If you're one of those who have been losing sleep worrying about all those people who have more than $250,000 in their bank accounts, more than the insured-deposit limit, you may now rest assured. It turns out that the median net worth of U.S households is $140,500, and half of those have bank deposits of $9,100 or less. So a lot of us are safe. If you're still worried, remember that President Biden took care of all deposits in the first two banks that failed, protecting hedge funds and crypto investors too. Another idea, so far untried, would be for all those with more than $250,000 in the bank give cash to those with less than that amount, so that everybody would have $250,000 but no more. Then everybody's bank deposits would be insured. –Fletcher Farrar, editor
Editor's note 03-16-23
[
{
"name": "Air - MedRect Combo - Inline Content 1",
"component": "11490391",
"insertPoint": "3",
"requiredCountToDisplay": "1",
"parentWrapperClass": "fdn-ads-inline-content-block"
},{
"name": "Air - MedRect Combo - Inline Content 2",
"component": "11490392",
"insertPoint": "7",
"requiredCountToDisplay": "5",
"parentWrapperClass": "fdn-ads-inline-content-block"
},{
"name": "Air - MedRect Combo - Inline Content 3",
"component": "11490393",
"insertPoint": "12",
"requiredCountToDisplay": "9",
"parentWrapperClass": "fdn-ads-inline-content-block"
}
]
Illinois Times has provided readers with independent journalism for almost 50 years, from news and politics to arts and culture.
Your support will help cover the costs of editorial content published each week. Without local news organizations, we would be less informed about the issues that affect our community..
Got something to say?
Send a letter to the editor and we'll publish your feedback in print!
© 2023 Illinois Times
