Tue May 28, 2019, 03:32 PM

Uncle Joe (50,344 posts)

Bernie Sanders Is Not That Rich for Someone His Age

(snip)

There are many things that make this whole pseudo-controversy a bit silly. But one of them is that Sanders really isn’t that wealthy for somebody his age. He’s well-off, to be sure. But his level of affluence is pretty normal for a college-educated American in his 70s. The man earned a windfall, but he doesn’t suddenly have plutocrat money.

According to Politico, Sanders has a net worth “approaching at least $2 million, taking into account his publicly outlined assets and liabilities along with the real estate he owns outright.” To find out where that would put him in the U.S. wealth distribution, I asked People’s Policy Project founder Matt Bruenig to pull data from the Federal Reserve’s 2016 Survey of Consumer Finances. Assuming, for argument’s sake, that Sanders has exactly $2 million to his name, that would place him in the 93.9th percentile for net worth among all American households (a family’s net worth equals their assets minus their debts). To even qualify for the top 1 percent, he’d need more than $10 million.

(snip)

An important thing to remember about wealth, though, is that older people tend to have more of it. Even if they have high incomes, younger workers are often stuck paying down student loans and mortgages, which lowers their net worth. Many older adults, on the other hand, have spent years piling up retirement assets and building home equity. Among Americans 65 and older, having $2 million would place Sanders in the 89.7th percentile for net worth. He’d need more than $12 million to qualify for the top 1 percent.

(snip)

Of course, the premise of the piece is a ridiculous one. Even if Sanders was suddenly a member of the wealthiest 1 percent, I don’t think it would really make him a hypocrite. The man wants to make America look a bit more like a Scandinavian social democracy, and last I checked, Swedes and Norwegians don’t have any problem with authors earning a payday. They just tax more of it. But the bottom line is that Sanders’ rhetoric about millionaires and billionaires has always been a shorthand for the power of extreme wealth, the kind that can buy you political influence. And he doesn’t have anywhere close to that kind of money.

https://slate.com/business/2019/05/how-rich-is-bernie-sanders-wealth-comparison-millionaires.html

There are some nice graphs on the link.

