Bernie Sanders Is Not That Rich for Someone His Age

[Uncle Joe]

(snip)

There are many things that make this whole pseudo-controversy a bit silly. But one of them is that Sanders really isn’t that wealthy for somebody his age. He’s well-off, to be sure. But his level of affluence is pretty normal for a college-educated American in his 70s. The man earned a windfall, but he doesn’t suddenly have plutocrat money.

According to Politico, Sanders has a net worth “approaching at least $2 million, taking into account his publicly outlined assets and liabilities along with the real estate he owns outright.” To find out where that would put him in the U.S. wealth distribution, I asked People’s Policy Project founder Matt Bruenig to pull data from the Federal Reserve’s 2016 Survey of Consumer Finances. Assuming, for argument’s sake, that Sanders has exactly $2 million to his name, that would place him in the 93.9th percentile for net worth among all American households (a family’s net worth equals their assets minus their debts). To even qualify for the top 1 percent, he’d need more than $10 million.

(snip)

An important thing to remember about wealth, though, is that older people tend to have more of it. Even if they have high incomes, younger workers are often stuck paying down student loans and mortgages, which lowers their net worth. Many older adults, on the other hand, have spent years piling up retirement assets and building home equity. Among Americans 65 and older, having $2 million would place Sanders in the 89.7th percentile for net worth. He’d need more than $12 million to qualify for the top 1 percent.

(snip)

Of course, the premise of the piece is a ridiculous one. Even if Sanders was suddenly a member of the wealthiest 1 percent, I don’t think it would really make him a hypocrite. The man wants to make America look a bit more like a Scandinavian social democracy, and last I checked, Swedes and Norwegians don’t have any problem with authors earning a payday. They just tax more of it. But the bottom line is that Sanders’ rhetoric about millionaires and billionaires has always been a shorthand for the power of extreme wealth, the kind that can buy you political influence. And he doesn’t have anywhere close to that kind of money.


https://slate.com/business/2019/05/how-rich-is-bernie-sanders-wealth-comparison-millionaires.html

There are some nice graphs on the link.

[Shell_Seas]

1. I don't know any senior citizens that are millionaires.

[Uncle Joe]

2. Well that settles it then, there must not be any out there.

[InAbLuEsTaTe]

3. Yes Uncle Joe, Bernie needs to withdraw from the race... immediately!!

Bernie & Elizabeth 2020!!!
Welcome to the revolution!!!

[DownriverDem]

11. Nice try

[George II]

29. Very sensible statement. Thanks!

[at140]

101. Compared to the other 99 US Senators, Bernie is probably

close to bottom on basis of net worth. Sign of an Honest politician.

[InAbLuEsTaTe]

135. Agreed!!

Bernie & Elizabeth 2020!!!
Welcome to the revolution!!!

[W_HAMILTON]

4. Maybe there's around 1%?

[at140]

10. Correct, Bernie needs to dropout immediately!

Last edited Tue May 28, 2019, 08:39 PM - Edit history (1)

Any one with $2 million networth in their late 70's must have gotten it by nefarious means!

Obviously I am being sarcastic here.

[cwydro]

41. Wow, somehow I think you may have insulted a lot of DUers.

People here regularly post about financial struggles.

[at140]

74. I clearly defined 3 pre-conditions to reach

level of wealth equivalent of Bernie Sanders.
May be I was not crystal clear in my post.
So here again are the 3 pre-conditions which should enable MOST people to accumulate $1+ Million net worth.

1) college degree in a good field such as engineering, medicine, law, sciences.
2) Age middle 70's
3) smarts to be a good money manager

What Bernie has achieved is nothing extra-ordinary.

[yardwork]

162. A "good" field, eh?

So smart, dedicated people who choose to commit their careers to public service are losers in your mind? People who put their lives on the line as fire fighters, soldiers, police officers, social workers, nurses - just dummies in your mind? Teachers who choose to dedicate their lives to helping prepare the leaders of tomorrow are just.... I could go on but you probably get my drift, being so smart and all.

By the way, this type of attitude is why Democrats have lost so many voters.

[sheshe2]

137. They edited their post.

No longer the one you responded to.

I have a habit now of coping the statements that I am responding to just in case the poster edits.

[Hortensis]

50. Bernie isn't particularly wealthy for a man who grabbed the

golden ring of a very cushy salary and bennies 30 years ago and held onto it for all he was worth ever since, true.

But that doesn't call for insulting a very large majority of elderly Americans by calling them stupid, uneducated, and unable to handle money. Not only not true and abysmally so, but imo extremely offensive and way, way out of line.

Perhaps you took a left turn at social media when you meant to go right?

[at140]

75. Please read post #74...nt

[kcr]

85. Yes, your post where you basically called everyone else stupid.

[at140]

90. Don't allocate words to me which are not present in my post.

[lapucelle]

113. Those "unallocated" words were present in your post before you edited it.

Any one with $2 million networth[sic] in their late 70's must have gotten it by nefarious means!

