IF inflation is at the level of the last three years then the median White family will be millionaires within 20 years. House and stock appreciation and inflation could enable the median White family in america to be millionaires within 20 years.
One US dollar is currently worth about 18 Mexican peso. Almost all US families are currently millionaires in Mexican pesos. Many American families are billionaires in Nigerian Nairi (1USD to 785 Nairi).
Here is an African Billionaire
It does not really matter that you could be a millionaire in pesos now and it won’t matter to most people when they will become millionaires in devalued dollars in a decade or more.
The median household refers to the grouping smack in the middle of rankings. 50% of the people have more than the median and 50% have less. The average, or mean, gets boosted by the likes of billionaires Elon Musk and Jeff Bezos. American households by income in the top 10% have a net worth, on average, of $6.63 million. The mean is add up all wealth and divide by the total people.
Tim Pool made a math mistake, but he is correct that overall real inflation is understated in official statistics. He is using the Truflation numbers for inflation since 2020 and comparing to an annual official bureau of labor statistics number for 2023. Truflation uses the official statistics but keeps track of them over time.
Most people are seeing prices have doubled for a lot of meat, bread and other basic food items. The official numbers of food prices still seem to be underreporting.
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This obsession with race is so American. Yuck. Inflation is bad for everyone.
Thanks to inflation, you will have to be a millionaire just to be in the middle class. Just get ready to spend $10 for a 12-oz can of Coka-Cola.
5.9 % inflation for 20 years? Inflation is currently at 3.7% and fallling! The average rate of inflation during the Great Inflation (March 1973 to March 1982) was 7.4%. It lasted for 9 years, not 20, and we know how to stop it if it gets bad. Volker style interest rates of 20%.
1973: 6.2%
1974: 12.3%
1975: 9.1%
1976: 5.8%
1977: 6.7%
1978: 7.6%
1979: 11.3%
1980: 13.5%
1981: 10.4%
1982: 6.2%
As you can see, inflation was very volatile during the Great Inflation, but it averaged out to 7.4% over the entire 9-year period. It’s the longest period of inflation averaging more than 5.9% in U.S. history. Once again, we are currently at 3.7% and falling. I think there’s less than a 1% chance that an unprecedented run of 5.9% inflation for 20 years is going to make everyone millionaires in the next 2 decades.
I keep thinking of those photos of children in the Weimar Republic playing with bundles of Deutschmarks like they were building blocks. I hope we don’t see similar things in the US.
“I hope we don’t see similar things in the US.”
The Treaty of Versailles caused Germany to have to pay post WWI reparations. When their (Germany) economy went south during the depression they had no choice accept to inflate their currency (print money) to pay said reparations. Our debt is owed (mostly) to ourselves not some foreign power poised to invade/occupy if we don’t pay up interest on borrowed money.
Chocolate coins for children are more valuable than metal alloy coins.
We’ll all be millionaires – and not have enough money to retire
If they wanted it fixed they would make me king for a day (actually, it might take a few months).
Since they haven’t, I just do my best to make sure I am securely invested and earning more than the rate of inflation while relying on passive income streams that do scale with inflation for living expenses.
And hope we don’t ever see an economy where investing is defined by burying guns and canned goods in your back yard.