to be in the top 10%. That's less than $90K per person. Comparatively, you need to earn $663,164 to be in the top 1%, and more than $3M to be in the top 0.1%. I just want to highlight this to remind that the top 10% is by far not made up exclusively of ultra-rich individuals like people on internet like to believe.
I think what you are trying to say is that the average American is absurdly poor.
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‘they irradiated their own people ! ?’ _very_ slightly edited from its original.
…I’m blanking on the sourced though I know it.