What is wealth? Suppose that you own a home that is worth $2 million with a mortgage of $750,000. You are a millionaire. Wealth, by any other name, would smell as sweet.
Suppose that the home is located in Merced, Calif., and the year is 2006. You are still wealthy.
However, today is 2010 and the housing values have declined by 71.8 percent. Your home is now worth $564,000. During that ensuing period, you have lost your job, your savings are gone and your home is in foreclosure. Are you wealthy now?
No, the definition of wealth is the absence of debt and an income that cannot be taken from you via the stock market or by any other means.
How many of you on fixed incomes live a life of presumption that your pension will always be there in the amount that you need, that CD rates will always be 5 percent, that Social Security will always be sufficient, or that Medicare will take care of your medical needs?
Wealth should not be something that the government can take from you either by taxation without representation, since they represent only the ultra-wealthy (those that have never worked), or by confiscation via inflation or deflation due to purposeful mismanagement of the economy be it local, state or federal. If it is not purposeful, then your only remaining choice is incompetence.
In either case, vote them all out before they do you more harm. Put someone in who can fix it.