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top of the heap to third world status in one generation

Zeez

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ICMag Donor
The Whiners Who Earn $200,000 and Complain They’re Broke

Many wealthy Americans insist they aren’t rich, and that has profound implications in electoral politics as well as economic policy.

https://newrepublic.com/article/158...omplain-theyre-broke?utm_source=pocket-newtab

This article addresses income. Unfortunately it does not address assets. There are many people in this country with high incomes but their 'how much a month' lifestyle paired with their 'I can afford it' attitude leave them in a hand to mouth mode that they can never escape. They effectively blow it faster than they make it.

There are people with less income who live within their means and are much wealthier. This is really an American thing. In Europe most people only borrow for their houses. Their cars are paid for with savings and credit cards are paid off every month. In fact, in many European countries, if you do not have the money to pay a credit card bill then you must consult your bank for a loan.

The important fact that this article ignores if the fact that there are many Americans with wealth that creates more wealth than they can spend. They can buy as many houses, cars, yachts, jets etc as they want and the fortune still keeps growing. I think you only have to be a quarter billionaire to be in this category. The worst part of this is these people have armies of tax accountants and lawyers creating financial structures that make sure they pay little or no tax.
 

nepalnt21

FRRRRRResh!
Veteran
that one at the top reminds me of the under-the-desert library in avatar the last airbender.

which i only watched as an adult... what of it?
 
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