That is a very conservative number. Too, the study did not consider home equity and the inherent value of pensions and social security. A large percentage of the homes are mortgage free. Most people receive social security and medicare benefits, some have defined benefit or other types of pensions, including civil service and/or military. Those all have value.
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"No one is more hated than he who speaks the truth." Plato
“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
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