The Myth-Busting Economist by Larry Malone
Are Americans Still the Wealthiest People on Earth?
This time out, we remember an Oneonta legend and debunk a big myth concerning what it means to be wealthy. We also consider whether Americans are still the wealthiest people on Earth.
Most folks think you are wealthy if you have a lot of money. But having a ton of cash does not necessarily mean you are wealthy. That’s one of the bigger myths about how the economy works. To debunk it, we only need to revisit stories of individuals who die and leave behind loads of cash after appearing to be poor during their lifetimes.
Years ago, there was one such individual in our region by the name of George Hamway. George would sit in his rusted pickup, parked opposite Southside Mall in Oneonta, and wave at passing vehicles. He was elfin in look and appeared destitute by every visual yardstick. But George and his family had owned the land WalMart now sits on, and large sums of cash were rumored to have been found in his modest home after he died.
