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...due to the incompetence, laziness and lack of ability by the working class...
Nominated.
"because the poor and the middle class are stupid"
Mega Millions: Late discovery leads to delivery driver claiming $324 million lottery prize
Two weeks of suspense over who won a $324 million lottery prize ended Friday with the announcement that a delivery driver who bought the winning ticket at an East San Jose gift shop finally stepped forward to claim his winnings.
Tran said he is -- or was -- a delivery driver who loves to visit San Jose with his family and bought tickets throughout his route.
Who wants to bet that there is no one who reads or posts on Patrick.net who has a higher net worth than Steve Tran, Mega-Millions winner...and former delivery truck driver!
At the same time, who wants to bet that almost everyone who does post, thinks his IQ is way above the average Mega-Millions winner, and in fact, is the sort of person who would never buy a lottery ticket.
From Paul Craig Roberts current posting:
"According to the official wage statistics for 2012 http://www.ssa.gov/cgi-bin/netcomp.cgi?year=2012 , forty percent of the US work force earned less than $20,000, fifty-three percent earned less than $30,000, and seventy-three percent earned less than $50,000. The median wage or salary was $27,519. The amounts are in current dollars and they are compensation amounts subject to state and federal income taxes and to Social Security and Medicare payroll taxes. In other words, the take home pay is less.
To put these incomes into some perspective, the poverty threshold for a family of four in 2013 was $23,550."
I hope Obama(doesn't)Care at least keeps paying for their Zanax.
(Some on PatNet discount PCR, I personally am quite fond of these old Reagan Storm Troopers [Stockman] that now revile and disparage the corrupt Corporatocracy)
Housing is a big source of inequality, as expensive prices force poor people to take large debt that essentially results in them paying a rent to banks. Everything has been organized at the policy level so this happens. Poor people buying a house WILL pay a large fraction of their lifetime earnings to banks.
You need to take a step back--the problem isn't housing. Rich own all the assets and are able to monetize them in such a way to enrich themselves and hurt the middle and lower classes.
Housing is one of those assets, sure, but is not unique.
Housing is one of those assets, sure, but is not unique.
What is unique about it is that everyone has to either enjoy a leasehold tenancy or borrow some multiple of their annual income to escape that poling.
Then government gives borrowers the MID tax break, which just results in having to borrow even more money, at least in high-income areas where the MID is a real long-term "affordability" benefit.
A $700k home bought with 20% down at 4.5%/30 yr has an interest cost of $460,000 to the bank over the life of the loan, with $160,000 of that potentially refunded to the taxpayer via the MID.
The lender did nothing to create that wealth -- the housing good -- yet they get their ~$15,000/yr "taste" of the action.
Only when Redfin looks like the toothpaste aisle at Safeway will we get any sanity in the housing sector.
Compounding matters is that we have the 1% actually buying up supply like this is a real-world Monopoly game.
Insanity cubed!
http://www.theguardian.com/money/2014/jan/04/buy-to-let-landlord-evicts-housing-benefit-tenants
What is unique about it is that everyone has to either enjoy a leasehold tenancy or borrow some multiple of their annual income to escape that poling.
Yes, I agree with that.
I understand that the government doesn't CAUSE the inequality, but government is the only entity that can fix it through good policy.
If you dont like your pay, go get a better job. Why is it clowns like you
think Govt is the only answer.. Get off your feet and get a better job.
Housing is a big source of inequality, as expensive prices force poor people to take large debt that essentially results in them paying a rent to banks. Everything has been organized at the policy level so this happens. Poor people buying a house WILL pay a large fraction of their lifetime earnings to banks.
You can thank the public for that one as they didnt believe home prices were much more cheaper in the past. The 99% as they say, lost their
minds ... many of your are still brainwashed over RE as some sure way to wealth. It certainly isnt.
I understand that the government doesn't CAUSE the inequality, but government is the only entity that can fix it through good policy.
If you dont like your pay, go get a better job. Why is it clowns like you
think Govt is the only answer.. Get off your feet and get a better job.
Agreed.
Housing is a big source of inequality, as expensive prices force poor people to take large debt that essentially results in them paying a rent to banks. Everything has been organized at the policy level so this happens. Poor people buying a house WILL pay a large fraction of their lifetime earnings to banks.
You can thank the public for that one as they didnt believe home prices were much more cheaper in the past. The 99% as they say, lost their
minds ... many of your are still brainwashed over RE as some sure way to wealth. It certainly isnt.