Obviously I am being sarcastic here. Truth is if by age 75 one has not reached $2 million networth [sic], one has to be without any smarts, without college education and has no idea on how to handle money.

[sheshe2]

121. It is copied in my replies as well.

The original and not the edit. Can't be edited out. Can't be walked back.

Hugs lapucelle.

[lapucelle]

123. I just saw it.

[sheshe2]

126. Always a good idea to copy the text you are responding to.

always.

[sheshe2]

139. See post 90

You edited your original post.

lapucelle (7,332 posts)

113. Those "unallocated" words were present in your post before you edited it.

Any one with $2 million networth[sic] in their late 70's must have gotten it by nefarious means!

Obviously I am being sarcastic here. Truth is if by age 75 one has not reached $2 million networth [sic], one has to be without any smarts, without college education and has no idea on how to handle money.




https://www.democraticunderground.com/1287133808#post113

Please stop it. We read what you said. We all read it.

[brush]

54. Oh please. Do you have any idea at all how most people 70 and up...

live? It is not the norm at all to have just naturally accumulated two million because you have a college education and have earned a good salary for years and of course wrote a book that a publisher decided to publish.

Most people, especially in the Dem party base live nothing like that. What you describe is someone in the top ten percentile or better as opposed to the rest of us., most not even close to that.

[George II]

62. Only 3% of all Americans are millionaires, probably half that have $2 million.

[at140]

77. Every home owner in many cities is already worth Million $$

San Franciso, Seattle, Many parts of Los Angeles, many cities on east coast,
and many other big cities in mid-west and west.
Add up all those homeowners.

[George II]

104. That's assuming every mortgage is fully paid off....

There are almost 11 million millionaire households in the US, and there are 127 million households in the US. So 8.6% of all households are millionaire households.

https://www.desmoinesregister.com/story/life/features/2018/03/24/heres-how-many-millionaires-there-are-in-the-us/33205747/

https://www.statista.com/statistics/183635/number-of-households-in-the-us/

There are also about 50 million people over 65 (no numbers for over 75, but most people retire at 65 and have no appreciable increase in income/net worth after retirement)

And these numbers represent "millionaires", not "two million-aires".

So even if every millionaire household is over 65 (a HUGE stretch, I'd wager that it's much less than half of them, but whatever!), you're saying that 78% of all people over 65 are stupid, uneducated, and poor money managers. Of course, if we extend that "millionaire" statistic to "two million-aire", the number of "stupid, uneducated, poor money managers" increases to maybe 90% or even 95%.

Wow, you really have a great opinion of the American people!

[sheshe2]

125. Bazinga!

[brush]

109. That's one of the most uniformed things I've heard today.

Even if the home is worth one million, there is fact of a mortgage on most of those homes that has to be paid if the home is sold which will certainly not net the owner one million.

And I don't know what city you're assuming your figures from when the average home value around the country is under 400k. The average homeowner's home is around that firgure, not one million.

And one that sub-400k home is sold and the mortgage, realtor's fee, transaction fee and other expenses are paid, the average homeowner will be lucky to walk away 100k or so which most likely have to be used to buy another house.

[lapucelle]

110. Do you have data to support that supposition?

[at140]

116. Those Median worth's are pretty damn high

which means there are a whole bunch above the million mark, right?
Almost half households are above that value of net worth?

[lapucelle]

138. Wrong. It does not necessarily mean that there are a "whole bunch above the million mark".

The median is a distribution of discrete data points. It's not the average.

Half of the households fall above that point and half fall below. How far above or below is unknown.


In the data set {1, 2, 3}, the median is 2

In the data set {1, 2, 3, 8, 1,000,000,000 }, the median is 8.

https://www.mathsisfun.com/median.html

[at140]

158. See post #157..

[George II]

140. "which means there are a whole bunch above the million mark, right?" NO, not at all.

[lapucelle]

141. ...

[at140]

157. Net worth is sum of...

house equity, savings account, CD's, stocks, bonds, 401k's, IRA's, life insurance, cars, boats, etc.

Since crappy houses in Seattle are selling for nearly a million, which were probably bought decades ago, net worth can add up.

[at140]

76. Anyone who owns a 3 bedroom home in many cities is already worth

a million dollars. For example a 3 BR house in very mediocre condition in Seattle is selling for $900,000+
Most of those home owners bought those homes long ago, young people cannot afford to buy those homes. That includes my own daughter with a full time job in Seattle. So there are already tons of people worth million dollars in Seattle city, which includes every home owner.

Please also read post #74

[lapucelle]

108. Here's some actual data.

[at140]

117. If "Median" value is that high,

almost half are quite a bit above that?

I only have personal knowledge of Seattle. Because my daughter is looking to buy a house/condo there.
A crappy 3 bed room is asking $750k. Half way decent 3 BR is asking $900k.

