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1 freetoken  Sep 19, 2014 12:04:47pm

Be sure to read the description of the originating data here:

census.gov

I’m not sure if the data really means what Ezra implies it means.

2 klys  Sep 19, 2014 12:09:29pm
Assets: Interest-earning assets held at financial institutions (savings accounts, money market deposit accounts, certificates of deposit, interest-earning checking accounts); other interest-earning assets (U.S. government securities, municipal or corporate bonds); stocks and mutual fund shares; rental property; mortgages held for sale of real estate; amount due from sale of business or property; non-interest earning checking accounts; U.S. savings Bonds; home ownership; vacation homes and other real estate; IRA and KEOGH accounts; 401K and Thrift Savings Plans; vehicles; and other financial assets.

Liabilities: Secured liabilities (margin and broker accounts; mortgages on own home; mortgages on rental property; mortgages on other homes or real estate; debt on business or profession; and vehicle loans) and unsecured liabilities (credit card and store bills; doctor, dentist, hospital, and nursing home bills; loans from individuals; loans from financial institutions; educational loans; and other unsecured liabilities).

The numbers Ezra is using represents the net worth of Americans taking into account all of these items. So consider: that number includes the equity Americans have in their homes, for example.

Part of what it points to is that Americans have a savings problem. The reasons behind that are going to be varied but do include the stagnation of income and increase in expenses, for example.

3 freetoken  Sep 19, 2014 12:16:44pm

Well, the data Pew cites is here:

census.gov

You can download the data, say for 2011, and look at Table 1, which is networth.

Given that the CB only includes quintiles, I don’t know how Pew generated the data for the small bins above “Wealthiest 10%”:
pewresearch.org

4 klys  Sep 19, 2014 12:44:54pm

re: #3 freetoken

Well, the data Pew cites is here:

census.gov

You can download the data, say for 2011, and look at Table 1, which is networth.

Given that the CB only includes quintiles, I don’t know how Pew generated the data for the small bins above “Wealthiest 10%”:
pewresearch.org

The quintile breakdown of the divisions in household net worth for the $500,000 and over category seem to line up quite nicely with their approximations for the top 10% when you take into account inflation adjustments.

5 Lumberhead  Sep 19, 2014 1:07:50pm

re: #1 freetoken

Be sure to read the description of the originating data here:

census.gov

I’m not sure if the data really means what Ezra implies it means.

I’m genuinely curious as to what you think it means. Do you think the number is way off? Is it meaningless?


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