24
Dec
12

Fastest Growing Segment of Millionaires are Found in China

Chinese Capitalists Help Fuel Housing Rebound | NBC Bay Area. This was aired on December 20,2012. It is a 4 minute news video about how the fastest growing number of millionaires – the ones from China – are buying the super-expensive homes in the San Francisco Bay Area. There are now estimated to be one million millionaires in China. The average Chinese millionaire is 39 years old and owns an iPad. These millionaires are not the ones who started out doing the factory work, those workers get just about zilch. They are the new aristocracy of China. There hasn’t been a run on houses since 1999 which was due to the U.S. Tech boom, that was when the US still made their tech stuff here in the U.S.

So, the moral of the story, since 1980, by following the blueprint of Ronald Reagan: cutting taxes for the rich, enhancing the formation of mega-banks, mega-companies, and out-sourcing our factories, our technology, and our jobs to other countries, we have made the U.S. rich, super-rich, while at the same time decreasing the wages of middle and lower class citizens, devastating our own manufacturing base and making millionaires in other countries by totally bypassing the citizens of the United States. All of this could not have been achieved without the help of an unaware public that desires the cheapest price at all costs, generally imported products, fueling our Race to the Bottom. Next time you buy an imported product, just think of where all that money goes, some of it goes to the top 0.01% of the top U.S. earners but most of it goes to Asia, and its millionaires. Just think, you helped them buy their $ 3 million U.S. dream house. The point: Buy American. It creates jobs here. It increases wages here. Jobs, here, creates revenue for your neighborhood, your town, your state and your country all of which may improve your lifestyle.

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