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Wealth of USA - $295 trillion - Discovry Ch.- $295,000,000,000,000

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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Sun Nov-13-11 09:18 PM
Original message
Wealth of USA - $295 trillion - Discovry Ch.- $295,000,000,000,000
Edited on Sun Nov-13-11 10:06 PM by sam11111
At end, host says after paying Debt of 15 T,

US is worth 280 T.

So why cut SS and Medicare?

Totally unnecessary.

(Show aired at 9pm ET on Sun Nov 13 2011 part of Curiousity series ..."What's America worth" was title IIRC...beware tho of many RW boasts to effect of "entrepreneurs made all this wealth and you too can get rich here in USA "

--------------
Some related good info---

R Reich -- "7...Lies" of the RW

Go way way down on the link. 80% of the way doooown.

http://robertreich.org/post/11329289033



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abelenkpe Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-13-11 09:25 PM
Response to Original message
1. K & R nt
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-13-11 09:35 PM
Response to Original message
2. Yes, but the wealthiest 400 have all earned that 280 trillion. It's THEIRS. nt
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Sun Nov-13-11 09:45 PM
Response to Reply #2
3. ayn rand wd say the top ten produced it all - the rest of us are slugs and lazy
Edited on Sun Nov-13-11 09:46 PM by sam11111
(Sarcasm)
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valerief Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-13-11 09:48 PM
Response to Reply #3
4. And she, who collected social security, was one of the slugs. nt
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 06:51 AM
Response to Reply #3
21. And she also said the world would end when she died.
She died, the world continued despite her. She was wrong yet again.

And oh, she said our heroes should be serial killers who dismember 12 year old girls.
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Newest Reality Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-13-11 10:26 PM
Response to Original message
5. Doesn't that come out to
approximately a million bucks for each one of us if that was divided-up equally? I mean roughly.
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Mon Nov-14-11 12:14 AM
Response to Reply #5
6. the host on TV said exactly that. Which means poverty is unnecessary.
Edited on Mon Nov-14-11 12:17 AM by sam11111
nt
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Scuba Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-14-11 05:15 AM
Response to Reply #5
8. Which is exactly why they don't want economic justice. If we each had...
... a million we wouldn't do their work for them.
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golfguru Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Nov-14-11 02:34 AM
Response to Original message
7. A lot of that $295 Trillion is in foreclosure
The biggest asset of Americans is their homes. A house is not really worth what the assessor says it is, the real value of any house is what it can sell for. My house was assessed for $270k at one point but we sold it for $210k. And ours was the only house sold in our subdivision in the last 6 months while there are a dozen for sale. No one knows what their selling price is. So how can any one come up with a fictitious number like that $295 Trillion? Wealth is not static. It is dynamic.
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Thu Nov-24-11 02:17 AM
Response to Reply #7
12. middle class has no net wealth. Foreclosed hms are THEiR holmes. All wealth is in upper class hands:
Edited on Thu Nov-24-11 02:46 AM by sam11111
factories, mines, power plants, oil wells, gas wells, timber, skyscrapers, agribiz farms, shipping, banks (!!), gold bars in Swiss banks, etc.

Don't let the focus of MSM on middle class homes put a tight little frame around your mind. Lots more wealth out there.

PS the host took foreclosures into account during the program, IIRC. It has been over a week since the show...Please verify this, if you can get the show now over the net.


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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Thu Nov-24-11 03:03 AM
Response to Reply #7
14. only 21 T of his total is "homes and personal posessions"..so his total not depend much on homes
Foreclosures even if applicable would not affect the total severely
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Yo_Mama Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-15-11 09:16 PM
Response to Original message
9. That figure is insanely wrong
It's not even in the ballpark. Maybe they are adding in all the public land values and a whole bunch of other stuff, but the net worth of American households (who ultimately own the corporations) is currently at 58.5 trillion.

The government has assets, but it also has huge liabilities.

This is Flow of Funds for September (the latest). You can read that stat on household net wealth on the first page:
http://www.federalreserve.gov/releases/z1/Current/z1.pd...

Current US federal government debt held by the public is 10.3 trillion (almost).

Future accrued liabilities include federal retirements and SS and Medicare and so forth, and in total with Debt Held By The Public add up to close to 15 trillion. Add in wealth held by non-profits (although are we really going to raid the local museum, university and charity hospital to settle our debts?) and we get to 58.3 trillion (see internal page 106 of the link).

But then you subtract more than 62 trillion, minus federal debt and state and local debt. State and local debt net of assets is about 450 billion.

So yes, unfunded and accrued liabilities in excess of 30 trillion no matter how you look at it do pose a problem.

I can hardly believe that anyone is credulous enough to believe the number cited in the OP.
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Thu Nov-24-11 02:31 AM
Response to Reply #9
13. unfunded liabilities- i only hear that phrase on Limbaugh when he claims we will have no revenue for
Medicare over the next 30 years, so we have to cut or end it.

1. Nationalize healthcare and end the pricegouging..cost shrinks to a third of what it is now. eg, MRI in Japan, 100 dollars. Here now, 5,000.

2. Increase Revenue by ending Bush tax cuts and taxing derivatives.

I can't believe Limbaugh's numbers.
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OllieLotte Donating Member (495 posts) Send PM | Profile | Ignore Sun Nov-20-11 07:04 PM
Response to Original message
10. I'm not really a problem.
Using you your numbers, every man, women and child has over $900K to work with. If you are a bit short, ask your kid for a loan.
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Thu Nov-24-11 01:58 AM
Response to Original message
11. kick
K
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Thu Nov-24-11 08:54 AM
Response to Original message
15. kik
K
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abelenkpe Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-24-11 10:31 PM
Response to Original message
16. Wow
A million dollars each.
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Thu Nov-24-11 11:48 PM
Response to Original message
17. kik
K
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Fri Nov-25-11 12:20 AM
Response to Original message
18. kik
K
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sam11111 Donating Member (638 posts) Send PM | Profile | Ignore Fri Nov-25-11 02:08 AM
Response to Original message
19. kik
K
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demicritic Donating Member (25 posts) Send PM | Profile | Ignore Sat Nov-26-11 09:01 PM
Response to Original message
20. Too much to end poverty of the world
If this is indeed true this could pay off Americas debt and end all poverty of the world.
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-29-11 07:06 AM
Response to Original message
22. Yeah, this made up deficit scare is just another right wing con job.
The 3 things that caused the deficit: Unfunded wars, tax cuts for the rich and the great recession.

Look at those 3 things. Who had a very large part in all of them? Why RepubliCONS. They started the wars for fun and profit. They handed out tax cuts to billionaires during wartime. They deregulated our financial system (with lots of help from Dems) so much that we repeated the economic downturn of the 1930s. Remember the Cheney saying Raygun proved deficits don't matter? If he was right (according to RepubliCONS) then, why is he not correct today?

Now, how are social spending cuts going to solve any of the above 3 problems that caused the deficit?

The deficit scare is a scam, it's an excuse, it's a con job.

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