[lapucelle]

122. Half are above. Why are you assuming that almost half are "quite a bit above that"?

You can't make that inference without relying on faulty assumptions.

I recently heard some advice for people like your daughter who may be in need of more cash:

"If you write a best-selling book, you can be a millionaire, too."

[at140]

159. See post #157..

[lapucelle]

161. Why? It's irrelevent to how the median is calculated.

[ehrnst]

171. See post #108..

[George II]

130. Not a millionaire in the bunch.

[George II]

142. Nope, not at all. Do you factor in that most high priced homes have high level mortgages?

I don't know how old you are, but did your daughter buy her home "long ago"?

Seattle is not mainstream America.

[lunamagica]

56. Then thruth is that just two years ago Sanders was without any smarts, acted like he

never went to college and had no idea how to handle money.

Good thing he ran for president and changed all that, right?

[Hortensis]

57. Hey, anyone could do it. Sanders said so.

[at140]

79. Nope, all it means is Bernie was not focused on chasing wealth

He is an exceptionally honest politician, and would have reached $2 million net worth long time ago if he was greedy.

[George II]

132. "would have reached $2 million net worth long time ago if he was greedy"? He earned....

...six million dollars during his time in the House/Senate, and $2 million in the seven years prior to his first book deal.

[ehrnst]

172. "Exceptionally honest?" "If he was greedy?"

Sounds like someone is obsessing about other Democratic POTUS candidates being 'median' honest, and 'greedy' in comparison to one particular candidate.

Isn't that "obsessing?"

Why is Bernie "singled out" as the only Democratic POTUS candidate who measures up in "honesty" and "lack of greed?"

[ehrnst]

58. So, does that include everyone you know in their late 70's? If so, then isn't Bernie's message

of income inequality therefore based on a fantasy?

Do you think that Bernie would have been able to have earned that much had he not been in politics?

After all, his books concern his political/campaign experiences.

I look forward to your answer.

[at140]

73. It takes lot of political skills to become a United States

Senator and to get re-elected many times over.
A US Senator is a powerful position. They have access to lots of money making opportunities LEGALLY.
I think Bernie should have accumulated much more wealth. Just look at other US Senators.
Bernie is basically a honest politician, he is not greedy about chasing wealth.
So based on his political experience at very high level he was totally qualified to write a book about it.
And he deserves some reward for writing his book.

[ehrnst]

145. "Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts,

Last edited Wed May 29, 2019, 08:04 AM - Edit history (1)

without college education and has no idea on how to handle money." is the now deleted phrase I was responding to.

You didn't say "the 3 pre-conditions which should enable MOST people to accumulate $1+ Million net worth." You were crystal clear - as you can see above. One is more credible when one doesn't try ignore/change their story, after deleting it.


It takes a lot less skill to get elected Senator three times by a small, racially homogenous population. Especially when the Democratic party in one's state clears the way of competitors for you all three times.

Are you going to now say that the Strom Thurmond was even more "skilled?" Lindsey Graham?

Bernie has had very little positive to say about anyone else who got "some reward" for things such as speaking.

Interesting that the GOP had similar talking points about people making $250,000 "not really having that much money" when it came to raising taxes on that level, while saying that teachers making $60,000 were living high on the hog.

You also haven't answered this question:

Do you think that Bernie would have been able to have earned that much had he not been in politics?

[at140]

164. I admit my initial post was not detailed enough

But Bernie could have been even richer had he just practiced law.

And I have known several people who made average wages and retired with a million+.
Read the book millionaire next door.

[ehrnst]

167. Bernie has a law degree?

From where?

My understanding was that he moved to Vermont right after undergrad.

Was law school an option? I understand that his grades suffered while he was an activist, then he purchased some rural land in Vermont.

But are you saying that you didn't mean what you said in your earlier post?

"Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts, without college education and has no idea on how to handle money."

[at140]

168. I already answered that...

I won't bother answering the same question, if you do not bother to read my answers.

[ehrnst]

169. You didn't answer it for me.

Where did you answer that question? This is a long thread....

Link?

[George II]

176. The fact is in all his House and Senate elections he never got more than 208,000 votes.....

....and only twice got more than 200,000 votes. Remember, he runs for office in Vermont with a total population of 625,000, 95% of which are white.

On the other hand, Kamala Harris got 7,500,000 votes when elected Senator in 2016, Kirsten Gillibrand got 4,000,000 and 4,800,000 votes in her two Senate runs. California and New York are among the most diverse states in the country. Based on this, I'd venture to guess that both Kamala Harris and Kirsten Gillibrand have a lot more "political skills".

Finally, Senators do not have access to "lots of money making opportunities LEGALLY", their outside income is extremely limited. They can earn only 15% of their salary. They can earn money on investments and can (this is important) receive royalties on books. They can NOT accept honoraria, or speaking fees, other than $2000, which has to be donated to a charitable organization.

