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Started By
Message
re: For first time ever, 1% own more wealth than entire middle class
Posted on 10/18/21 at 9:47 pm to Powerman
Posted on 10/18/21 at 9:47 pm to Powerman
quote:No.
While true that's not a particularly important observation. Someone barely in the top 10% is in fact paying their fair share and they're shielding the .0001% from paying their share.
Oh, and .0001% of taxpayers is ~145 people. Name them.
This post was edited on 10/18/21 at 9:48 pm
0
Posted on 10/19/21 at 6:54 am to HailHailtoMichigan!
quote:The way to stop this is to stop reading and believing bullshite penis envy statistical contrivances like the OP article.
The way to stop this:
In reality, our national government fortunately has quite limited and very poor insight into individual wealth in this country. But they do know we are on the cusp of a great intergenerational wealth transfer.
With 45 million Boomer households set to pass on nearly $70Trillion to GenX and Millennials over the next couple of decades, the Feds are desperate to get their grubby hands on the loot.
No one in the electorate wants Fed fingers rooting in their pockets. So to get at your wallet, the feds need to divide and conquer. They need to cozy up to folks considering themselves middle class, and whisper "Hey middle class, ""the 1%"" have more wealth than all of you put together. You should vote to tax them." Of course, as soon as the middle class bites, they unwittingly open mechanisms allowing the Feds to get at their resources as well.
Incidentally, with 45 Million or 37% of US households possessing $68 Trillion, how truthful do you really think the OP message is? Further that with the fact that many with little current holdings will accumulate family wealth on their own and thru inheritance in the great wealth transfer (assuming the government doesn't steal it first).
Also worth noting, Middle-class Americans' wealth is heavily tied to leveraged investments in real estate -- namely their homes. Inflation adjusted median US home prices are up about 75% since 1991 (the period cited in your OP.) All while paying less than 1/2 the sum total of Federal Income Tax paid by "the 1%" alone.
Posted on 10/19/21 at 7:22 am to HailHailtoMichigan!
Wealth is the cumulative effect of good decisions. Conversely, poverty is the opposite.
Those good decisions can be multi-generational. So can the bad ones.
It is what it is.
Those good decisions can be multi-generational. So can the bad ones.
It is what it is.
Posted on 10/19/21 at 7:35 am to HailHailtoMichigan!
quote:
frick you for being disrespectful
Hahaha. 2016 to 2020 Trump voters laugh at this melt.
You voted to double, if not soon triple and quadruple, fuel prices. Drive Nat Gas and other heating fuel through the roof. Make the elderly spend twice on propane than usual to heat their homes. Drive food prices through the roof. You voted to make it more lucrative to sit at home and more expensive to go to work. You voted to make people quit jobs to keep from following a mandate they don’t want to. You voted for the common man having it more difficult to raise and feed a family.
That’s YOU son. YOU. Don’t lecture anyone else. That was YOU. Y.. O..U. The four fingers back to you at your one pointing.
And you are bitching about a 60 dollar a year subscription??? When it is costing the public double for everything?
Take a seat son. You and your fellow programmed drones caused the current situation. So don’t freaking come here and lecture us.
This post was edited on 10/19/21 at 7:36 am
Posted on 10/19/21 at 7:55 am to HailHailtoMichigan!
quote:Wealth inequality is yet another Marxist bullshite term being shoved down your throat. In terms of the rest of the world the US exemplifies wealth inequality. "Poverty level" in the US is literally middle class in several other 1st world countries. Should we drop US median income and wealth to comparable 3rd world levels?
Pathological consumerism among the lower classes is absolutely driving wealth inequality
Posted on 10/19/21 at 8:00 am to HailHailtoMichigan!
quote:Oh, and the problem is normalization of out-of-wedlock births, and single-parent families. Not "consumerism." There is direct correlation with single-parent households and poverty.
frick you for being disrespectful
Pathological consumerism among the lower classes is absolutely driving wealth inequality
They are buying mountains of shite instead of building their wealth
This post was edited on 10/19/21 at 8:01 am
Posted on 10/19/21 at 8:12 am to imjustafatkid
Actually, the answer is to stop looking at corporations and businesses as individuals citizens. Corporations cannot exist without employees thus by giving corporations the same and more rights as individual citizens the voting rights of the citizens is diminished. Corporate money has more power than individual votes and this is the basis of most if not all our political problems.
Posted on 10/19/21 at 8:28 am to kingbob
quote:
We used to break up trusts and monopolies. Now, our government runs cover for them.
