According to an October 28th, 2021 article in the Wall Street Journal, 940 families who crossed into the United States illegally from Mexico are suing Uncle Sam, claiming they were traumatized after being separated from their children under President Trump’s “Zero Tolerance” border policy which reduced illegal border crossings at least 20%. Lawyers for the families are asking for $3,400,000 per family.
In what I suspect is an effort to remedy “…a historic moral stain on our nation…“, Joe Biden is considering offering them either “approximately” $450,000 per individual illegal alien or $1,000,000 per illegal alien family.
Gosh, that sounds like a lot of money. Let’s see how that compares to how much money the “Average American” has today:
- According to the Federal Reserve, the average American household had a $41,600 bank balance in 2019, with the median bank account balance being $5,300.
- According Vanguard, their 2020 analysis of over 5 million plans reveals the average 401(k) balance is $106,478, with the median balance being $25,775.
- According to Zillow, as of January 2021 the typical value of a home in the USA is $269,039, with a median price of $269,039.
Bottom line? The average American with a bank account, 401(k) Retirement Plan, and a home they own completely has a total asset value of about $418,000, with a median value of about $300,000: A number representing what was probably an entire adult lifetime of working hard, saving and investing wisely, spending prudently, sacrificing for their children, and occasionally splurging on a once-per-year vacation or a fancy dinner out.
And Joe Biden is considering making people who chose to cross into the United States illegally instantly richer than the “Average American”, which the “Average American” would have to pay for.
To make matters worse, the American Civil Liberties Union (ACLU) claims they’ve identified over 5,500 total families, so this may be just the beginning.
Unbelievable!
Thanks for Reading!
