It was 15 degrees this morning. We are staying inside a little bit longer today until global warming heats things up a little. For life enrichment we decided to see what it means to be a millionaire. The table below based on the Bureau of Labor Statistics inflation calculator shows what it meant to be a millionaire in the decades past compared to how much it takes today. For example in 1960 if you had $1,000,000 in your hand it made you a millionaire. Today would take $7,213,783.78 in your hand in 2008 to have the same amount of money as in 1960. Today we have more millionaires but they have less wealth than millionaires in the past.
1960 - $7,213,783.78
1970 - $5,503,298.97
1980 - $2,591,359.22
1990 - $1,633,726.09
2000 - $1,240,000.00
What this table shows is it is easier to be a millionaire today but being a millionaire no longer makes you rich. Tell this to your favorite politician the next time you ask them to tax the rich.
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