Half Of American Households Hold 1 Percent Of Wealth
invite response
2012 Jul 19, 8:19am 15,677 views 57 comments
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zzyzzx
2012 Jul 20, 4:50am
Half Of American Households Hold 1 Percent Of Wealth
I doubt that this is a anything new, uniquely American, or anything that can be changed. The exceptionally lazy do make up a significant % of the population.
BobMSN
2012 Jul 20, 4:59am
If the communists go to far the productive people leave
Communism is not the only thing that causes this, any society where a bulk of the people lack opportunity will have this problem.
Yes. Lack of opportunity could also be a reason. But it is more of problem for the 3rd world country than US. We still have influx of immigrants. Why? Opportunity.
By demanding more and produce less, we give up the opportunity to others. Why was the US Olympic Uniforms made in China? Because, we don't want the opportunity. "Outsourcing" gives up opportunities. But why? We can certainly blame the greedy capitalists. But if you can make the same thing much cheaper elsewhere and sell back to US consumers, why bother to do the opposite.
A simple math for 4 year old, if you spend more than you can (or welling to) produce, you are going down hill. It's true for a nation, and also individuals.
Patrick
2012 Jul 20, 5:08am
Reminds me of that old Eddie Murphy skit "White Like Me".
The bank loan is at about 3:35...
http://www.dailymotion.com/video/x7msba_saturday-night-live-white-like-me_fun
Yes, it's exactly like that!
Fed to banks (same as quote from banker to white-face Eddie Murphy): "Take whatever you want! Pay us back whenever you can, or don't. We don't care! Ha ha ha."
The Fed really doesn't care. They just printed the money for friends. Ordinary people like us do not qualify for such benefits.
The personal "savings" rate in America averaged about 3% in the decade leading into the recession although that number is deceptively high since the government considers "savings" to include debt repayment and is currently just 5%.
Such average people aren't accumulating wealth when they eschew more savings in favor of buying or renting expensive crap like new cars, smart phones with data plans, and expensive homes (two people and a pet don't need more than one bedroom).
BobMSN
2012 Jul 20, 5:35am
The number of children living in poverty in the U.S. is up nearly 20 percent from 2000...
Yes. If children is only a number to calculate the size of a welfare check for the irresponsible parents. What do you expect?
resistance
2012 Jul 20, 11:02am
If you ask the Fed, they will tell you that they absolutely must print up great gobs of cash for their friends or the world will end. So it was the only responsible thing to do...
It's a Wonderful excuse, also used to drag us into Iraq when it was really a wacko Saudi who attacked America on 9/11. Why didn't we attack Saudi Arabia? Ah, look at Bush-Saudi connection and all becomes clear.
It will be used many many times in the future. Remember the next time you hear it: "Do what I say, no questions, or world will end."
At this very moment, the remaining Syrian elite are broadcasting that the world will end unless the rebellion is crushed.
PockyClipsNow
2012 Jul 20, 11:04am
Endless end of world scares have and will continue.
Global Warming is one.
xrpb11a
2012 Jul 20, 12:44pm
You really are clueless.
I'm a job creator, and I pay more corporate and personal taxes in one year than you will in a lifetime...
APOCALYPSEFUCK is Shostakovich says
Zero taxes for Job Creators ! They are the CHRIST in our midst !
taxes lol, they pay no taxes, Job Creators are being PAID TO CREATE JOBS they are not creating.
Social Media Guru Since 1999
freak80
2012 Jul 21, 11:40am
Endless end of world scares have and will continue.
Global Warming is one.
A good point, I think. Fear-mongering isn't just on the far-right.
I'm convinced AGW is real. But using scare-tactics just ticks people off...especially when there's a big cold spell or snowstorm. ;-)
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That's the real MEAT of the situation. It's not about as Rick Santelli said, the neighbor next door who got "too much house" one they "didn't deserve" due to a liar loan. That is small change problem that a big shot like Rick shouldn't even stoop for.
In the end, the result of all this is STILL that Richie Rich gets richer, and the poor get poorer.
"The share of the nation's wealth held by the less affluent half of American households dropped precipitously after the financial crisis, to 1.1 percent, according to new calculations by Congress's nonpartisan research service.
By contrast, the share of total net worth held by the weathiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent's share was 74.5 percent."
http://www.huffingtonpost.com/2012/07/19/households-wealth-american-1-percent_n_1687015.html