[at140]

80. No it does not include every one in their 70's

Please read post #74.

[awesomerwb1]

61. Wow

According to you, millions of older Americans don't have any smarts or any idea how to handle money.

You sound like a republican.

[at140]

82. Yes, sad but true

Many people spend too much or squander their money.
Look at all the lottery winners. Very few end up with much money left after a decade or 2.

[ehrnst]

173. I thought you said it was because they didn't have "smarts" or "education." (nt)

[Amimnoch]

67. One of the most asshole'ish statements I think I've ever seen here.

Perhaps we should just drop social security all together for everyone in their late 70’s or older then?

I congratulate you most sarcastically if you don’t know a single person in their 70’s or later who is barely scraping by. Especially the ones that did every fucking thing right in their life.. saved up, built that nest egg, all for one single fucking major medical condition/incident taking almost all of it up in 1 hospital stay.

I’ll let my grandmother know that you think it’s her own damn fault that my grandfather’s illness and passing ate up almost everything they spent a life saving up.

[George II]

71. Amazing how insensitive some can be, isn't it?

[at140]

84. Please read my post again. I never said all people over 70 should be millionaires

please read post #74

Medical costs for any serious disease without good insurance are certainly the leading cause of bankruptcies.

[sheshe2]

96. No.

at140

84. Please read my post again. I never said all people over 70 should be millionaires

You just said they were stupid.

Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts, without college education and has no idea on how to handle money.

Quote:

"one has to be without any smarts, without college education and has no idea on how to handle money."


Can't be any clearer.

[FreeBe]

97. He said they were stupid. He used and. The person has to be stupid, without an education

and handle money poorly. Otherwise. You too are a millionaire. I do not know how you back pedal from this one. But I have silently been watching over the last half hour. Pretty offensive to most of us.

[sheshe2]

103. Just mentioned to him that there is no way he can backpedal.

[FreeBe]

106. Not really. Pretty much not getting any traction with the back pedaling. His words are clear.

[FreeBe]

98. But then when it is pointed out Sanders too was one of us losers until he ran a 2016 campaign

giving him the ability to get his couple million by going after the Democratic "establishment", he says it is only cause Sanders was saint like not caring about money fr those first 7 decades.

Lots of pretzeling going on to the point of fascinating.

[lapucelle]

114. Here's the unedited post.

https://www.democraticunderground.com/1287133808#post113

[mcar]

88. This

[sheshe2]

136. Love to you and yours.

[George II]

69. Are you serious? Do you realize how few Americans have $2 million net worth regardless of their age?

I am very intelligent, have a college education from one of the top engineering schools in the country, and very good at handling money. I'm only 71 but I don't have $2 million.

[SouthernProgressive]

83. How old was Sanders when he hit a net worth of 2 million? NT

[at140]

87. Sanders could have hit $2 Million net worth long ago IF

he was as greedy as many other politicians. Bernie devoted his time to his agenda, instead of chasing money making opportunities which are available to US Senators.

[sheshe2]

111. Please explain.

at140 (2,175 posts)

87. Sanders could have hit $2 Million net worth long ago IF

he was as greedy as many other politicians. Bernie devoted his time to his agenda, instead of chasing money making opportunities which are available to US Senators.

Please explain this, clearly and concisely along with links to all the money making opportunities the Democratic Senators that you are accusing of chasing. Name the ones you are referring to. I would love to see this list of Senators that you are accusing of corruption.

Thanks.

Bernie devoted his time to his agenda, instead of chasing money making opportunities which are available to US Senators.

[mcar]

86. Do you realize how insulting you are being?

Many people in this country do not have the opportunity to get a college education. They work hard, sometimes more than one job, but cannot get ahead.

My husband and I both have college degrees and professional careers. We are in our 60s and won't come close to being millionaires in our lifetimes. We both have plenty of smarts - he is a master's level public school math teacher, I was in non-profit public relations and am now a freelance writer and editor.

Together, we run a small non profit that gets surplus medical supplies to underserved parts of the world.

We are plenty smart.

[spooky3]

99. This is a side issue, but if either of you have defined benefit

Pensions from, say, 30 years of service, the net present value of those would very likely make you millionaires.

[mcar]

151. He has a pension

But this is FL.

[sheshe2]

91. How dare you insult me and people like me.

Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts, without college education and has no idea on how to handle money.

So, I am stupid for not amassing 2 mil to retire? Not only am I college educated I started working part time jobs during my school days at 14. I lost my job at 64 when my company started purging their educated, highly qualified elders to make room for inept newbies. Why? They could pay them less. That means I worked for over 50 years. Fifty. BS started working when he was in his late 40's and amassed his wealth in the last 4 years.

How dare you judge other people. Fact is, I had to stop looking for another job to do 24-7 home care for my elderly mother. Did you think of any of that when you called people uneducated? How about when your life work and saving turns on a dime and spirals out of control because of a devastating financial loss whether health related or a natural disaster.