Agreed again. The main reason for inequality is the counterfeiting by the FED which is constantly blowing asset bubbles and reducing the pricing power of the dollar. Minimum wage is not too low, debasement is too high. Adjusting the minimum wage will never fix this, it will kill off more jobs instead. What will fix this is the prohibition of counterfeiting under severe punishment (prison time for life if necessary) for everybody and demanding that one dollar lent needs to be backed by one dollar of capital/assets, i.e. abolish fractional lending. But yeah, housing is always a great investment, go ahead by some shacks and make my day ;)
The main reason for inequality is the counterfeiting by the FED which is constantly blowing asset bubbles and reducing the pricing power of the dollar.
OK--please explain how bubbles/inflation cause inequality then. In detail.
Keeping in mind that inflation hurts SAVERS and helps DEBTORS. Is your theory that the bottom 50% are net savers and the top 1% are net debtors?
If you dont like your pay, go get a better job. Why is it clowns like you
think Govt is the only answer.. Get off your feet and get a better job.
You obviously missed the memo. There aren't lots of available jobs that pay better. You know why? Because there is no demand, because of the current extreme levels of wealth inequality.
The main reason for inequality is the counterfeiting by the FED which is constantly blowing asset bubbles and reducing the pricing power of the dollar.
OK--please explain how bubbles/inflation cause inequality then. In detail.
Keeping in mind that inflation hurts SAVERS and helps DEBTORS. Is your theory that the bottom 50% are net savers and the top 1% are net debtors?
All you need are these 2 graphs:
The top 1%s wealth is mostly in assets such as housing and stocks. The bottom 50% need to spend too much of their income on basic necessities and thus cannot profit from the asset bubbles. Pretty simple.
The top 1%s wealth is mostly in assets such as housing and stocks. The bottom 50% need to spend too much of their income on basic necessities ti profit from the asset bubbles. Pretty simple.
You make the very common mistake that assumes people's incomes aren't correlated with inflation. Let me dispel that notion--They absolutely are. If incomes rise 1% more than inflation every year, it doesn't matter if inflation is 1% or 10%, people are doing well. Conversely, if inflation is 0% every year, but incomes fall 1% a year--people are doing poorly.
Real incomes is what matters. And I've yet to any explanation why real incomes fare worse under moderate inflation.
The US economy is generating plenty of wealth--we simply have a distribution problem.
The top 1%s wealth is mostly in assets such as housing and stocks. The bottom 50% need to spend too much of their income on basic necessities and thus cannot profit from the asset bubbles. Pretty simple.
Bubbles don't generate wealth unless you can time them correctly. I've seen no evidence that the 1% is good at timing bubbles.
If incomes rise 1% more than inflation every year, it doesn't matter if inflation is 1% or 10%, people are doing well.
But they aren't and haven't for a long time (1st graph), instead they have been lagging inflation, correlating with the Feds continued and increased intervention. The scenario you described is possible when organic economic growth and innovation takes place, not by gov. debasement of currency.
The top 1%s wealth is mostly in assets such as housing and stocks. The bottom 50% need to spend too much of their income on basic necessities and thus cannot profit from the asset bubbles. Pretty simple.
Bubbles don't generate wealth unless you can time them correctly. I've seen no evidence that the 1% is good at timing bubbles.
Somewhat true, that's why they were scared shitless in 2008 and eventually threatened/bribed the administration to enact the unprecedented bailouts. You don't have to time the bubbles that well if they last long enough and you have at least half a brain. That's why it was relatively easy to make money either in housing or stocks after the Feds announcement of QEinifinity. The game will end eventually, but there is time to siphon off the money and move it to safer heavens.
You obviously missed the memo. There aren't lots of available jobs that pay better. You know why? Because there is no demand, because of the current extreme levels of wealth inequality.
Thank govt for that...."Those jobs are not coming back - Bill Clinton"
at one time even Silicon Valley was full of Middle Class jobs... thanks to
govt policies, we have lost those jobs and more... The Govt has handicapped business, education and workers over the past decades. And now you expect the same Govt to solve inequality of what? You gotta be kiddin'.
http://www.huffingtonpost.com/2011/10/20/steve-jobs-biography-obama_n_1022786.html
he ( Steve Jobs) told Obama at the start of their meeting, insisting that the administration needed to be more business-friendly. As an example, Jobs described the ease with which companies can build factories in China compared to the United States, where "regulations and unnecessary costs" make it difficult for them.
