Wednesday, June 15, 2011

Just Enough Rich People

Spelling mansion
Robert Frank wonders, Does America Have Too Many Rich People? Not according to a Gallup poll on wealth. As Frank notes, only about 1% of Americans are millionaires, and mere millionaires are a long way from rich.

Millionaires are more prevalent in Congress. Among the 87 new Republican members, The Washington Post reports, at least 24 are millionaires.

Even so, have-nots outnumber haves: "At least 30 had liabilities [other than home mortgage debt] totaling $50,000 or more in 2010."

The U.S. probably does have enough rich people. But I wish many more Boomers were going to retire as millionaires.

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