The number of millionaires in the U.S. just hit an all-time high, a new banking report finds.
In its annual report on the state of global wealth, Credit Suisse says 1.1 million new millionaires were created in the U.S. in 2017. That brings the total number of millionaires in the U.S. up to approximately 15,356,000, or about one in every 20 Americans.
The rise in the stock market is the biggest reason for the gains, which in turn were driven by both stronger underlying economic conditions and the prospect of lower taxes and deregulation, Credit Suisse reported.
Only 1 out of 20? Almost every Singaporean is a millionaire Asset rich (HDB flats + CPF) cash poor (high DTI) though. Luckily got cheap and good (some got Michelin star) hawker’s food.
Not talking about private condo (all above $1M) and landed property (upwards $3M).
The number of people receiving food aid under the Supplemental Nutrition Assistance Program (formerly known as “food stamps”) rose by a third under Obama.
In Obama’s last month in office, there were just under 42.7 million Americans receiving SNAP assistance, a gain of 10.7 million or just under 33.5 percent from January 2009.
The number grew as the 2007-2009 recession threw millions out of work, as benefit levels were boosted for several years by the stimulus legislation Obama signed in 2009. The average benefit per person went up from around $113 per person in January 2009 to around $134 in July.
At the peak of food stamp enrollment in December 2012, a total of 47.8 million were receiving aid, an increase of nearly 16 million or 49 percent.
But then millions melted from the rolls as employment and incomes improved, and as Congress cut benefit levels, which dropped to a monthly average of around $124 per person in Obama’s final month.
Measured from his first month to his last, benefit levels and enrollment both grew less under Obama than under his predecessor.
Under George W. Bush, the number of people getting food stamps grew by 14.7 million, or 85 percent (compared with the 10.7 million, 33 percent gain under Obama). The average monthly benefit per person grew from $73.89 in the month Bush took office to $113.60 the month he left. That’s a 54 percent increase, compared with the 9 percent gain at the end of Obama’s time in office
I’ve stated Obama was great for the top 10%. They are the ones that benefited from the stock market rise. It seems no matter who’s in power the number of rich increase and the number of poor increase. That’s why I don’t get the whole attitude of republicans only care about and serve the rich while democrats care about and serve the working class and poor. The end result of both parties is the same. Pretending they are complete opposites is a joke. Especially when Bush and Obama had many of the same top donors. People need to wake up and realize the 2 parties aren’t that different, and they are both the enemy. Neither one represents the interest of the people. The government is the problem not the solution to our problems.