If I were to vote in a presidential
primary today, I would vote for: Undecided

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178 replies	Author	Time	Post
Bernie Sanders Is Not That Rich for Someone His Age (Original post)	Uncle Joe	May 2019	OP
I don't know any senior citizens that are millionaires.	Shell_Seas	May 2019	#1
Well that settles it then, there must not be any out there.	Uncle Joe	May 2019	#2
Yes Uncle Joe, Bernie needs to withdraw from the race... immediately!!	InAbLuEsTaTe	May 2019	#3
Nice try	DownriverDem	May 2019	#11
Very sensible statement. Thanks!	George II	May 2019	#29
Compared to the other 99 US Senators, Bernie is probably	at140	May 2019	#101
Agreed!!	InAbLuEsTaTe	May 2019	#135
Maybe there's around 1%?	W_HAMILTON	May 2019	#4
Correct, Bernie needs to dropout immediately!	at140	May 2019	#10
Wow, somehow I think you may have insulted a lot of DUers.	cwydro	May 2019	#41
I clearly defined 3 pre-conditions to reach	at140	May 2019	#74
A "good" field, eh?	yardwork	May 2019	#162
They edited their post.	sheshe2	May 2019	#137
Bernie isn't particularly wealthy for a man who grabbed the	Hortensis	May 2019	#50
Please read post #74...nt	at140	May 2019	#75
Yes, your post where you basically called everyone else stupid.	kcr	May 2019	#85
Don't allocate words to me which are not present in my post.	at140	May 2019	#90
Those "unallocated" words were present in your post before you edited it.	lapucelle	May 2019	#113
It is copied in my replies as well.	sheshe2	May 2019	#121
I just saw it.	lapucelle	May 2019	#123
Always a good idea to copy the text you are responding to.	sheshe2	May 2019	#126
See post 90	sheshe2	May 2019	#139
Oh please. Do you have any idea at all how most people 70 and up...	brush	May 2019	#54
Only 3% of all Americans are millionaires, probably half that have $2 million.	George II	May 2019	#62
Every home owner in many cities is already worth Million $$	at140	May 2019	#77
That's assuming every mortgage is fully paid off....	George II	May 2019	#104
Bazinga!	sheshe2	May 2019	#125
That's one of the most uniformed things I've heard today.	brush	May 2019	#109
Do you have data to support that supposition?	lapucelle	May 2019	#110
Those Median worth's are pretty damn high	at140	May 2019	#116
Wrong. It does not necessarily mean that there are a "whole bunch above the million mark".	lapucelle	May 2019	#138
See post #157..	at140	May 2019	#158
"which means there are a whole bunch above the million mark, right?" NO, not at all.	George II	May 2019	#140
...	lapucelle	May 2019	#141
Net worth is sum of...	at140	May 2019	#157
Anyone who owns a 3 bedroom home in many cities is already worth	at140	May 2019	#76
Here's some actual data.	lapucelle	May 2019	#108
If "Median" value is that high,	at140	May 2019	#117
Half are above. Why are you assuming that almost half are "quite a bit above that"?	lapucelle	May 2019	#122
See post #157..	at140	May 2019	#159
Why? It's irrelevent to how the median is calculated.	lapucelle	May 2019	#161
See post #108..	ehrnst	May 2019	#171
Not a millionaire in the bunch.	George II	May 2019	#130
Nope, not at all. Do you factor in that most high priced homes have high level mortgages?	George II	May 2019	#142
Then thruth is that just two years ago Sanders was without any smarts, acted like he	lunamagica	May 2019	#56
Hey, anyone could do it. Sanders said so.	Hortensis	May 2019	#57
Nope, all it means is Bernie was not focused on chasing wealth	at140	May 2019	#79
"would have reached $2 million net worth long time ago if he was greedy"? He earned....	George II	May 2019	#132
"Exceptionally honest?" "If he was greedy?"	ehrnst	May 2019	#172
So, does that include everyone you know in their late 70's? If so, then isn't Bernie's message	ehrnst	May 2019	#58
It takes lot of political skills to become a United States	at140	May 2019	#73
"Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts,	ehrnst	May 2019	#145
I admit my initial post was not detailed enough	at140	May 2019	#164
Bernie has a law degree?	ehrnst	May 2019	#167
I already answered that...	at140	May 2019	#168
You didn't answer it for me.	ehrnst	May 2019	#169
The fact is in all his House and Senate elections he never got more than 208,000 votes.....	George II	May 2019	#176
