Get a load of this tripe: Five myths about millionaires

[FLAprogressive]

http://www.washingtonpost.com/opinions/five-myths-about-millionaires/2011/09/21/gIQAvyGqqK_story.html

Myth number 1 is that "Millionaires are rich". Yeah, you can tell where this is going.

[NYC Liberal]

1. OMG, look at this:

Today, $1 million in the bank generates only about $50,000 per year in interest. That isn’t chump change, but it’s roughly equal to the 2010 median household income.

That's supposed to be proof that millionaires aren't rich. But read it again: it's saying that the INTEREST alone on $1 million is equal to many people's ENTIRE SALARY.

[FLAprogressive]

2. Those poor, poor millionaires. They can only make $50K a year doing absolutely nothing.

[melm00se]

4. just to play devil's advocate:

where did the million that they put in the bank come from?

[Tunkamerica]

3. I don't get your point.

Don't certain people deserve to make hundreds of times more than other people? especially if they do less actual work? Being conniving and connected should pay much more than dedicated and committed.

[Fool Count]

5. What kind of bank in the US returns 5% annually on deposits nowadays?

I want to put my modest savings in there. Is that some kind of special rate that only millionaires get?

[Syrinx]

6. yes

[JVS]

7. Special rate for millionaires funded by the service fees for people who keep balances under $200

And then there is the occasional millionaire's club bonus when one of the poor people bounces a check and has to pay fees.

[Jim__]

8. A snippet from John Steele Gordon's biography.

John Steele Gordon was born in New York City in 1944 into a family long associated with the city and its financial community. Both his grandfathers held seats on the New York Stock Exchange. He was educated at Millbrook School and Vanderbilt University, graduating with a B.A. in history in 1966.

After college he worked as a production editor for Harper & Row (now HarperCollins) for six years before leaving to travel, driving a Land-Rover from New York to Tierra del Fuego, a nine-month journey of 39,000 miles. This resulted in his first book, Overlanding. Altogether he has driven through forty-seven countries on five continents.

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So little richie rich is going to tell us how rough life is for millionaires.