Lots of Millionaires, Sure, but Remember Inflation
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Why can’t we get a little honest perspective when the government issues statistics, or when the press reports them? Your article, “Rich Boost Their Share of U.S. Wealth” (Aug. 23), quotes an Internal Revenue Service study. A major point was made about the “sharp rise in the number of rich people.” There was no attempt to factor inflation into the study or the story. Everything was based upon the number of millionaires and nothing on what you could buy for $1 million.
I was raised in the Palisades and there were lots of “rich people” there, even a few millionaires. Now you can’t buy a home there if you are not a millionaire. Same house, same town. I lived there 30 years ago, but I can’t afford to live there now. And I’m one of the guys the IRS thinks is “rich.”
If the United States between 1990 and 2000 experiences the same rate of inflation that we had between 1980 and 1986, only millionaires will be able to buy a home anywhere in California.
A buck ain’t what it used to be and neither is a millionaire.
PETER FAXON
Camarillo
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