Posted on 11/17/2014 5:22:02 AM PST by 2ndDivisionVet
Philip Rushton has been selling private jets to the global rich for more than three decades. In just about every economic cycle, sales of small jets and big jets tended to move together — rising and falling with financial markets and fortunes of the wealthy.
Now, however, the jet market is splitting in two. Sales of the largest, most expensive private jets — including private jumbo jets — are soaring, with higher prices and long waiting lists. Smaller, cheaper jets, however, are piling up on the nation’s private-jet tarmacs with big discounts and few buyers.
“The real demand is at the very top,” said Mr. Rushton, the president of Aviatrade, a private-jet brokerage and advisory company. “The big guys, the billionaires, have plenty of money, and they’re buying. But the middle and lower end has been much slower to recover from the crisis.”
The wealthy now have a wealth gap of their own, as economic gains become more highly concentrated at the very top. As the top one-hundredth of the 1 percent pulls away from the rest of that group, the superrich are leaving the merely very rich behind. That has created two markets in the upper reaches of the economy: one for the haves and one for the have-mores.....
(Excerpt) Read more at nytimes.com ...
Class warfare between millionaires and billionaires. Does the NYT fail to see the humor in this stupid article?
It is the economic version of race-baiting. They are trying to encourage envy and entitlement.
The IRS makes it hard for the middle to increase to the upper income bracket. They start taking away deductions at a level that makes the middle pay a much higher percentage than advertised. You can look at the tax brackets but that does not tell the whole story. Some people get windfalls of cash through the tax code and others get their deductions taken away — same deductions everyone else gets. If you are a billionaire that means very little to your tax percentage. But if you just hit the cutoff, it makes a big difference.
Well there is 6.6 billion missing from the Iraq war.........
“Conflict” is part and parcel of every newspaper story.
Yeah I guess so.
They compete for status and positional goods. But millionaires and billionaires are not the whole story here. The political class also competes for status and positional goods. A big part of what drives the class warfare venom on the left is resentment of the fact that politics does not make them nearly as wealthy as those in the elite tiers of business, finance, and the professions.
There is an airplane repo show running on cable. Apparently acquiring one of these planes is one thing, but keeping up the payments on it is something else again.
Just to keep things in perspective, the voters in SD just went for an increase in the minimum wage tied to the CPI.
The ultimate end of such could spell the end of the middle class and the end of work as an institution at least for the unmotivated and uninspired.
Not to mention fuel, and maintenance which could eat as much as the loan payment depending on how much one flies. So thanks to all you taxpayers who funded my flying career in the USAF. I still consider your sacrifice on my behalf. Well more likely for and in behalf of National Security, but you get my drift.
OHMIGAWD! billionaires have lots of money! This is News?
Just like the entire spectrum of tax scales, those that are just at the bottom of the top bracket are paying the same % of their income than those billionaires. Reversing the tax scales in the US would go a long way to getting the bottom 50% to pay their fair share, hell, even the bottom 75%.
1-percenters don’t buy jets.
The author is talking about the 0.1 percenters versus the 0.01 percenters.
I wonder if the NYT will draw the obvious conclusion that the .01 percenters are the ones who influence politics, or if they merely want to sow discontent up and down the wealth ladder, or if it’s just good old fashioned shadenfreude.
This means that wealthy people who support the agendas of the financial elites are getting hit just as hard by the financial elites as the rest of the sheeple are.
To the elites, if you work for them, support their agendas, that ultimately buys you nothing in “protection” from their wicked plans.
They just view you as a sucker.
All the intellectual elites should bear this in mind as well.
The big guys, the billionaires, have plenty of money, and they’re buying.
It’s called putting people to work more power to them earned money in motion helps everyone.
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