1436 Paper Millionaires

How many baby boomers who bought a modest house 30 years ago, and have their pension in a stock fund, are millionaires? Most of them probably. There are certainly some millionaires that would remain so if the stock market crashed, but paper millionaires will be wiped out. It won’t be the catastrophe it might seem because most of those people weren’t spending their pretend fortune anyway, and as long as they weren’t in debt, could make due with Social Security and whatever’s left. The ultra rich people won’t be overly affected either, and the young Bitcoin millionaires half expect their fortune to fall as fast as it rose. This scenario is perfect for an economic crash to get the nation’s finances back on a sustainable track so that struggling younger generations aren’t paying for the excesses of the profligate generations. Of course, there will be a lot of complaining by oldsters but that will dampen down as the years go by, they get accustomed to frugality, and eventually die off. The half of the population that pays no taxes will continue without interruption, as always working the jobs that have to be done. One big cultural change after the cush money goes away is that most women will marry and become stay-at-home moms. Traditional values will also make a comeback when regular people again have purpose in their lives, if all that means is trying to stay alive. MAGA would return but probably not like its supporters envision it. As odd as it is to think, a major economic crash is just the thing to revitalize the nation.