Jobs also criticized America's education system, saying it was "crippled by union work rules," noted Isaacson. "Until the teachers' unions were broken, there was almost no hope for education reform." Jobs proposed allowing principals to hire and fire teachers based on merit, that schools stay open until 6 p.m. and that they be open 11 months a year."
http://www.businessinsider.com/president-obamas-lack-of-resolve-frustrated-steve-jobs-2011-10
But they aren't and haven't for a long time (1st graph), instead they have been lagging inflation, correlating with the Feds continued and increased intervention. The scenario you described is possible when organic economic growth and innovation takes place, not by gov. debasement of currency.
Again--we have organic growth. There is plenty of wealth being generated in the US economy--even now. What we have is a distribution problem.
Care to take another shot at explaining how inflation causes inequality?
Again--we have organic growth.
No we don't, by far not enough compared to the debt we're taking on, what's so hard to understand about those 2 graphs? That's the main cause of inequality.
he ( Steve Jobs) told Obama at the start of their meeting, insisting that the administration needed to be more business-friendly. As an example, Jobs described the ease with which companies can build factories in China compared to the United States, where "regulations and unnecessary costs" make it difficult for them.
lol--you continue to post this quote? You are hilarious.
You think Jobs might have had an agenda? Maybe?
Yes, Jobs was arguing for higher corporate welfare, because the wealth inequality wasn't growing fast enough.
No we don't, by far not enough compared to the debt we're taking on, what's so hard to understand about those 2 graphs? That's the main cause of inequality.
We do. What's impossible to understand is the causation. How does inflation cause inequality?
You've shown no graphs that indicate that inequality worsens during periods of high inflation.
I'm afraid that if we were to have inflation now, wages would not keep up.
I have no proof other than the fact that we are far from full employment and because globalization and the potential for outsourcing offshoring of labor has not yet finished. What if we we're to have inflation that was more centered on all types of assets (including financial) than on wages ?
We always think of wealth inequality in terms of the 1% versus the rest of us in this country. What about the wealth inequality between the American worker and workers in developing countries ? This is a force to be reckoned with too, unfortunately.
We need to have a way different focus of policies if we are even to maintain the American worker's standard of living.
...due to the incompetence, laziness and lack of ability by the working class...
Nominated.
Yeah, for troll of the month prize. Not that I can see the rest of his nonsense.
maintain the American worker's standard of living.
It is not being maintained now. As I posted above over half of Americans make less than 30 grand. And when they need tires or the fridge breaks they borrow.
From the link:
"Unless the distribution of wealth in America begins to change for the better, assets will continue to benefit the rich and debt will continue to burden the middle class and the poor."
I despise America's favorite Grandpa Moneybags, but I like his honesty here:
“There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.â€â€• Warren Buffett
Also from the link:
"For now, the best thing that you can do is to discuss these issues with your friends, family and colleagues and try to come up with solutions."
Does anybody really think there are "solutions" at this point in the game?
Other than Thomaswrong's solution of; we all hike up our britches and get a better job.
Does anybody really think there are "solutions" at this point in the game?
Hike capital gains taxes. Make income tax more progressive. Keep a significant estate tax.
These policies worked for 30 years until Mr. Reagan came along....
Hike capital gains taxes. Make income tax more progressive. Keep a significant estate tax.
I guess I meant politically viable solutions.
This era's Democrat is grateful to have the Insane Party to blame for not being able to accomplish true reform.
They work for the same paymasters now, and have much the same agendas, in my book.
But the POOR know where you live.
Fuck you.
I dare you fucking slaves to show up at my front gates.
Currency debasement is one of the main causes of the distribution problem.
Maybe you can explain how, then. I'm all ears.
Maybe you can explain how, then. I'm all ears.
it rewards leveraged real estate speculation.
Finding good government on this planet is a very difficult task.
Singapore
Anybody correct me if the numbers are wrong, but that does not look like a poster boy of high taxes in general, and what, no capital gains tax? And what a whopping GDP growth rate: http://www.tradingeconomics.com/singapore/gdp-growth
Singapore Income Tax Rate : 20% (progressive)
Singapore Corporate Tax Rate : 17%
Singapore Sales Tax / VAT Rate: 7%
Singapore Capital gains tax rate: 0%
"Unlike many other central banks such as Federal Reserve System or Bank of England, MAS does not regulate the monetary system via interest rates to influence the liquidity in the system. Instead, it chooses to do it via the foreign exchange mechanism. It does so by intervening in the SGD market.[59]"
I'm afraid that if we were to have inflation now, wages would not keep up.
yeah, this is what is so troubling about "Abenomics", a real ad-hoc approach to Japan's economic future.
The Abe people are NOT japan's best and brightest, they don't really know WTF they're doing, other than weakening the yen by printing like mofos.