Your insensitivity is appalling.

[at140]

94. I agree my post #10 did not go into more detail

to explain what I was trying to say. Please see post #74.

[sheshe2]

102. Nope you did not clearly define anything.

Here is your post:

at140 (2,174 posts)

10. Correct, Bernie needs to dropout immediately!

Any one with $2 million networth in their late 70's must have gotten it by nefarious means!

Obviously I am being sarcastic here. Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts, without college education and has no idea on how to handle money.

Great qualification after the fact. not.

at140 (2,174 posts)

74. I clearly defined 3 pre-conditions to reach

level of wealth equivalent of Bernie Sanders.
May be I was not crystal clear in my post.
So here again are the 3 pre-conditions which should enable MOST people to accumulate $1+ Million net worth.

1) college degree in a good field such as engineering, medicine, law, sciences.
2) Age middle 70's
3) smarts to be a good money manager

What Bernie has achieved is nothing extra-ordinary.

You called people stupid and uneducated in your post for not being millionaires now. There is no walking THAT statement back. I am very sorry. Your post was hurtful, rude and completely insensitive.

[Politicub]

93. Check your privilege.

I don’t know where you get your information, but I find your opinion offensive. It’s a disservice to Warren, too.

[at140]

95. Point is $2 million net worth is not at all excessive for a man like Bernie

who has been a US Senator for so long.

[ehrnst]

170. It's 'different' for Bernie than any other career politician who makes

money from their political career. Everyone else is suspect.

Like... with paid speeches. Until Bernie gets paid for one after he's out of office, then it will be 'well deserved!' and money 'honestly made from people wanting to hear about a distinguished career!"

[sheshe2]

133. Great edit.

To late. It was read and copied.

Original Post.

Original version with no edits.

10. Correct, Bernie needs to dropout immediately!
Any one with $2 million networth in their late 70's must have gotten it by nefarious means!

Obviously I am being sarcastic here. Truth is if by age 75 one has not reached $2 million networth, one has to be without any smarts, without college education and has no idea on how to handle money.

Bolding. Mine.

[oldsoftie]

26. Hahahahahahahahaha!

[mtnsnake]

70. LOL!

[TheCowsCameHome]

6. I think there was one, but he died years back.

[Lochloosa]

8. You probably do, but don't know it. My family has no idea what I'm worth.

[at140]

14. I don't want my wife to know my networth!

She will be tempted to get half with divorce and find a better man!

[ZZenith]

78. Probably wouldn't be hard to do.

[at140]

81. I agree!

I got lucky when she agreed to marry me.

[zackymilly]

163. I'm sure she could find a less insulting person with some sensitivity. n/t

[at140]

165. May be, but she won't find a better

Lover! Women will seldom leave you if you keep them happy in love making.

[ehrnst]

175. You're not definitely not a woman, are you?

[at140]

177. Let me double check...

Nope, definitely not a woman. I am father of 2 kids!

[samnsara]

27. ditto

[ProfessorGAC]

63. Dead Solid

We have enough that we make about a grand a month more than before I retired
My family is happy for me that I retired, but has no clue as to how much $ we actually have

[ChiTownDenny]

37. Reading replies to your comment,

it's clear why a significant majority of Democrats don't like Bernie or his supporters, particularly on this site. As a response to this OP, the guy is a fucking millionaire! Good for him but don't try to gaslight us with your BS about senior citizens' wealth. Most senior citizens are poor, living hand to mouth. A millionaire is rich at any age.

[Hortensis]

48. NO, most senior citizens are not poor. May not be

affluent, but most of us have accumulated homes, at least some modest retirement savings, and of course Social Security. The baby boom generation lived in the New Deal era of decent salaries, and a good portion were able to buy homes before the great run-up in real estate prices.

My husband and my problem has become inflation in the costs of "luxury" choices. Prices of many things that younger, working generations can afford on today's salaries have inflated past our fairly fixed means.

But that doesn't make us poor, living hand to mouth. Another reality is that modern productivity means many things are available in great abundance and astonishingly inexpensive compared to what fewer and generally inferior goods cost when we were younger.

What does make people poor is uncovered medical costs. Those are a leading cause of destitution among people who once lived what they believed were middle class lives.

[brush]

53. Ding, ding, ding! So true. The premise of this OP is bs.

Most seniors, and most others, aren't sitting on two million they don't even have to spend because they have salaries and Social Security coming in.

[zipplewrath]

152. Which isn't in conflict with the article

They acknowledge that his wealth puts him in about the top 10% of people his age. But he would probably need 5 times what he has to be in the "1%".

Calculating "wealth", especially for senior citizens is a tricky equation. Generally the calculation is just a sum of the value of assets minus the debts. As the article suggests, college educated people in their 70's often have managed to lower their debts, and increase their savings. But senior citizens also have Social Security, pensions, annuities and other forms of "guaranteed income". But these often are not listed as "wealth". But if they were, many folks in their 70's would be apparent "millionaires".