I definitely think some companies need to be broken up that are to big and expansive.
Posted on 10/19/21 at 8:29 am to NC_Tigah
quote:
There is direct correlation with single-parent households and poverty.
Frankly, this is the single biggest factor in determining whether or not your child lives in poverty.
You can correct for race, zip code and educational attainment of the parents and still see stark differences in outcomes between the single parent household children and the dual-parent household children.
For individuals it is relatively simple 4-step process to avoid poverty (which isn't quite the same as wealth, but it is the solid foundation) which includes this variable:
1. Complete HS education,
2. Work at any kind of job,
3. Don't have children unless you're married - and if you get married, stay married,
4. Refrain from engaging in criminal activity
If you do those 4 things and nothing else, your chances of living below the poverty line are like 4 or 5 percent.
Brutally simple.
Posted on 10/19/21 at 8:40 am to HailHailtoMichigan!
You can thank Nixon and his ending Bretton Woods for this. Ever since, America's economy has become financialized more and more. Fed prints $$$, $$$ goes to stock market, rich get richer.
Posted on 10/19/21 at 8:44 am to HailHailtoMichigan!
quote:
High schools need to have financial planning classes.
Hells yes, though not just for the OP's reason.
Heck they need to learn nutrition as well.
Getting rid of home economics was clearly a mistake.
Posted on 10/19/21 at 8:48 am to HailHailtoMichigan!
It is hard to take this seriously when they attempt to use change in percentage of the pie to define "shrinking" of one of the parts of the pie.
OP should know better. Sadly, apparently not.
EVERY single graph in the OP defines "shrinking middle class" in terms of their percentage of the pie which is absurd zero sum game thought that anyone with even a little education should simply laugh at.
OP should know better. Sadly, apparently not.
EVERY single graph in the OP defines "shrinking middle class" in terms of their percentage of the pie which is absurd zero sum game thought that anyone with even a little education should simply laugh at.
Posted on 10/19/21 at 8:49 am to DallasTiger11
quote:It's not a myth. It's simply irrelevant
I recall you arguing with me a few years back that the wealth gap was a myth
Posted on 10/19/21 at 8:49 am to David_DJS
quote:
Are you making an argument that income disparity doesn't matter, or that it matters? It's not clear from your post.
And a technical point, the OP isn't about income.
Wealth disparity is a better term than “income disparity.”
My only point is that the 1% owned a larger portion of the wealth relative to GDP in the late 1800’s than today……. Plenty of resources and opportunities for anyone to make to the middle class in 2021. Not necessarily the case in the 1800’s….. Now, I do think billionaires and multinational corporations have too much control and influence in our government but that’s another topic.
Posted on 10/19/21 at 8:51 am to HailHailtoMichigan!
quote:Why should they and why does this "point" matter?
But the point is the ownership rates aren’t staying constant
Posted on 10/19/21 at 8:53 am to HailHailtoMichigan!
quote:
frick you for being disrespectful
Pathological consumerism among the lower classes is absolutely driving wealth inequality
They are buying mountains of shite instead of building their wealth
Amazon prime orders make a difference but 1% owning more than the entire middle class is a jaw dropping amount. It’s not about spending from the middle class. At all.
The income distribution in this country is absolutely absurd.
Posted on 10/19/21 at 8:54 am to Mike Erhmantraut
quote:Why is it jaw dropping? How does how much one person has affect how much I have?
Amazon prime orders make a difference but 1% owning more than the entire middle class is a jaw dropping amount. It’s not about spending from the middle class. At all.
quote:Why? Beyond it creating an emotional reaction in you, why?
The income distribution in this country is absolutely absurd.
Posted on 10/19/21 at 8:55 am to HailHailtoMichigan!
That's why these super-rich are Leftist Democrats - because the Leftist Democrat US and State Govt enacts policies that benefit the super-rich.
Posted on 10/19/21 at 8:58 am to HailHailtoMichigan!
Stock crashes are big opportunities for people with the means to scoop up the big dips. Add to that the insane spending spree feeding the regressive tax of inflation.
Posted on 10/19/21 at 8:58 am to Champagne
quote:
That's why these super-rich are Leftist Democrats - because the Leftist Democrat US and State Govt enacts policies that benefit the super-rich.
The super rich recognize that they benefit from a government having an enormous amount of resources with which to "influence" in their favor. Then, they somehow get the press to run with this envy narrative which convinces fools like the OP that we need the government to have even MORE power(resources) with which to influence.
You'd think Lucy pulling that football away for 60 plus years would finally get noticed............but nope
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