Then again, looking at this:
http://research.stlouisfed.org/fred2/graph/?g=qCp
maybe they are just playing defense now.
How does inflation cause inequality?
1. During inflation, those who get the newly created money first gain at the expense at those who get the money later. The key to understand this is by realizing that prices do not go up simultaneously as if by magic, but propagates from the center of new money creation to the rest of the economy (just like "the wealth effect" due to stock market rise or real estate price rise). The rich can borrow new money into existence far more readily than the middle class and the poor can.
2. The rich can leverage at far higher multiples than the middle class or the poor can. The rich banksters can leverage at 50:1 or higher; the middle class can borrow at only 2:1 for trading the same equities; the poor don't have the credit to borrow at all.
3. During a crisis, the FED Window of special lending is only open to the rich.
You've shown no graphs that indicate that inequality worsens during periods of high inflation.
Do you need a graph to prove to you 1+1=2 to go with that?
Inflation due to government money creation is not exactly a random walk event. It doesn't just happen by itself. The government officials are creating new money for specific group of cronies to receive it. For example, Robert Mugabe printed his zillions in order to pay his followers at the expense of the rest of the population.
Does anybody really think there are "solutions" at this point in the game?
Hike capital gains taxes. Make income tax more progressive. Keep a significant estate tax.
Agreed. Alone it won't solve the problems, but it would be a good start.
Hike capital gains taxes. Make income tax more progressive. Keep a significant estate tax.
America already has the most progressive income tax system (defined as ratio of tax share to income share among the top earning decile) out of the entire OECD 24 including Australia, Austria, Belgium, Canada, The Czech Republic, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, The Netherlands, New Zealand, Norway, Poland, The Slovak Republic, Sweden, Switzerland, and The United Kingdom.
Obviously that does not work and we should try fairer approaches like a flat tax.
Once average people have some skin in the game they might stop voting for politicians who spend their money enriching key industries (like defense) at our expense.
Hike capital gains taxes. Make income tax more progressive. Keep a significant estate tax.
These policies worked for 30 years until Mr. Reagan came along....
Bullshit... Reagans tax cut increased Govt revenues, it worked for Kennedy and Bush. Lefty freaks ignore that Tax Cuts actually increase jobs, income taxes and Govt Revenues. But increasing Govt revenues isnt your goal.
Face it Tatupu... what does the LEFT really want... THEY WANT TO BE SEEN taking money away from the Rich.. Confiscation in the NAME of the Poor. Ask Clinton if it worked... No it didnt.
Hasn't worked for decades.
no matter what history says, and billions collected ?
really, the treasury miscounted the tax collection ?
at the end, all you want to do is Confiscate the wealth
along with the Citizens guns... which amounts to theft.
Your train of consciousness makes all stops but never makes any connections. And I thought CaptainShuddup was a dithering lobotomized half-wit. You can't manage a coherent thought to save your life.
Its all fairly clear, the Lefty plan to hike taxe rates is NOT to increase tax revenues, that can be accomplished by lower tax rates and greater employment. Already directly proved by Kennedy, Reagan and Bush.. and indirectly by Clinton.
Your plan is to talk up as much as you can regarding Inequality and confiscate from whom ever you can to gain political votes. That is all.
A plan destined to fail as have your other worthless plans, but everyone suffers from your failures. You have no real plan to increase employment and incomes. NONE!
Your train of consciousness makes all stops but never makes any connections. And I thought CaptainShuddup was a dithering lobotomized half-wit. You can't manage a coherent thought to save your life.
Be respectful, you are talking about someone who is the vice president of finance for a major software vendor. Or so he claims.
Its all fairly clear, the Lefty plan to hike taxe rates is NOT to increase tax revenues, that can be accomplished by lower tax rates and greater employment. Already directly proved by Kennedy, Reagan and Bush.. and indirectly by Clinton.
So that's how we got 16 trillion dollars in debt, all that increase in tax revenues.
America already has the most progressive income tax system (defined as ratio of tax share to income share among the top earning decile) out of the entire OECD 24 including Australia, Austria, Belgium, Canada, The Czech Republic, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, The Netherlands, New Zealand, Norway, Poland, The Slovak Republic, Sweden, Switzerland, and The United Kingdom.
Obviously that does not work and we should try fairer approaches like a flat tax.
That's the wrong definition--try again. It has the worst inequality--that's why it's worst by your definition.
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But the POOR know where you live.
http://www.zerohedge.com/news/2014-01-02/biggest-redistribution-wealth-middle-class-and-poor-rich-ever-explained