Intel's Ronler Acres Plant

Silicon Forest
If the type is too small, Ctrl+ is your friend

Wednesday, May 22, 2024

Wealthy versus Ordinary

I come across a story on Zerohedge about the FIT21 Crypto Bill. I'm skimming the page and U.S. Representative Maxine Waters tweets her opinion:

Who benefits from the passage of the #NotFIT4PurposeAct:

✅Wealthy #crypto firms that have chosen not to register w/the @SECGov or otherwise comply w/the securities laws

Who stands to lose:

❌Ordinary investors trying to build wealth

Seems like most of the stuff I've heard about Maxine has been stuff I don't like, but I do remember the name. Doesn't matter, it's the Wealthy versus Ordinary comparison that got me to thinking, so I asked our Lord and Benevolent Savior Google a couple of questions.

Ask what separates the top 1% and Google's AI response is:

The top 1% of Americans are typically defined as the wealthiest group, based on their annual income or net worth. In 2023, the average household net worth of the top 1% was almost $13.7 million, and an individual needed to earn around $407,500 per year to be in the top 1%. However, the exact income and net worth required to be in the top 1% varies by location:

Ask what separates the top 10% in wealth in america and Google's AI response is:

As of January 2024, the top 10% of Americans have a net worth of around $854,900. The top 10% of households by wealth in the US have an average of $6.7 million, and own 66.9% of the country's total household wealth. In contrast, the bottom 50% of households have an average of $50,000, and only own 2.5% of the total household wealth.

So the top 1% own 30% of the country. Alrighty then.

As for the crypto bill, I don't care. You play with crypto, you're playing with fire. Like fire, it can be very useful, but you best be careful because you can easily get burned. And you best pay attention because Murply's Law says bad things wait to happen till you aren't paying attention. I don't have the energy or the inclination for any of that.

As for Maxine, I just have a negative opinion. What I really need is a scorecard so I can keep a tally of all the stupid shit that comes across the wire everyday. Or maybe I should just use a variation of the headline law - if their name is in the paper they are undoubtedly scum sucking weasels and should be shot. After a fair and impartial trial, of course.

1 comment:

Anonymous said...

I don't understand why, "income and net worth required to be in the top 1% varies by location".
It starts out top 1% of Americans, so the location is America.