Special Topic

Small Stakes: Mitt Romney’s $10,000 Bet Equivalent To $6 For Median American Household

CREDIT:

During the GOP presidential debate this weekend, former Massachussets Gov. Mitt Romney — living up to fellow candidate former Louisiana Gov. Buddy Roemer’s claim that he “represents the one percent” — made a $10,000 bet with fellow candidate Gov. Rick Perry (TX). Watch it:

Many political commentators quickly leapt on Romney, saying that the gargantuan size of the bet was an indication of him being out of touch. But exactly how out of touch with the economic conditions of the 99 Percent is Mitt Romney?

Romney’s net worth was roughly $202 million in 2007. The same year, the median net worth for the American household was roughly $120,000. Therefore, a $10,000 bet is the same percentage of Romney’s net worth as six dollars is to the median American household.