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Sorry about that, my machine is faulty. As I was saying. The current minimum wage in
this country is $9 an hour. More and more people are being forced to work for this
amount, and at the same time to be grateful. There is an underlying anger and
frustration. People are coming out of college, owing vast tution fees, with no jobs to
be had. People say, "oh things will get better soon" - I sure hope so, because a lot of
people are not convinced, they're sick of hearing about jam tomorrow.
I don't consider myself to be rich, but I come from a family that is. Their crowd seems to have switched their Mercedes and Cadillacs for Toyotas and Chevys, their vacations are now to Colorado or California instead of Europe or Bali, even though they really aren't any poorer than they were back in the glory days of conspicuous consumption. They seem to try very hard to not stand out anymore.
I agree with this... Conspicious consumption is not in fashion anymore for many reasons:
Some who used by buy the Mercedes were never really rich (lower/middle class on credit). They purchased beyond their means on credit and are now unable to sustain that lifestyle.
Some who were approaching rich (upwardly mobile, upper/mid-class professionals) have seen a major reduction in their net worth (e.g. home values, portfolios, etc.) and their jobs/industries are at risk so they are now more conservative in their purchases. Their future is unclear. They have to save more for their retirement and/or Junior's college so they forgo the Mercedes.
Those who can truly afford these things do not want to be scrutinized and forced to defend themselves to the poorer masses. It doesn't look good if the CEO is driving a new Mercedes while he is laying off employees and freezing salaries. Though I have not seen a change in vacation destinations from this crowd. They are still going to European spas/ski resorts, they just know not to flaunt it and to downplay the luxuries (unless talking to others from the same economic level).
Also, with rising gas prices and environmental concerns, it is a lot easier to defend a higher fuel economy car vs. a luxury premium-gas guzzler, regardless of wealth level.
There is much doom and gloom in this country. Many feel that America has lost its way and doubt its ability to get back on track.
I personally think our problems are over dramatized. I would not begin to compare what we are facing today with other events that threatened our nation such as the Civil War, World War II, or the Great Depression. I repeat our current economic problems are not on par with the Great Depression because during the Depression, measured unemployment rose to 22%.
Here is something for you to think about. The last numbers I have comparing unemployment rate and payout are for Nov of 2007 and Nov of 2010. Doing a bit of Math gets you a pay out for over 17% unemployment rate in Nov of 2010 and a clamed unemployment rate of 9.8%
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Originally Posted by markg91359
Someone may pipe up and claim that real unemployment today is greater than the "measured amount" of 9.1%. However, if that's true than real unemployment during the Great Depression was also correspondingly larger.
During the Great depression we had Glass Stegal. Now we have crony capitalism. I believe that the numbers then were accurate and that the numbers now are fiction.
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Originally Posted by markg91359
My greatest fear is not our current recession. Rather, it is the intransigent and uncompromising political system that exists in this country today. This topic "Hating on the Rich" is a good example of my point. I'm seeing too much polarization. I think hating the rich or any other economic group is wrong.
I agree with you but it is also wrong to get rich at someone else’s expense.
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Originally Posted by markg91359
I don't think either bankers or welfare recipients should be demonized or subject to stereotypes.
I don’t either I think that the bankers should be prosecuted for the fraud they committed and taxed to make the rest of us whole.
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Originally Posted by markg91359
As I have said before, the rich should be treated as a resource. As long as we have a progressive tax system in place, all of us benefit when people--through legal means--become wealthy.
I disagree with you here. If you et rich by making something here then everyone benefits. If you get rich by taking jobs from here and moving them somewhere else then we all lose.
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Originally Posted by markg91359
They will help us fund everything from a strong defense to good educational system.
The education system we have is strongly influenced by the Rockefeller foundation and it boasts a 47% illiteracy rate upon graduation from Detroit schools.
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Originally Posted by markg91359
On the other hand, I reject those who want to deify wealth and try to make some kind of moral argument for not taxing wealthy people at a higher rate than someone who earns $75,000 a year.
What I want to see is a flat tax for the bottom 99% and a tax rate on the top 1% based on the total debt in the US. Keep the total debt below 125% of GDP and the top would have the same tax rate as everyone else. Let the total debt get up to 200% of GDP then the top tax rate would be functionally 100%. As far as I am concerned the rich can do what they want with their money as long as it isn’t blow a debt bubble with it.
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Originally Posted by markg91359
There is nothing moral about a tax system at all as long as it doesn't empoverish or destroy a group. It is simply a means of raising money to pay for the functions of a state.
Taxing the principle on debt is one thing that I want to see. It will let congress set the interest rates instead of the Fed as the Fed is a privet entity with its own privet agenda.
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Originally Posted by markg91359
There are too many people on both sides of this spectrum (either hate or deify the rich) and not enough people in between.
This is a tense and difficult time in our nation's history. However, we are slowly getting out of the mess we are in.
Not so. We are getting in deeper as we don’t have the future income to repay our national debt with.
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Originally Posted by markg91359
Unemployment is not rising.
When was the last time that the months prior unemployment munber weren’t revised downward?
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Originally Posted by markg91359
Inflation remains modest.
We have a mix of inflation and deflation, stagflation high unemployment rates etc.
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Originally Posted by markg91359
Actually some sectors of our economy are doing well. Manufacturing is one. The housing sector of our economy seems destined to suffer for a while no matter which party is in power and who is president. We do not need radical reform at this time.
I want what you are taking as it must be real good stuff In the great depression we got Glass Steagal now we have the repeal. We need reform yes we do.
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Originally Posted by markg91359
What we need are politicians willing to make gradual changes. Our budget deficit needs to come down. Some reforms need to be made to medicare and social security.
Part of managing a crisis is simply accepting the notion that there will be bad days before there can be good days again. In our determination to solve our nation's current problems, I pray that we look towards politicians with moderate rather than radical views.
I would prefer to look towards polititions that say the truth rather than what they think will make us happy. We in another depression, that is the truth, the first one after the great one.
"Originally Posted by markg91359 Unemployment is not rising."
Baloney, when one factors in additional hundreds of thousands monthly who quit looking. It takes b/w 125-150k new jobs monthly to stay flat. We're not even in that ballpark, the reason the official rate is not going up is the employment participation rate is falling at a depression-like rate.
Read the BLS report; not just the 1 paragraph USA Today summary.
"Originally Posted by markg91359 Unemployment is not rising."
Baloney, when one factors in additional hundreds of thousands monthly who quit looking. It takes b/w 125-150k new jobs monthly to stay flat. We're not even in that ballpark, the reason the official rate is not going up is the employment participation rate is falling at a depression-like rate.
Read the BLS report; not just the 1 paragraph USA Today summary.
And look at the the % participation in the work force. It has been on a steady decline for a decade with a small recovery during the last housing bubble.
True, the problem is the official rate has always been a garbage stat that gets inordinate amounts of attention.
Lately it has been far more a work of fiction. It comes from the propaganda ministry not the department of labor. When we had 4% unemployment why lie? When you have 20% why tell the truth?
I read in today's paper that more police are to be trained in riot control. The rich and
powerful have been rattled by recent events. They will be better prepared next time.
Our jobs have been exported, and the young are angry. The rich have stopped flaunting
their wealth, battening down the hatches, getting ready.
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