I've mentioned this thing in tags before but I've decided fuck it, it should be its own post.
I've seen this sentiment lumped into Eat the Rich posts which goes like "if you're worth more than $1 million I think you should die" and I think tumblr users need to know this is not the Eat the Rich statement they think it is.
Someone being worth $1 million doesn't mean what you think it means.
A 71-year-old widow who bought a single-family 2,000 sqft home in Somerville Massachusetts with her husband 40 years ago to raise their family in, who now lives in this home all alone because her children are grown and her husband is dead, is--without a shadow of a doubt--worth more than $1 million. Maybe even $1.5 or $2 million. And it's because of her home equity, because that's what single family homes go for these days in that area.
The 71-year-old widow may be living pension check to pension check, because her millionaire status can only be dipped into if she's removed from her home and sells it. And if it's the home she's loved for 40 years, where she simply wants to live out the rest of her time peacefully in, I wouldn't put her to the guillotine for that.
Maybe that comes off as an extreme example, like that's just an outlier of the "we hate millionaires" agenda. But I don't think it truly is. I'll scale back and tell you the median U.S. home price right now is about $430,000. And that's just median. Half of them are more expensive than that.
The statement "I think people should be able to afford to buy and own the homes they live in" is, I would desperately hope, not a radical statement to anyone on Tumblr. I think that's a pretty well-received idea. So someone who's done that, who's bought their home and worked many years to pay off the mortgage and now owns it fully, is worth close to half a million dollars on average. Many of them more than that, as many areas rapidly gentrify and drive up housing worth.
Statement 2: "I think people deserve to have a retirement fund which would comfortably support them through end of life." Too radical for anyone? I hope not. And I won't pretend to be an expert on how much retirement money is ideal. I'm sure it varies with cost of living in places. But considering this is money which, ideally, should support someone for the remaining 10-20 years of life (money which may be necessary to cover the absolutely crippling medical costs of end-of-life treatment) I'd bet it's well into the many hundreds of thousands. Even if someone was simply living off $30k/year of take home money and just making that work, then 15 years of retirement, costing $30k/year, plus maybe $50k+ of end-of-life medical costs... That's at least $500k.
Which is all to say, if you show me someone approaching retirement age who's "worth" $1 million dollars, my hope would be that their house is paid off and their retirement fund is comfortable. I'd be happy for them. I would want this for them.
Even that may not be true, though. Someone "worth" $1 million maybe owns a paid-off house which has rapidly appreciated to being worth $900k, and their $100k in retirement is something they're trying to stretch through end of life. Maybe someone worth $1 million owns a house which has ballooned to $1.1 million, and they're in fact $100k in debt.
And the fact that SO many Americans will never even meet this bar is significantly more appalling to me than the existence of people worth more than $1 million. "I own my home and can retire comfortably" is a bar we want every American to meet. I want more millionaires who are millionaires because they meet these criteria.
If Nana Somerville's house burns down tomorrow, she'll have lost everything. If a billionaire were to similarly lose $1 million of worth, he would not feel it. That's a fickle day at the stock market. That's Tuesday. That's the rich which desperately needs to be eaten.
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