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May 03

New Report: 1 in 6 seniors are millionaires

An astounding new report about American demographics has been summarized by Bloomberg News service. See here.

Average wealth for retirees has risen more than 100 percent since 1989, to $752,000, and the share of those who are millionaires has doubled.

Also, more retirees—62 percent—are enjoying life without physical or cognitive limitations, according to the data. That number is up from 49 percent in 1963.

Thus, most seniors COULD work.

These astounding findings are significant and show that federal programs such as Social Security and Medicare are regressive. They transfer resources from the poor (i.e., the young) to the rich (i.e., the old).

Also, such programs transfer resources from Blacks, Native Americans and Latinos to Whites. This is because whites have relatively longer live expectancy.

In fact, Social Security and Medicare are second only to the institution of slavery in terms of being the biggest programs in American history that transfer resources from Blacks to whites.