I don’t see ‘PORN’ listed................
where’s taxes?
The one main expense that I do not see is Taxes. Maybe they just forgot to include that. /sarc
Second, and of interest, is that the wealthy spend a lot more on insurance as they must protect the greater amount that they have. Also, the wealthy spend more on entertainment because I presume they both have the resources for more exotic type of entertainment experiences and they likely have far more leisure time than the common working stiff.
A few years back we were spending 10% on food...but there is no inflation.
Insurance + Healthcare = 18% of the Economy 0bamaCare Socialized.
Note that the bottom quintile spent much less, because they were already subsidized in Medicaid (a payment in kind, not a spending), and didn’t have to spend much of anything on Insurance.
So, the books here are cooked to exclude taxes (as noted by everybody) and also to exclude welfare programs’ spending on behalf of the bottom quintile.
In reality, the bottom quintile are fat, dumb, and drugged up.
Way back in the grainy black and white days of my 1964 birth, it cost about one and a half week’s pay for my dad to pay for my hospital birth and he was a garbageman.
Few people in those days had insurance but most of the time they didn’t need it.
When about 40% of GDP is Government Spending, you have to ask yourself:
Where is that represented here?
Did the 40% just magically appear in 0bama’s Stash?
I didn’t savings listed on the wheel
How about taxes??
For the poor, food, clothes, and housing account for more than 60 percent of all spending.
We're having a "food drive" at work - collecting donations for a food shelf.
I brought in an LDS Self Reliance Starter Kit - six #10 cans, one of hard red winter wheat, one of hard white winter wheat, one of white flour, one of white rice, one of pinto beans, and one of quick oats. Altogether, 28 pounds of food. $31 if you order it online, only $21 if you pick it up at an LDS Home Storage Center.
Yes, it's all carbs. But it's healthier than the processed industrial crap most folks are eating. And it's damned-near free. (There's six pounds of pinto beans in a #10 can. One pound in a crock pot will make 10-12 servings.)
No taxes?
What a misleading graph. Of course the rich would pay less for necessities and more for insurance.
More GIGO from the Atlantic’s Derek Thompson. A man who never saw bad data he didn’t like (if it fits his Marxist agenda).
The reason the poor do so badly is government. Permits and licensing are a direct attack on cheap southern labor aka blacks. The incentives don’t exist to pass wealth or good financial decisions along to your offspring, if Uncle Sugar is your daddy.
Worse, 79% of the poor are single-mother households in which the mom had a baby in her teens and didn’t graduate HS. What kind of income is she going to earn?
You could also point out that income inequality is a fascist concept developed by fascists to promote fascism.
TAXES? HOW MUCH IN TAXES?
I PAY MORE IN TAXES THAN I DO FOR ALL OTHER THINGS COMBINED.
Did they combine beer in the food list? ( Liquid bread)
TAXES
“The rich have more left over for leisure, insurance, and savings.”
It could be that the rich have always prioritized insurance (risk transfer) and savings, therefore that is a behaviour that made them rich!