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re: No vacation nation
Posted on 8/27/14 at 8:58 pm to Tiger n Miami AU83
Posted on 8/27/14 at 8:58 pm to Tiger n Miami AU83
Miami, here is why your article is a bit misleading:
Most Americans main source of "wealth" is their house. The reality market took a huge hit in a few years back. For someone who owns their home, that represents a huge hit to statistical "wealth". But it's only pertinent in cases where the home has to be placed on the market. Even when they do have to put their underwater home on the markiet, owners will often simply walk away from their loan obligations and cede the home to the lender. So the wealth statistic is misleading to say the least.
Most Americans main source of "wealth" is their house. The reality market took a huge hit in a few years back. For someone who owns their home, that represents a huge hit to statistical "wealth". But it's only pertinent in cases where the home has to be placed on the market. Even when they do have to put their underwater home on the markiet, owners will often simply walk away from their loan obligations and cede the home to the lender. So the wealth statistic is misleading to say the least.
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Posted on 8/27/14 at 9:00 pm to HailHailtoMichigan!
These studies are always dubious because they leave out key information. For example, where does it include average cost of living? Australia and Europe are far more expensive to live in than anywhere in America outside of maybe Manhattan and San Francisco. Does it factor in government entitlement benefits that are not considered "income" in the U.S.? Those numbers really skew income data because you have a large group making "zero" on the books, but they're taking in a lot more than that in benefits.
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