As the 'Villain and others have pointed out, the collapse in value of all assets other than cash has crushed the net worth of the Baby Boomers. It has also had a disproportionate impact on the rich and near rich.The number of American households with a net worth of $1 million or more, excluding the value of their primary residence, fell 27% to 6.7 million in 2008 from an all-time high of 9.2 million the year before, according to a report from market research firm Spectrem Group.
"America has a lot fewer millionaires than when this economic crisis began," said George Walper, president of Spectrem Group, in a written statement.
But don't weep only for the 2.5 million fewer millionaires. The report, which is based on surveys of 3,000 affluent households, also showed the number of both multi-millionaires and aspiring millionaires plummeted last year.
Affluent households, defined as those with a net worth of $500,000 or more, declined 28% to 11.3 million from 15.7 million.
And, of course, it has only gotten worse since the beginning of the year.
Well, good thing Obama isn't going to do what they did in Massachusetts with their Universal Healthcare program-
Via The Boston Globe:
The subsidized insurance program at the heart of the state's healthcare initiative is expected to roughly double in size and expense over the next three years - an unexpected level of growth that could cost state taxpayers hundreds of millions of dollars or force the state to scale back its ambitions.
It's not like he's going to propose a trillion dollar healthcare program that will double in two years, right?
I mean, look at Medicare, last year it was only $30.4 Trillion in debt! With a 13 trillion dollar GDP we'll have that paid off in no time!
See, what I'm trying to say is that I may not be an economist, but you say a trillion here, a trillion there and sooner or later you're talking real money!