I should say though that this is quickly changing. The loss of pensions, and the huge student debt that young people are emerging from college, is going to change the basic equations that brought the Bernie Sanders of the world to where they are. Add to that an increasing economic uncertainty where people may experience significant wage loss due to major disruptions in industries, and it may become more and more difficult to age into the "retired middle class".

[brush]

166. Seriously, you're actually agreeing that college-educated 70-somethings should be multi-millionaires

Come on, That's not even close to being true. Sanders is a priviledged exception because of his position and visibility, which is probably why he was so reluctant to release his taxes.

[Hortensis]

49. If you lived in an expensive city where even modest

little homes on small lots, in adequately policed neighborhoods, purchased for say $40K are often selling for over $1M, you would know a good number. At least if you were either older and had older friends who benefited from timing or had friends with older relatives who did.

[karynnj]

150. You might and not even know it.

Remember it includes their house. Many people his age have homes where they paid off the mortgage even if they stuck with a 30 year old. In many areas, that alone may be $500,000.

Then if they set up a 401k or their company had an ESOP plan where each year they got a small amount of their company's stock they could have $500,000 in retirement plans. The idea would be to augment what they get in social security. If they had company help with a stick plan of any kind they benefited from being employed during a more equitable time than now. In many cases, the unions fought hard for pensions and retirement plans.

In fact, during one of the SS debates around 2005, many people spoke of how retirement was a three legged stool with defined benefit pensions, and savings being the other tool. Their point was that many lost or never could get the other two legs.

Someone old enough to have benefited from better benefits that led to retirement savings could live an upper middle class life during their retirement. From the outside, they would be seen as living a comfortable life, but not as a super wealthy person.

[Vidal]

5. Bernie only made millions after he ran for president on a socialist platform

that's the point

[elleng]

7. The POINT is ignored, it is he made his 'millions' after writing a successful book,

but let's not confuse anyone with mere FACTS!

Same with the Obamas? and HRC?

[DownriverDem]

13. Really?

Why are you attacking true Dems?

[elleng]

16. I am not attacking ANY Dems,

merely noting how easy it is it libel ANYone, if one wishes.

[elleng]

35. Thanks, Lug.

[LiberalLovinLug]

44. I realized after that I used a very left leaning author to prove my point

An author that......gasp........made money on his books too!!! Oh the horror!

[elleng]

47. OH NO!!!

Back to Winnie the Pooh!

[W_HAMILTON]

34. Hillary was eviscerated for making money off her political career...

…ironically enough, by many of the same people that defend Sanders for making money off his political career.

[LongtimeAZDem]

39. Exactly

[betsuni]

60. Exactly.

[Vidal]

43. He made millions after he ran for president

because that's when he got book deals. it's OK. it is just a fact.

[lapucelle]

118. It's a FACT that BS only made millions after he ran for president on a socialist platform.

[elleng]

120. Calling the 'socialist' name, eh?

Sorry to hear this, how about ELEVATING the debate, as 'your' candidate always does.

[lapucelle]

128. I call BS

what he has called himself for decades.

[elleng]

131. 'on a socialist platform?'

[lapucelle]

134. According to the BS definition

of socialism, BS ran on a socialist platform.

https://bigthink.com/politics-current-affairs/what-is-socialism-bernie-sanders

[LiberalLovinLug]

15. Yes, Democratic Socialism, not Communism

As far as I can see, there are a lot of best selling authors that live in Scandinavian countries. Where it is a mixed system. If that was where you were going with this.

Now, Republicans, who claim to be big Jesus believers, the guy that said to rich men sell all you have and give it to the poor, are the hypocrites. Sometimes it seems like some are confused and think that "socialism" is the one where this is supposed to happen, not the God fearing sanctimonious "prosperity gospel" worshippers.

[Uncle Joe]

17. Then perhaps there are more millions to be made by other political leaders

that follow suit?

However as matters now stand they're not doing too shabby from a financial standpoint anyway, if that's all one values.

[ehrnst]

147. Now there's a pivot.

When other career politicians make millions because of their time on Capitol Hill, then it's likely because "it's all they value."

But not Bernie. He does it all, not for himself, but for us.

[ehrnst]

148. The irony in that will be strenuously rejected by many fans, just as it is by

Trump supporters who truly believe that he's in this "for us, not him."

You will hear how DT sacrifices better financial opportunities because he wants to serve, that he sometimes stumbles because he's not "a Washington insider," and that is what makes him BETTER than all of them. He "threatens" the "status quo," with his honest, apolitical statements - they're not gaffes - they're proof of his HONESTY.

His money shows that he's good at what he does - it's no crime to be a good businessman. If someone else wants to be rich, they can work hard and do well like he does.

[DavidDvorkin]

9. As someone around his age, I say he is indeed unusually wealthy.

[moose65]

12. This kind of stuff is useless

While we quibble over Bernie's 2 million, the billionaire class just grabs more and more.

