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at that same 5% if you had  £508,560 (€562,640 or $759,789) you could get the same amount of money each year that the average worker makes.
Yes, but that 5% has to be net of inflation, and interest rates were around 5% for the first year or two of the crisis but for most of this decade they have averaged less... So when I said
1 million (euro, pound, dollar) roughly allows one person to live on a moderate income... That qualifies as "comfortably poor"
, what's so whoa-worthy about it? After all, the median income is not necessarily "comfortable".

The brainless should not be in banking -- Willem Buiter
by Migeru (migeru at eurotrib dot com) on Mon Mar 22nd, 2010 at 11:55:23 AM EST
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I just think that it's important to be careful not to get wrapped up in the idea that more money= more happiness.  It's the utilitarian logic popping up.  But what if we can be happy with less?  It seems to me that a lot of what drives this need for more money isn't satisfying material needs, it's keeping score.  And in the end no one wins that game, because people who think like that are losers to begin with.

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
by ManfromMiddletown (manfrommiddletown at lycos dot com) on Mon Mar 22nd, 2010 at 01:10:23 PM EST
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