I read an interesting piece today which has my head spinning. I hardly know where to start, except that I found out I am not so bad off financially compared to most others!! Gee maybe I should be a Republican??
I showed my wife this article, but I am not sure if that was wise?? Anyway, then I started thinking about what income and assets it takes to live even moderately well in America, nevermind retire. With Repubs in power over the bulk of the last 20 years, you would think most Americans were wealthy because Repub policies cater to the wealthy. I mean why would America vote for conservative repubs if most Americans were fairly poor?
From the article:
If you and yours are bringing in $40,000 a year, you're doing better than half the households in America.
Two charts:
Annual income parking ramp
Income level (percentile) Median income (rounded)
Level VI (90 to 100) $170,000
Level V (80 to 89.9) $99,000
Level IV (60 to 79.9) $65,000
Level III (40 to 59.9) $40,000
Level II (20 to 39.9) $24,000
Level I (less than 20) $10,000
Source: Before-Tax Family Income, 2001 Federal Reserve Board Survey
Net worth parking ramp
Net worth (percentile) Median net worth (rounded)
Level VI (90 to 100) $833,600
Level V (80 to 89.9) $263,100
Level IV (60 to 79.9) $141,500
Level III (40 to 59.9) $62,500
Level II (20 to 39.9) $37,200
Level I (less than 20) $7,900
Source: Family Net Worth, 2001 Federal Reserve Board Survey
These charts are household incomes and household assets. After looking at them, are you surprised? The one thing that quickly jumps into my mind is that if there was no social security, many, many folks would not have the assets to ever retire and live. This data also helps explain why so many do not have health insurance because they can't afford it with food and cars and insurance and school costs and taxes and many other expenses.
However, back to the enigma of why Repubs win elections when obviously the major part of the American population is far, far from wealthy. I mean even if most American aspire to be wealthy, surely they see the hardships of living with such low assets and incomes in today's world of high home costs, high energy costs and huge college costs! Do they just think that any alternative economic system which distributed wealth more evenly would result in worst average incomes than this. Is this the best we can do:
We live in a country that once celebrated itself as egalitarian, yet 1 percent of the population -- nearly 3 million people -- currently has as much money as the 100 million people at the bottom of the ramp.
Ah, maybe the figures are wrong or folks do not mind working FOREVER until they finally die!!