No it does not include every one in their 70's	at140	May 2019	#80
Wow	awesomerwb1	May 2019	#61
Yes, sad but true	at140	May 2019	#82
I thought you said it was because they didn't have "smarts" or "education." (nt)	ehrnst	May 2019	#173
One of the most asshole'ish statements I think I've ever seen here.	Amimnoch	May 2019	#67
Amazing how insensitive some can be, isn't it?	George II	May 2019	#71
Please read my post again. I never said all people over 70 should be millionaires	at140	May 2019	#84
No.	sheshe2	May 2019	#96
He said they were stupid. He used and. The person has to be stupid, without an education	FreeBe	May 2019	#97
Just mentioned to him that there is no way he can backpedal.	sheshe2	May 2019	#103
Not really. Pretty much not getting any traction with the back pedaling. His words are clear.	FreeBe	May 2019	#106
But then when it is pointed out Sanders too was one of us losers until he ran a 2016 campaign	FreeBe	May 2019	#98
Here's the unedited post.	lapucelle	May 2019	#114
This	mcar	May 2019	#88
Love to you and yours.	sheshe2	May 2019	#136
Are you serious? Do you realize how few Americans have $2 million net worth regardless of their age?	George II	May 2019	#69
How old was Sanders when he hit a net worth of 2 million? NT	SouthernProgressive	May 2019	#83
Sanders could have hit $2 Million net worth long ago IF	at140	May 2019	#87
This message was self-deleted by its author	SouthernProgressive	May 2019	#92
Please explain.	sheshe2	May 2019	#111
Do you realize how insulting you are being?	mcar	May 2019	#86
This is a side issue, but if either of you have defined benefit	spooky3	May 2019	#99
He has a pension	mcar	May 2019	#151
How dare you insult me and people like me.	sheshe2	May 2019	#91
I agree my post #10 did not go into more detail	at140	May 2019	#94
Nope you did not clearly define anything.	sheshe2	May 2019	#102
Check your privilege.	Politicub	May 2019	#93
Point is $2 million net worth is not at all excessive for a man like Bernie	at140	May 2019	#95
It's 'different' for Bernie than any other career politician who makes	ehrnst	May 2019	#170
Great edit.	sheshe2	May 2019	#133
Hahahahahahahahaha!	oldsoftie	May 2019	#26
LOL!	mtnsnake	May 2019	#70
I think there was one, but he died years back.	TheCowsCameHome	May 2019	#6
You probably do, but don't know it. My family has no idea what I'm worth.	Lochloosa	May 2019	#8
I don't want my wife to know my networth!	at140	May 2019	#14
Probably wouldn't be hard to do.	ZZenith	May 2019	#78
I agree!	at140	May 2019	#81
I'm sure she could find a less insulting person with some sensitivity. n/t	zackymilly	May 2019	#163
May be, but she won't find a better	at140	May 2019	#165
You're not definitely not a woman, are you?	ehrnst	May 2019	#175
Let me double check...	at140	May 2019	#177
ditto	samnsara	May 2019	#27
Dead Solid	ProfessorGAC	May 2019	#63
Reading replies to your comment,	ChiTownDenny	May 2019	#37
NO, most senior citizens are not poor. May not be	Hortensis	May 2019	#48
Ding, ding, ding! So true. The premise of this OP is bs.	brush	May 2019	#53
Which isn't in conflict with the article	zipplewrath	May 2019	#152
Seriously, you're actually agreeing that college-educated 70-somethings should be multi-millionaires	brush	May 2019	#166
If you lived in an expensive city where even modest	Hortensis	May 2019	#49
You might and not even know it.	karynnj	May 2019	#150
Bernie only made millions after he ran for president on a socialist platform	Vidal	May 2019	#5
The POINT is ignored, it is he made his 'millions' after writing a successful book,	elleng	May 2019	#7
Really?	DownriverDem	May 2019	#13
I am not attacking ANY Dems,	elleng	May 2019	#16
Post removed	Post removed	May 2019	#23
Thanks, Lug.	elleng	May 2019	#35
I realized after that I used a very left leaning author to prove my point	LiberalLovinLug	May 2019	#44
OH NO!!!	elleng	May 2019	#47
Hillary was eviscerated for making money off her political career...	W_HAMILTON	May 2019	#34
Exactly	LongtimeAZDem	May 2019	#39
Exactly.	betsuni	May 2019	#60
He made millions after he ran for president	Vidal	May 2019	#43
It's a FACT that BS only made millions after he ran for president on a socialist platform.	lapucelle	May 2019	#118
