Assuming a fantasy world in which every American actually did get $1M suddenly given to them, what would be the result?

Dec 11, 2024
1:57:01pm

Byron McNertney Solid 6 (8 if you're drunk)

Obviously inflation would go through the roof. I think a small majority of people would be back to more or less the same relative economic circumstances as they were before within a few years.

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Byron McNertney

Previous username: sonofchet
Bio page: Byron McNertney
Joined: Nov 24, 2006
Last login: Dec 11, 2024
Total posts: 58,173 (14,349 FO)

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Messages

Author

Time

Assuming a fantasy world in which every American actually did get $1M suddenly given to them, what would be the result?

Byron McNertney Solid 6 (8 if you're drunk)

Dec 11, 1:57pm

Prices on everything would skyrocket. Rich would get richer.

dYrtbYkerYder

Dec 11, 1:59pm

Prices would skyrocket, right. Net worth disparity would not grow.

Brandoblueblood

Dec 11, 4:17pm

Yes, for the first 3 seconds of the hypothetical, your math would be correct. After that, it's meaningless because all

Byron McNertney

Dec 11, 4:35pm

I would argue we would all would end up in the same place within the year

JohnnyC

Dec 11, 1:59pm

I think wealth disparity would increase significantly.

dYrtbYkerYder

Dec 11, 2:01pm

I think this is right, because of the mortgage issue

Gustav

Dec 11, 2:06pm

Wrong. It would stay the same in terms of dollars and decrease in terms of %

Brandoblueblood

Dec 11, 4:12pm

A relatively small percentage would make wise use of the money. Most would blow it like the prodigal son.

SierraCoug

Dec 11, 2:00pm

Biggest effect might dividing the country between those who already had

Gustav

Dec 11, 2:00pm

An overnight shock to demand, leading to shortages of goods, and massive

TailgateU

Dec 11, 2:00pm

Knowing how to grow/make money is what matters. Without that you'll lose it all.

maYbe

Dec 11, 2:01pm

pay off house put the rest into retirement.

crimedog

Dec 11, 2:01pm

That's the smart thing but VERY few would actually do that

Gunga Galunga

Dec 11, 2:11pm

if you have a low interest rate, then invest it all and continue paying off the

cwilke1

Dec 11, 2:17pm

They'd be worse off in a few years due to the initial hyperinflation.

Eddie

Dec 11, 2:05pm

I'd spend it as fast as possible on real estate before the spike

GfB

Dec 11, 2:08pm

Probably 90% would quit with immediately or with a couple weeks notice

Gunga Galunga

Dec 11, 2:10pm

Yeah, labor costs would absolutely skyrocket

Still Blue

Dec 11, 2:15pm

it's pretty crazy to think about how many "poor" people are needed to run our

Mayor of Cougartown

Dec 11, 2:18pm

I’m gone to Costa Rica or Panama. Fly back to ski when I want.

Nakedbootleg

Dec 11, 2:15pm

The Dollar Store becomes The Million Dollar Store overnight.

KCFan85

Dec 11, 2:29pm

Massive inflation and a reduction in both debt and savings.

j20

Dec 11, 2:35pm

Look at what happens to people who win the lottery. It would be just like that.

Jeff Spicoli

Dec 11, 2:45pm

The problem is that it would be like EVERYBODY won the lottery.

Eddie

Dec 11, 3:06pm

People who quickly shove it into real estate or bitcoin or some other asset

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