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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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To: Jim Willie CB who wrote (199)4/17/2003 4:46:01 PM
From: GraceZ  Read Replies (3) of 4907
 
cases in point: Rostenko in his latest Gold-Eagle article submits that 50% of the American public is technically bankrupt
they have not yet been liquidated (but a large slice will)

Consider that in 1999 the median income of all filers was $26,000 it's not hard to understand that half the taxpayers in the country are close to or technically bankrupt but this isn't something that is new. The top half makes most of the money, pays most of the taxes and holds most of the assets as well as most of the debt. A person making $26k simply has to buy a new car on time to be put into technical bankruptcy.

Most people graduate from college technically bankrupt in that their liabilities exceed their assets when you factor in student loans. Almost no one would consider that a major problem considering that most of their earnings years are ahead of them. It's also not a big problem when a large portion of the elderly are legally bankrupt simply because we have social insurance that protects them to a certain degree.

Now tell me that that 50% is located in the 30-45 age bracket and you have a real problem. I don't think the data supports that but I'm willing to look at what you can dig up to support such a supposition.

Sometimes I think if these people exist they are all here on SI since the mood here is about as negative as it could possibly be. Everyone is suffering from a depression but it is mostly psychological in nature.
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