Calling the 'socialist' name, eh?	elleng	May 2019	#120
I call BS	lapucelle	May 2019	#128
'on a socialist platform?'	elleng	May 2019	#131
According to the BS definition	lapucelle	May 2019	#134
Yes, Democratic Socialism, not Communism	LiberalLovinLug	May 2019	#15
Then perhaps there are more millions to be made by other political leaders	Uncle Joe	May 2019	#17
Now there's a pivot.	ehrnst	May 2019	#147
The irony in that will be strenuously rejected by many fans, just as it is by	ehrnst	May 2019	#148
As someone around his age, I say he is indeed unusually wealthy.	DavidDvorkin	May 2019	#9
This kind of stuff is useless	moose65	May 2019	#12
I don't think anyone said that.	Shell_Seas	May 2019	#18
The reason people "quibble" over his $2 million (and probably much more) is that he's been railing..	George II	May 2019	#21
It's a distraction	moose65	May 2019	#149
He and Jane have earned more than $6 million since he's been in Washington. In fact....	George II	May 2019	#19
When did Bernie ever "cry poverty?"	Uncle Joe	May 2019	#20
Hilarious	tymorial	May 2019	#22
I know, right?! Observations about his WEALTH has really unnerved some folks...	NurseJackie	May 2019	#24
Really? This is news to my parents.	BlueTsunami2018	May 2019	#25
if you earn top salary (as he has) for decades,	dawg day	May 2019	#28
2 million on top of a guaranteed pension is pretty good. If all they had was $2 million, they would	MaryMagdaline	May 2019	#40
Sanders did not get it with a lifetime of living responsibly or frugally. He got it in 2016	FreeBe	May 2019	#46
Does anybody ever look up the net worth of other candidates?	House of Roberts	May 2019	#30
I looked up the net worth of all the candidates who have been complaining about millionaires....	George II	May 2019	#36
This shouldn't even be an issue	DeeDeeNY	May 2019	#31
rec'd	Kurt V.	May 2019	#32
He wasn't until he ran a campaign against the Democratic "establishment" and made a couple million.	FreeBe	May 2019	#33
Recommended.	guillaumeb	May 2019	#38
Bernie's income went way up after 2016.	Progressive dog	May 2019	#42
Yep. I mean this is what I am thinking.	Apple Fritter	May 2019	#153
Many socialist leaders world-wide have been wealthy. That fact need not undermine their argument	emmaverybo	May 2019	#45
Just a couple of years ago Sander's supporters bragged that he was "the poorest member	lunamagica	May 2019	#51
This.	sheshe2	May 2019	#115
Thank you for this post. Many Democrats see what you post as a truth. Fact. Even, mere fact.	FreeBe	May 2019	#143
Those are great points.	lapucelle	May 2019	#144
So Now He's Rich But Not That RicH?	Me.	May 2019	#52
LOL!!	peggysue2	May 2019	#64
Like A See Saw	Me.	May 2019	#65
The BS campaign is nervous and tense about this.	NurseJackie	May 2019	#89
That's correct, Bernie is both	Uncle Joe	May 2019	#100
I Find THe Number Of Threads You Feel The Need To Put Up	Me.	May 2019	#124
Like Mama Bear's porridge.	ehrnst	May 2019	#146
My parents are college educated (two degrees each) and in their 80s	LisaM	May 2019	#55
"If you write a best-selling book, you can be a millionaire, too."	betsuni	May 2019	#59
That's one way to do it but if you can't in any way, shape or form become a millionaire	Uncle Joe	May 2019	#66
...	betsuni	May 2019	#68
...	Uncle Joe	May 2019	#72
BS has 10 times as much as the average American his age. He's a millionaire who owns three homes.	lapucelle	May 2019	#105
+++++++++++++++++++++++++++++++++++++++++++++	Me.	May 2019	#119
For someone who has been making six figures for the	comradebillyboy	May 2019	#107
LOL	NurseJackie	May 2019	#112
Not true most college educated people in their 70's	wasupaloopa	May 2019	#127
Excuse (noun): a reason or explanation put forward to defend or justify a fault or offense.	brooklynite	May 2019	#129
No doubt, that's the creative way to rationalize wealth as something other than what it is.	LanternWaste	May 2019	#154
lulz	obamanut2012	May 2019	#155
He is pretty darn wealthy for someone his age.	SouthernProgressive	May 2019	#156
Bernie is near bottom net worth	at140	May 2019	#160
So, he's rich enough to be "smart" but not so much that he's "dishonest or 'greedy	ehrnst	May 2019	#174
Or he's around the top of the list	namahage	May 2019	#178

