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Yeah that seems a bit too high. There are 131.2 million households in the US, 700k per year of reach of those would be 92 trillion dollars. But personal income in the US is about 21.8 trillion dollars, which would come to about 166k for each household.
But that’s still $90,000 more than the US median income of $70,000 pear year. Imagine getting a 120% raise. That’d feel good, wouldn’t it?
Another funfact: Over the last 4 decades, the top 1% of Americans have taken $50 trillion from the bottom 90% of Americans. That’s $381,000 per household, so for the last 4 decades, 90% of Americans lost out on almost $100,000 per
yeardecade.Edit: Note that this didn’t mention corporate income, which is between about $4.4 and $6.8 trillion per year. See how people drive the economy, and not corporations?
Yeah but what about capital gains and other non-work related sources of income?
That should be included:
Personal income is an individual’s total earnings from wages, investment interest, and other sources
Coolio thanks!
Anyone have a source to back this up?
Its a meme…
But maybe from here: https://www.federalreserve.gov/publications/files/scf20.pdf
The average US net-worth is around 700k. That of course doesn’t mean 700k annual income. But still a crazy figure when compared to the median net-worth of roughly 120k
GDP is 23.32 trillion. Population is 331.9 million. If the GDP were literally split evenly among every single person including children, it’s about $70k annually. My guess is that they were doing this and flubbed the math.
For more on this concept, try reading about “labor share” - It’s a measure of how much money goes to workers versus management and other areas.
No. nobody does. because it’s not true.
Wow! That really IS naughty.
I did the math here: https://feddit.de/comment/1252043
It’s untrue, but US households would still earn 120% more if all incomes in the US were divided equally.
If by “naughty” you mean “completely factually incorrect”, then sure.
Can you imagine the injection that would give to the economy? It would probably lead to the collapse of the system. Sonnavaremoved I’m in!