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Message
re: For first time ever, 1% own more wealth than entire middle class
Posted on 10/19/21 at 1:10 pm to Ace Midnight
Posted on 10/19/21 at 1:10 pm to Ace Midnight
quote:
Fair point. If the uber wealthy elevate everyone, but get a big slice of those gains, everyone is wealthier than before, the rich got richer and the Marxists go insane.
Marxists would prefer everyone be equally miserable at the bottom to winners winning (except the political elite and useful thought leaders, they are the "winners" in Marxism).
Exactly.
A graph of relative wealth is completely useless without knowing the size of the pie.
There is very little income inequality in most of sub-saharan Africa but I don't want to live there.
The OP graph probably looked AWESOME in 1934!
1
Posted on 10/19/21 at 1:13 pm to Wasting Time
quote:With our monetary policy... the size of the pie is always getting bigger. By a lot. The very idea that one person's wealth remove an opportunity for another is silly.
A graph of relative wealth is completely useless without knowing the size of the pie.
Posted on 10/19/21 at 1:27 pm to Taxing Authority
They also don’t understand the variables of time in the wealth equation. The narrative is set though. They’ve convinced conservatives to buy into class and generational warfare like good little comrades.
Posted on 10/19/21 at 1:28 pm to Taxing Authority
No, you see, 60% of a 12" pie is better than 50% of a 16" pie.
Posted on 10/19/21 at 1:44 pm to Mike Erhmantraut
quote:So you're either lying about your travels, or you had your head up your arse when you went.
I’ve also clearly traveled more than you have. We have too many people living in poverty and our middle class doesn’t live nearly as well as many European countries and even, frick, some of the developed Asian countries.
The average US home is roughly twice the size and better appointed than European homes. US homes are >3-4X the size those in most of Asia. The average US Household owns half again the number of automobiles as Europeans.
Aside from Luxembourg, Norway, and Switzerland, median income and disposable income here is higher than every country in the world. Such things are obvious when one travels with open eyes.
US "poverty level" income approximates MEDIAN income for many European countries.
This post was edited on 10/19/21 at 1:46 pm
Posted on 10/19/21 at 2:27 pm to David_DJS
quote:At the same time, behind the scenes, he threatens to gut any politician going after his foundation.
Bill Gates has amassed a fortune that has amounted to over $200 billion (what he holds now + what he's used). He lives off of his assets, not income. So the question is, what has Bill Gates paid in federal taxes over the last 30 years?
... He discussed this publicly at the time while advocating (along with Buffet) for taxing the uber-wealthy more effectively.
So Gates and Buffett plan to give nearly all their money to their "charity" -- The Bill and Melinda Gates Foundation -- TAX FREE. Now that probably sounds wonderfully altruistic. But it may be just the opposite.
The Gates Foundation plans to offshore nearly all of its assets. BG makes no secret of that. Once off-shored, Gates/Buffett progeny will control the Foundation and expenses (Think "Clinton Foundation"). Admixture of charitable and personal spending will be untouchable.
Fixes?
(1) Tax deductible charity should be spent in the US where the money was earned and (2) All such foundations/entities should remain completely within US jurisdiction and subject to US law.
(3) Foundations should be required to spend a minimal percentage of assets/yr
(4) Foundations should be required to spend a significant percentage (>80%) of outly on charity.
(5) Such Foundations could elect to fund overseas charities, but those contributions would be fully taxable IAW Federal/State Laws.
This post was edited on 10/19/21 at 2:28 pm
Posted on 10/19/21 at 2:44 pm to GoCrazyAuburn
quote:
Well of course it's not all about spending. The middle class though, yea that is a huge portion of it. The middle class spend what they make, on the whole. There is very little they put aside to invest and build wealth. Most don't even max out their 401k.
This is a cultural issue to a large degree. At one time building family wealth was a thing. People were proud of their family name and where interested in creating a legacy. In today’s culture I don’t think most Americans are thinking like that. They are thinking, so what if I’m wealthy when I’m 70, I’ll be dying then.
