Clyburn busts slavery myth

[SunsetBengal]

(02-24-2020, 10:09 PM)Belsnickel Wrote: I'd like to see the underlying data to those figures. How much money were their parents' making? How much were they worth? How much is the spouse and their family worth? Did this bump come from marriage? Were these long term gains or short term? Was it inherited? Lots of questions to ask about that.

I'd be willing to put money on it that less than 10% of those figures were actually examples of socioeconomic mobility.

Those factors that you mention may have some impact on the legitimacy of some of those millionaires, but I believe the trend to be real.  I work in Surveying, in one of the hotter real estate markets in the Nation, the Raleigh-Durham area.  I took a year and a half hiatus from infrastructure and commercial site development to work for a firm that specialized in builders of new homes.  During my time there, I was able to view many of the closing lists that our clients provided, about half of the clients spreadsheets listed method of payment, be it traditional financing with name of institution, or cash.  I was astounded to see that on average, about 20% of these new homes were bought with cash.  We're not talking cheap, starter homes, these are fine houses and townhomes in very affluent neighborhoods with a price range of $350K-$1M+.