Posted on 02/15/2022 6:59:41 AM PST by DIRTYSECRET
The bottom never had much to lose but they managed to lose a bit anyway. The top keep padding their wealth but remain the most impacted by recessions. The middle class is shrinking.
The poor who spend every penny and them some on food and shelter get hammered by inflation.
(Excerpt) Read more at mishtalk.com ...
Who’s to credit or blame?
Our education system.
*An Amazon truck delivers to our neighbors everyday.* Call it retail therapy.
*51% pay no Federal income taxes. (To me, those 51% should not vote in Federal elections)* Start with those that have tattoos.
*More accurate statement: The top 1% generate and own 32.1% of total wealth, the bottom 50% generate and own 2.5%.* A good argument our electeds are too scared to run with. Coerced altruism the answer? A death tax? U can’t take it with you.
I want to live in the country with the most billionaires.
I don’t want to live in a country with only a few or none.
“*More accurate statement: The top 1% generate and own 32.1% of total wealth, the bottom 50% generate and own 2.5%.*”
And the group between 50% and 1% generates and has almost 2/3 of the wealth in the USA.
Check other countries and be glad you live in the USA.
“Wealth” is money you saved/invested instead of spending on Escalades, bling and hose.
People who spend on their money on Escalades, bling and hose will never have any “wealth” no matter how much of other peoples’ wealth you steal and give to them.
It's called "finance." Some people sell goods and services and other people buy them. Some people are better at it than others, same as some people are better at ping-pong or sculpting from marble. Those who are good at it get wealthy. Those who aren't good at it need to focus on minimizing their losses.
"... The fault, dear Brutus, is not in our stars, But in ourselves, that we are underlings...."
-- Cassius, Shakespeare's Julius Caesar, Act 1 Scene 2
Even worse when you consider that gov’t employment now accounts for 25% of the labor force.
Oh, perfect. Let’s follow your Biden-esk economic policies and make the unemployment during the Depression look good. Some people have the economic IQ of a dust bunny.
Psst...It’s 2022. Bush #41 took a hammer to Reaganomics, Clinton poured gasoline on Big Tech innovation, leaving only a few special companies to survive, Bush #43 collapsed the markets, causing the FED to hyper print bailout $$$ and Obama watched it all burn. Your 1950s capital market model is dead, replaced by a Cozy/Crony Capitalism that produces the 1% (America haters all) mentioned in the article. The sooner they are defunded, the quicker we can begin a return to sanity, with or without your tired old self. Go take a cruise with Steve Forbes and reminiscence about the state of the conservative movement. k?
It has never been otherwise...anywhere...any time...
“An Amazon Prime truck makes deliveries to our neighbors virtually everyday.”
Since the onset of the so called pandemic, we basically buy most things on line at the best price and free delivery.
Whenever, I go online to Costco, Walmart or Home Depot, an Amazon Prime price quote shows up in the upper right hand corner of my monitor for that item. So, we go with the lowest price and free delivery.
Recently, my wife ordered a couple of pair of name brand sweat/slacks to wear around the house. The Costco order was much less for the 2 pair of slacks with free delivery. So we ordered from Costco and got free 3 day UPS delivery.
If it is a toss up price, we order from Prime as our church gets a rebate.
I’m ordering some older fluorescent tube lights from HD. I can pick them up in their parking lot timed with a grocery pickup from a neighboring grocery chain. HD’s price was 50% less than Amazon’s per tube price.
So we are preserving our wealth by using Amazon Prime.
I’d agree with you, but then we’d both be wrong.
You’re a smart and disciplined shopper.
Many people are impulsive and status conscious buyers who seem psychologically addicted to spending.
Our neighbors kept the Amazon delivery trucks busy long before the scamdemic hit.
The wealthy get and stay wealthy because they have access to loans at close to 0%, while the working class people pay out the nose.