And what is Bernie supposed to do? Live in a tent and eat Beenie Weenies for every meal? The man has been in Congress or the Senate for years, and he has invested his money. Plus, people obviously want to buy his books. He doesn't have to be dirt-poor to want to help those who are.

[Shell_Seas]

18. I don't think anyone said that.

[George II]

21. The reason people "quibble" over his $2 million (and probably much more) is that he's been railing..

...against millionaires and billionaires for year. In fact, it's the keystone of his campaign.

[moose65]

149. It's a distraction

Bernie isn't the enemy

[George II]

19. He and Jane have earned more than $6 million since he's been in Washington. In fact....

....they earned $2 million in the seven years from 2009 through 2015 (the year before his book royalties) This was taken directly from his recently released tax returns. Despite his crying poverty, he was a "millionaire" for a number of years. No wonder he was reluctant to release those tax returns.

[Uncle Joe]

20. When did Bernie ever "cry poverty?"

[tymorial]

22. Hilarious

[NurseJackie]

24. I know, right?! Observations about his WEALTH has really unnerved some folks...

I know, right?! Observations about his WEALTH has really unnerved some folks and it's clearly causing great consternation. I suppose this was one of the biggest motivators that BS delayed releasing his tax returns for so long.

[BlueTsunami2018]

25. Really? This is news to my parents.

I’m sure they’d love to be “not that rich” at their age. Hell, I’d love to be “not that rich” right now. Compared to Bezos or Gates, sure, he’s not that rich. Compared to me and most people, he surely is pretty well off.

[dawg day]

28. if you earn top salary (as he has) for decades,

lived fairly frugally, had a second income (wife), maybe inherited a bit, sold a house for a big profit, it's possible. I know many people his age who have sold a business or saved and invested well who end up with a couple million. It's a good comfortable amount for retirement, but it's hardly great wealth. No one who is 70 with $2 mill in accounts is driving a Maserati.... it's enough to make sure you're safe if you live another 20 years.

This is, of course, a sign, that the reality for most people is much more precarious in old age. Most won't have enough to be secure and comfortable.
But we shouldn't begrudge the Sanderses what really is just a nice nest egg. "True wealth" takes at least three times that much, I'd say.

[MaryMagdaline]

40. 2 million on top of a guaranteed pension is pretty good. If all they had was $2 million, they would

have to live frugally for the rest of their lives so that their money would not run out. Especially Jane, who is much younger.

[FreeBe]

46. Sanders did not get it with a lifetime of living responsibly or frugally. He got it in 2016

off a campaign that was about going after the "establishment" Democrats and writing a book about it. He got it just a couple years ago bashing Democrats while running in our primary.

[House of Roberts]

30. Does anybody ever look up the net worth of other candidates?

??????

[George II]

36. I looked up the net worth of all the candidates who have been complaining about millionaires....

.....for years. It didn't take long.

[DeeDeeNY]

31. This shouldn't even be an issue

No candidate should have to take an oath of poverty just because they are in favor of rich people paying their fair of taxes. One thing has nothing to do with the other.

[Kurt V.]

32. rec'd

[FreeBe]

33. He wasn't until he ran a campaign against the Democratic "establishment" and made a couple million.

You are right. That was one of my concerns in 2015 when he first stepped out. Two professionals at there age with only 300k sitting at 70. But, he made his money off the campaign, so now he is sitting on a couple million. Bet he gets another million or two off this one. They and theirs will be ok.

[guillaumeb]

38. Recommended.

But for some voters, the label is crucial.

In my view, having a label after a name tells me nothing about the positions the person takes.

[Progressive dog]

42. Bernie's income went way up after 2016.

Bernie took advantage of opportunities to earn extra money to supplement his Senate salary and benefits. Bernie and Jane also get social security benefits, but they are old enough to be entitled to them. No free enterprise supporter should fault him for that.

[Apple Fritter]

153. Yep. I mean this is what I am thinking.

There are perks to becoming a political celebrity.

[emmaverybo]

45. Many socialist leaders world-wide have been wealthy. That fact need not undermine their argument

for greater income equality. And you are right, among senior citizens who are well-off, his financial worth is not substantial, nor is it among most of our leading politicians, or the other candidates running.

[lunamagica]

51. Just a couple of years ago Sander's supporters bragged that he was "the poorest member

of congress". It was like a badge of honor.

In two years Sanders went from that to being a millionaire, and suddenly I'm reading here on DU that having $ 2 million is not big deal, that most smart, responsible people in their 70's do, (seriously?) And those who don't are , in one word, losers (SERIOUSLY?)

How can anyone even claim that with a straight face, when they know that Sanders came by that wealth not through a lifetime of work and sound financial planning, but only because he ran for president and found a "creative" way to make a fortune out of his books?

