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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: gregor_us who wrote (19838)	12/29/2004 6:32:22 PM
From: Rational	Respond to of 116555

My estimate of net household net worth is about -90000 including about -80000 due to federal debt, counting even for the inflated home equities. The establishment does not publish this data based on all households because household net worth for the bottom 67% (which wields absolute majority with absolute power in a democracy) has been declining for a long time. The establishment publishes only GDP growth which is rubbish because when a powerful boss knocks out $1 mil in wages of his subordinates, he takes most of these savings as bonus. He may later on "rehire" the same jobless employees as consultants for 20% of their earlier wages. We do not therefore see much decline in employment or GDP, but massive transfer of wealth to a few. This is fine in a free society. But why does the Fed simply collect a sample of households (4000 families) for net worth calculation and skips outliers like Bill Gates and such? Why can't the IRS collect data from all households on their net worths? Such data are within the domain of lenders. If such data are published, the absolute majority of losers will agitate and change public policy such as imperial missions and Congressional porks that enrich the rich further.