If we ever straighten out the BS with the National currency, we could fix this. The banking system is a scam, with peoples savings earning much less than the interest rates the banks charge to lend the money. Shouldn’t any sane system be loaning out the savings of the borrowers, and returning a profit to them? In America, they just type in a digit, magic money is made, and the rich buy up assets driving up the cost for all.
I know it is more detailed and complex than this, but the system is heavily slanted towards the connected and the wealthy.
That model is outdated. Inflation in prices and housing are going up well over 10% per year, so the worker bee is always behind the curve, and loses financially year on year.
If the rich guy makes 90,000, and the worker makes 10,000, when there is a 10% increase, the rich guy makes 99,000, the po folk gets 11,000 theoretically. The poor can never catch up.
Of course the Uber wealthy are small time employers, the middle class guys running a diner, or employing landscapers gives more back to the country than Bezos or Gates. Then of course, the rich can deduct everything, the working man cannot even deduct the gas, food, clothing, training or the workers comp. What the rich guys make is pure profit after deductions.
Why should they? An equal distribution of income and wealth assumes that productivity is equally distributed. It is not. Why should someone who doesn't graduate from high school makes an equal income to the person with a Ph.D. or M.D.? A lot of people think Bezos and the Walton family don't deserve to have that much wealth and income. However, those same critics did not create 200,000 jobs for people who live on that income, nor did they create almost 1 million jobs that Walmart created. This kind of thinking is "modern" but, alas, totally naive and wrong. Some people glorify the poor and I think that is simply wrong. Some people are poor because of circumstances beyond their control. However, the vast majority of the poor are so because of bad decision making. I have regret for the first group and absolutely none for the second. There are just too many examples of people who bootstrapped their way out of poverty through hard work.
I am not thinking about equitable outcomes, but equal treatment. The poor are treated differently with access to something THE GOVT dispenses, credit markets. Different rates for loans for the rich and connected, versus higher rates for the poor. It may seem right, but it is no different than allowing negroes on the bus, but only in the back. Remember, this isn’t private banking corporations, this is government controlled banks. ALL banks are controlled by the government, ALL. When the Fed window has a discount window open and is loaning at 1% +or-, that is favoritism. Favoritism, is discrimination. It matters not what the basis for it is, it is against the tone and the law of the Nation, which at the core is the US Constitution.
That is primae facia unConstitional behavior, in liar speak.
“....Different rates for loans for the rich and connected, versus higher rates for the poor. ....”
So risk to the lender shouldn’t be considered?
People with money are much lower risk to the lender then people without. (That was painful to type since its so obvious!)
The GOVERNMENT IS THE LENDER. By law, statute and the US Constitution, they must be totally neutral. If the government is giving out free public education, imagine that one. If they offer free entrance to Harvard or Yale for those with a good credit score, but free CC for the poor risks, how is that different? The government controls the banks, the banks decide based upon risk. That seems great on the surface, but the uber rich and connected have their Billions in debt forgiven, and they don’t have a lick of it touch their personal credit. The poor are milked for 20% on credit cards, and the current laws don’t allow that form of debt to be discharged by bankruptcy. Or they charge Obama 1.5% on a home loan, but loan me money for a home at 12%.
There should be one rate for everyone from the government to borrow money. If a bank is loaning money out on a credit card at 20%, but paying on savings at 1%, how is a poor person ever to get ahead? Work and save for 40 years? Then when you are dying, all your savings are worth a piddling. House paid off? Property taxes, utilities, food and gas are much higher costs. It doesn’t bother the rich, whose compensation outstrips inflation by factors of 200% +. The reason is, cheap credit by the government, or by government controlled agencies.
I put $30K in a savings accout when I was young. This was about twice my yearly income. I was excited to see my bank statement. When it came I found out that I made close to $100 in 6 months. Yet the same bank was loaning out the money they didn’t have in a vault at 20%+. That is a good SCAM if you are in on it. It is a SCAM though, and not equal treatment under the law.
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