To save a nation, what will it take? Part VII

National Wealth Distribution. This is a difficult subject to discuss, not because it isn’t a fact, but rather, where do we draw the lines to differentiate wealth castes and categories. Yet, wealth distributions are a fact and wealth may be one of the critical characteristics that tend to separate us nationally and maybe even politically. And, even though I will decide the differences for this discussion, you may not agree, and actually, I may not agree either. So, in this case, and in my case, the categories are simply for discussion.

Now, for perspective, let’s look at numbers, dollars to be more specific.

Who are the wealthiest people in the US? Listed in order.

Elon Musk: $230.4 billion, Bernard Arnault: $149.1 billion, Jeff Bezos: $139.2 billion, Gautam Adani: $114.1 billion, Bill Gates: $103.0 billion, Larry Ellison: $97.3 billion, Warren Buffett: $96.9 billion, Larry Page: $96.7 billion. Elon Musk being the richest in the world.

$79,952 being the average wealth of a world citizen as reported.

$748,800, the average net worth of American families as reported.

And, inflation will affect these numbers as it will affect all dollar values.

While the average net worth of American families is over $700,000, the median net worth, where most of us live, tells a very different story. Calculated this way, the typical American family has a net worth of $121,700. This puts us closer to the world average, bearing in mind that the “World Average Wealth” is based on the total world wealth and the number of people who are in the world, as is the American numbers. As you can see, if we took the USA average and moved it up or down categorically, the personal wealth number would change accordingly.

The net worth worldwide rose from $156 trillion in the year 2000 to $514 trillion in 2020,, according to one study. A scary thought is that China accounted for almost one-third of the increase. Its wealth skyrocketed to $120 trillion from a mere $7 trillion in 2000, the year before it joined the World Trade Organization, speeding its economic ascent.

China's net worth reached $120 trillion in 2020 to overtake the U.S.'s $89 trillion. So, my question is, why is this fact so surprising. Hasn’t Washington and Corporate been playing hands with China for several years now? While Washington politicians are raking in political rewards, corporations are raking in economic rewards by selling the consumer sub-standard products produced in China with slave-like labor. Which puts you and I in a position where retaliation is almost impossible. The consumer is us you know. And isn’t it reasonable to assume that if China is bringing our country to its knees with ridiculously positive trade balances favoring them, wouldn’t they also want to affect our national elections? Well, along with many other countries, that is what is taking place. I’m not surprised and I’m sure you’re not either.

However, corruption in Washington, though obvious to all of us who loved our country the way it was, and if you have applied the midnight oil to understand why the numbers no longer benefit you and me, the answer is written on the wall. Yet, for this column today, we’re not discussing politics but where our assets stand in a world of numbers.

Now, to add insult to injury, with the China Trade Deficit at almost 3:1 in China's favor, our government has to borrow money to add to the system so that our lifestyle remains the same.

By the end of 2021, the federal government had $28.43 trillion in federal debt.

Let’s end with a true story.

Some years ago, when I was still in business, there was a family that I did a lot of business with. (No Names) The family was smart, worked hard, and enjoyed the good life. They enjoyed living the upper class life which included good cars and better than average homes. Sadly they died. The son took over the business. Without thinking I said to the son as an offering of condolence, “If it’s any consolation, you should have some assets from the estate.” He replied, unhesitatingly, “Sure, if you call a lot of debt an asset.”

The point is, what will our country’s heirs inherit?

“Ah, love, let us be true to one another! for the world, which seems to lie before us like a field of dreams, so various, so beautiful so new, hath really neither joy, nor love, nor light, nor certitude, nor peace, nor help for pain.”

Matthew Arnold, “Dover Beach” 1867

That’s My Opinion