The median 40 year old has retirement savings of $45K, not $5K. And the median 70 year old has savings of $200K. In both groups, doubling the amount is quite significant.
Using median makes it a loaded statistic skewed in favor of the minority (in this case, the wealthy).
Over half the country is living paycheck-to-paycheck, so that median number is already in the ‘well-off’ category by default, making them irrelevant to the main point of discussion.
Is that true? Median is literally taking the value in the middle. So if there are 30 million 70 year olds then it would be picking the 15th millionth person and using their savings.
But is it really fair that a person with 50 million can turn that into 100 million
Yes.
And since that can only happen by investing that amount into the economy, it’s wisely encouraged by the system, versus putting the 50 million in a vault somewhere.
You think it’s sad because you’re deeply ignorant. Do you also think that if the $5 baseball card you bought becomes worth $100, that that means you’ve stolen $95? lol
But is it really fair that a person with 50 million can turn that into 100 million, whereas most people can turn at most $5,000 into $10,000?
Earning $5,000 over 7 years is basically worthless.
The median 40 year old has retirement savings of $45K, not $5K. And the median 70 year old has savings of $200K. In both groups, doubling the amount is quite significant.
Using median makes it a loaded statistic skewed in favor of the minority (in this case, the wealthy).
Over half the country is living paycheck-to-paycheck, so that median number is already in the ‘well-off’ category by default, making them irrelevant to the main point of discussion.
Is that true? Median is literally taking the value in the middle. So if there are 30 million 70 year olds then it would be picking the 15th millionth person and using their savings.
You have it backwards. The mean, not the median, is skewed by outliers.
If there are ten people in a room with $100 and one with $1000, the median is $100 whereas the mean is $200.
Jesus Christ those are pathetic numbers for retirement at those ages.
Got to eat. Retirement is gone, and your 401k is nothing more than a subsidy so you can work part time as a greeter until death.
Yes.
And since that can only happen by investing that amount into the economy, it’s wisely encouraged by the system, versus putting the 50 million in a vault somewhere.
The fact that you can’t see how this is a huge flaw in, at the very least, the American form of capitalism is sad.
You think it’s sad because you’re deeply ignorant. Do you also think that if the $5 baseball card you bought becomes worth $100, that that means you’ve stolen $95? lol
They are not investing it into the great magical economy. It’s in hedge funds that actively destroy the economy.