I’ve heard people say they can’t take it with them and they’ll be damned if they let their descendants spend all their money. It’s this type of thinking that almost requires someone earn a stupid amount of money in a single generation to be able to create family wealth.
Posted on 10/19/21 at 3:54 pm to NC_Tigah
quote:
At the same time, behind the scenes, he threatens to gut any politician going after his foundation.
So Gates and Buffett plan to give nearly all their money to their "charity" -- The Bill and Melinda Gates Foundation -- TAX FREE. Now that probably sounds wonderfully altruistic. But it may be just the opposite.
The Gates Foundation plans to offshore nearly all of its assets. BG makes no secret of that. Once off-shored, Gates/Buffett progeny will control the Foundation and expenses (Think "Clinton Foundation"). Admixture of charitable and personal spending will be untouchable.
100% on all of this.
Too many conservatives are stuck on Regan-era debates on economics and tax policy against the backdrop of today's politics. It's like they don't see dots connecting Zuckerberg/election frickery, Gates/CDC, Bezos/mandates, Waltons & Kochs/open border, WS/BLM, etc. They feel resolute and virtuous simping for the uber-wealthy, the same assholes that are leading/funding the effort to crater their middle class/upper-middle class existence.
And even focusing strictly on economics, most of the Right still cling to notions of "free market" and "competitive capitalism" as hallmarks of the US economy. But is that reality? Consider the following - the Heritage Foundation does an annual ranking of countries by economic freedom. Here is how the US stacks up this year compared to rankings from 1995:
Property Rights - in 1995 #1 (tie), today we're #25
Gov't Integrity - in 1995 #1 (tie), today we're #22
Overall Score - in 1995 #4, today we're #21
What we've witnessed the last few years support this view of a compromised free market/capitalist economy.
Posted on 10/19/21 at 7:56 pm to HailHailtoMichigan!
quote:
You are absolutely INSANE if you don’t think people are buying more shite than they used to.
Empty shelves means Biden’s plan is working
Posted on 10/19/21 at 8:19 pm to AubieinNC2009
quote:
All that is going to do is give fuel to the tax the rich crowd.
And all that will do is make the ultra rich richer. The ultra rich are tax collectors, not tax payers.
Posted on 10/19/21 at 8:27 pm to HailHailtoMichigan!
quote:
No, the answer is stop the ridiculous consumerism.
Stop buying mink coats and rims. Stop eating out every meal. Stop the jewelry and the Xbox live premium.
Invest instead. Save and invest
I get your point... But mink coats?? Really?
Posted on 10/20/21 at 7:35 am to HailHailtoMichigan!
Politicians don’t have the answers. They need people to be needy.
Eliminate or lower the minimum wage, give incentives to save money and tax consumption over income
Eliminate or lower the minimum wage, give incentives to save money and tax consumption over income
This post was edited on 10/20/21 at 7:38 am
Posted on 10/20/21 at 7:39 am to HailHailtoMichigan!
...and the vast majority of these super rich people fund the Democratic Party and their candidates.
There's a lot of truth in this statement. Your net worth goes down every time you swipe your credit card, so folks need to think about this before they buy that $15 hundred shotgun that's really not needed. I saw this all the time when I worked at a big box sporting goods store.
quote:
The way to stop this: public crusades against consumerism. We have got to stop the credit card sprees, rampant spending on consumer goods, etc.
There's a lot of truth in this statement. Your net worth goes down every time you swipe your credit card, so folks need to think about this before they buy that $15 hundred shotgun that's really not needed. I saw this all the time when I worked at a big box sporting goods store.
This post was edited on 10/20/21 at 7:49 am
Posted on 10/20/21 at 7:40 am to GoCrazyAuburn
quote:
No, you see, 60% of a 12" pie is better than 50% of a 16" pie.
Your math is wrong.
60% of 12" is 7.2"
50% of 16" is 8"
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