Posted on 02/26/2007 9:53:40 AM PST by RobRoy
You forgot Medicare taxes.
We may not be perfect - but we're still the best game in town.
That was in January of 2000. She is in her late 60's now and back at work. That retirement portfolio is currently at ~$150,000, thanks to the 2000 beating.
Clearly, she is an idiot as far as investing goes. I never lost more than 8%. It's all back, and then some, and then some more! (and a little more on top of that)
I was sitting pretty in 2000, and lost money in 2001 and 2002. I now have far more than I did in 2000; if that "heavy retirement" portfolio did not come back in the boom years we have had since 2002, it was VERY badly invested. The "2000 beating" was over and done with long ago.
>>Donald Trump says we hardly have any middle class left. He ought to know. Lou Dobbs says there is a war on the middle class. He does not say what would only depress his audience, even more. We the people have already lost the war.<<
95% of the people I know are neither rich nor poor. Maybe I'm not normal but I don't see how they can say there is no middle class - I cant believe my experience is that atypical.
There is no housing bust. They ain't making any more land. The safest investment you can make. Real estate only goes up!
Are you sure you're including all taxes paid? Income taxes to fed, state and local; capital gains taxes; property taxes; sales taxes; social security and medicare taxes; the many and assorted taxes and fees on your phone, cable/ satellite and other utility bills; car taxes; gasoline taxes; gift taxes; estate taxes; in some jurisdictions there's a tax to own a pet.
I'm also upper middle class and paid a whole lot more than 18% of income in taxes.
None of these figures is solid as a rock, but they show that the rough story is that both went up at a similar rate (debt of about 1/5 of net worth went to about 2/9 -- some change, but not radical.)
>>He was driving across the Midwest through small towns along the road, and he couldn't help but notice that the crappiest pastel-colored homes (the "little pink houses") all had satellite dishes on the roof and big new cars parked in the driveway.<<
Heh, heh. I intentionally left cars out of my post (although yes, they were there) simply because it diluted my point - you CAN use your car every day and it might actually enhance your life - especially in those two to three hours you spend in it every day on your way to the salt mines.
Gee, if only you could spend those hours on your jet ski. ;)
Folks have to start looking at the whole McGilla... like the other guy pointed out, the total tax burder on the average household is closer to 50%.
>>I'm still waiting for the "massive defaults and foreclosures" so I can buy more houses.<<
Me too. I was talking to my father on Saturday about this. He said that way back in the early 70's (I think), the government foreclosures were at a point where you could buy the houses for a "buy one get nine free" rate. And that was WITH financing, if you had good credit.
He says he still kicks himself for not doing it.
You Sir, are truly ignorant and I can't understand how you found this site.
But he has an audience.
>>I can get to 50% in total taxes without breaking a sweat<<
Likewise.
What's even funnier is people paying $1,500 a month (or more) in mortgage interest so they can get the deduction and "save" $200 in taxes. ;)
Why is that? He's made a lot of money in high-end real estate, but I would also point out that he maintains his highest profile today in areas that are clearly aimed at people in the middle class -- i.e., his stupid television show, his casinos (which would be out of business without a middle class to serve as a mass market), and those idiotic "get rich quick" seminars he's now advertising (poor people have no money for this nonsense, and most rich people recognize it as -- well, nonsense).
This writer tries to wrap up too many issues under the same umbrella.
The big problem with foreclosure rates going up is that people overextended themselves with credit card debt and stupid things like interest-only mortgages with variable rates.
They only have themselves to blame.
LOL. Good point.
I've learned to live by Craigslist. I was going to replace my pentium III 700mhz machine for one of those $600 cheapies. Then I discovered LOTS of machines many times faster than mine (and I'm not talking celerons here) going for typically $150, with all periferals. Heck, I can even swap in my massive hard drive and away I go...
I could replace my computer every two years with the "latest thing" from two years ago for lunch money. In fact, I could get computers in my music room, my office, my kitchen and my den, all hooked up to my wi-fi network for the price of one cheapie computer.
And most of them would run windows 2K SP4 (if you get my drift...).
It is a stewardship thing. It also allows me to buy a nicer bass.
Here's some shocking news..it's the same way it's always been and it's the worst system imaginable except for all the others.
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