Someone, please, have a word with Polly….

The ONS shows that 91% of wealth belongs to the top half, most to the top tenth, while the bottom tenth owe more than they earn.

It\’s not just that she\’s confused wealth, which is a stock, with income, which is a flow.

It\’s the ludicrous stupidity of saying that someone owes more than they earn. Yes, well? So does everyone with a mortgage. I\’m not exactly poor, having a decent income plus a few hundred thousand\’s worth of wealth (by no means a millionaire but 25 years of property ownership does help). But I certainly owe more than I earn for I\’ve a mortgage (two in fact).

So what is she wibbling about?

9 thoughts on “Someone, please, have a word with Polly….”

  1. Perhaps she’s inherited so much wealth that, in spite of being grotesquely overpaid, she does indeed owe less than she earns. Perhaps she has no idea how The Little People live. Or perhaps it’s the usual story – she’s just awfully dim.

  2. For what it’s worth, I owe considerably less than I earn – but it doesn’t stop me from feeling skint all the time! 🙂

  3. Maybe it is about the debt schedule.

    I owe alot as a mortgage, but they won’t ask for it all tomorrow. However, some people might have more outstanding repayments than they can earn between now and when it they are due. I think the term Polly is groping for is “technically insolvent”. Like her brain.

    Does not alter the fact that Polly is as mad as a box of frogs. Sick in a cup rustically inclined shrinkwrapped with butter.

  4. Matthew,

    So what?

    Someone earning £30,000 may have a £150,000 house and a £100,000 mortgage.

    They owe more than they earn, net or gross. Is it a problem?

  5. Are we assuming that “earn” means “earn in a year”? If you owe more than you earn in a lifetime, you really are in deep shit.

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