AGAIN, Sanders, in TWO years went from "The poorest member of congress" To Multi-millionaire. This is not reality for the great majority of Americans.

How can anyone be so INSULTING, CLUELESS, and INSENSITIVE?

[sheshe2]

115. This.

Thanks, lunamagica. Unbelievable, isn't it.

[FreeBe]

143. Thank you for this post. Many Democrats see what you post as a truth. Fact. Even, mere fact.

So do not gas light us and tell us it is not what we see. When we are not happy about this fact and not willing to vote for an Independent, or even be particularly nice to this Independent running in our Democratic Party, do not point the finger at us.

Life time Dem, supporting dems. He made money off his attack of my party, a party that has worked hard to make each and every one of our lives just a little bit better, anyway. The last two years, I have lost some of that very little privilege Obama and Pelosi was able to get for us in his eight years.

I see what Sanders did. I see what Sanders is doing now. Too many of the base sees it.

I have watched the Democrats fight tooth and nail to keep Trump at bay these last two years. You know who I have not seen? The man that has been running since 2015. And earning a couple million here and there.

[lapucelle]

144. Those are great points.

Well, BS did promise to help non-millionaires in 2016.

Not ME, US, indeed.

[Me.]

52. So Now He's Rich But Not That RicH?

[peggysue2]

64. LOL!!

Yes, it is entertaining to watch the goal posts slide across the field.

[Me.]

65. Like A See Saw

If You'll Excuse Another Analogy

[NurseJackie]

89. The BS campaign is nervous and tense about this.

[Uncle Joe]

100. That's correct, Bernie is both

https://www.nbc.com/saturday-night-live/video/shimmer-floor-wax/n8625


I don't know why you find that funny though?

[Me.]

124. I Find THe Number Of Threads You Feel The Need To Put Up

to explain his 'yes he is, no he's not, well maybe he is, what's wrong with it anyway' wealth... hilarious.

[ehrnst]

146. Like Mama Bear's porridge.

Just right. Perfect. Always.

[LisaM]

55. My parents are college educated (two degrees each) and in their 80s

They are doing fine, but their net worth is not approaching $2 million (and they also don't have three homes).

[betsuni]

59. "If you write a best-selling book, you can be a millionaire, too."

[Uncle Joe]

66. That's one way to do it but if you can't in any way, shape or form become a millionaire

then at least you should have health care as a right not a privilege, be able to obtain a higher education tuition free, be paid a minimum wage of $15.00 an hour and live in a healthy, just environment.

[betsuni]

68. ...

[Uncle Joe]

72. ...

[lapucelle]

105. BS has 10 times as much as the average American his age. He's a millionaire who owns three homes.

People 75 and older have an average net worth of $264,800, a 32% increase from their 2013 average of $200,800. This group experienced the highest net worth increase of all age groups.

https://www.creditdonkey.com/average-net-worth-by-age.html


20% of Americans in BS's age cohort don't even own one home, never mind three.

https://www.census.gov/housing/hvs/data/charts/fig07.pdf


Tell those people that BS is not that rich, and while you're at it, remind them what his priorities were in August 2016, and pass on this helpful advice:

"If you write a best-selling book, you can be a millionaire, too."

Not ME, US, indeed.

[Me.]

119. +++++++++++++++++++++++++++++++++++++++++++++

[comradebillyboy]

107. For someone who has been making six figures for the

last 30 years to have so little tells me he can't manage his own household income very well. He really should be quite a bit richer but he's just not good with managing his own money.

[NurseJackie]

112. LOL

[wasupaloopa]

127. Not true most college educated people in their 70's

are like me. I am not rich. I have a house with equity. I have a small savings account

We are not wealth

[brooklynite]

129. Excuse (noun): a reason or explanation put forward to defend or justify a fault or offense.

I have no problem with someone's financial success, but I find it hypocritical when you attack others in the same group.

[LanternWaste]

154. No doubt, that's the creative way to rationalize wealth as something other than what it is.

Without a justification or two every day, life is more difficult to look at, and our sacred cows becomes a little less sacred.


Moo.

[obamanut2012]

155. lulz

Seriously?!

[SouthernProgressive]

156. He is pretty darn wealthy for someone his age.

Net Worth by Retirement
The average net worth for those age 65-69 is $194,226. When you are ready to retire, you should have ten times your final salary saved.

https://www.listenmoneymatters.com/average-net-worth-age/

[at140]

160. Bernie is near bottom net worth

Compared to all other US Senators.

It can be inferred that he is at the top of the list for honesty and lack of greed.

[ehrnst]

174. So, he's rich enough to be "smart" but not so much that he's "dishonest or 'greedy

Like Mama Bear's porridge! Just right!

So you have the stats on Senator's incomes? Do share.

Bernie is different from all the other Democratic POTUS candidates. The usual standards don't apply to Bernie.

[namahage]

178. Or he's around the top of the list

of financial incompetence.

You know, if we use another set of criteria previously offered.