Response to Uncle Joe (Original post)

Tue May 28, 2019, 03:35 PM

Shell_Seas (2,395 posts)

1. I don't know any senior citizens that are millionaires.

If I were to vote in a presidential
primary today, I would vote for: Joe Biden

Bernie Sanders Is Not That Rich for Someone His Age

1. I don't know any senior citizens that are millionaires.

2. Well that settles it then, there must not be any out there.

3. Yes Uncle Joe, Bernie needs to withdraw from the race... immediately!!

11. Nice try

29. Very sensible statement. Thanks!

101. Compared to the other 99 US Senators, Bernie is probably

135. Agreed!!

4. Maybe there's around 1%?

10. Correct, Bernie needs to dropout immediately!

41. Wow, somehow I think you may have insulted a lot of DUers.

74. I clearly defined 3 pre-conditions to reach

162. A "good" field, eh?

137. They edited their post.

50. Bernie isn't particularly wealthy for a man who grabbed the

75. Please read post #74...nt

85. Yes, your post where you basically called everyone else stupid.

90. Don't allocate words to me which are not present in my post.

113. Those "unallocated" words were present in your post before you edited it.

121. It is copied in my replies as well.

123. I just saw it.

126. Always a good idea to copy the text you are responding to.

139. See post 90

54. Oh please. Do you have any idea at all how most people 70 and up...

62. Only 3% of all Americans are millionaires, probably half that have $2 million.

77. Every home owner in many cities is already worth Million $$

104. That's assuming every mortgage is fully paid off....

125. Bazinga!

109. That's one of the most uniformed things I've heard today.

110. Do you have data to support that supposition?

116. Those Median worth's are pretty damn high

138. Wrong. It does not necessarily mean that there are a "whole bunch above the million mark".

158. See post #157..

140. "which means there are a whole bunch above the million mark, right?" NO, not at all.

141. ...

157. Net worth is sum of...

76. Anyone who owns a 3 bedroom home in many cities is already worth

108. Here's some actual data.

117. If "Median" value is that high,

122. Half are above. Why are you assuming that almost half are "quite a bit above that"?

159. See post #157..

161. Why? It's irrelevent to how the median is calculated.

171. See post #108..

130. Not a millionaire in the bunch.

142. Nope, not at all. Do you factor in that most high priced homes have high level mortgages?

56. Then thruth is that just two years ago Sanders was without any smarts, acted like he

57. Hey, anyone could do it. Sanders said so.

79. Nope, all it means is Bernie was not focused on chasing wealth

132. "would have reached $2 million net worth long time ago if he was greedy"? He earned....

172. "Exceptionally honest?" "If he was greedy?"

58. So, does that include everyone you know in their late 70's? If so, then isn't Bernie's message

73. It takes lot of political skills to become a United States

145. "Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts,

164. I admit my initial post was not detailed enough

167. Bernie has a law degree?

168. I already answered that...

169. You didn't answer it for me.

176. The fact is in all his House and Senate elections he never got more than 208,000 votes.....

80. No it does not include every one in their 70's

61. Wow

82. Yes, sad but true

173. I thought you said it was because they didn't have "smarts" or "education." (nt)

67. One of the most asshole'ish statements I think I've ever seen here.

71. Amazing how insensitive some can be, isn't it?

84. Please read my post again. I never said all people over 70 should be millionaires

96. No.

97. He said they were stupid. He used and. The person has to be stupid, without an education

103. Just mentioned to him that there is no way he can backpedal.

106. Not really. Pretty much not getting any traction with the back pedaling. His words are clear.

98. But then when it is pointed out Sanders too was one of us losers until he ran a 2016 campaign

114. Here's the unedited post.

88. This

136. Love to you and yours.

69. Are you serious? Do you realize how few Americans have $2 million net worth regardless of their age?

83. How old was Sanders when he hit a net worth of 2 million? NT

87. Sanders could have hit $2 Million net worth long ago IF

111. Please explain.

86. Do you realize how insulting you are being?

99. This is a side issue, but if either of you have defined benefit

151. He has a pension