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Meh. By any rational comparison to the rest of the people in the world, I'm rich. I'm not Goldman Sachs investment banker rich but at age almost 58, I could stop working today and have food, clothing, shelter, health care, and some discretionary spending for the rest of my life.
The middle class somehow thinks they're entitled to a level of affluence they see on television that isn't real. Everybody is supposed to live in that 4,000 square foot house with the granite/stainless kitchen, take elaborate vacations around the world, and have all the trappings of affluence that only the top-5% attain.
Post WWII the middle was better off each generation. Reagan put a stop to that. Or was it Nixon. Hard to say now.
Meh. By any rational comparison to the rest of the people in the world, I'm rich. I'm not Goldman Sachs investment banker rich but at age almost 58, I could stop working today and have food, clothing, shelter, health care, and some discretionary spending for the rest of my life.
The middle class somehow thinks they're entitled to a level of affluence they see on television that isn't real. Everybody is supposed to live in that 4,000 square foot house with the granite/stainless kitchen, take elaborate vacations around the world, and have all the trappings of affluence that only the top-5% attain.
I agree that there is middle class entitlement, and also working class as the case may be, but on some level, an entire 2 generations have been getting shortchanged because of trade and currency imbalances within the global economy.
Trillions have been syphoned out of the US to China, via manufacturing, services which returns back as capital investment by Chinese investors, buying up all the lucrative properties and buildings in major US cities, and other assets, which keeps the avg American incapable of competing for such assets. Do we own them? No.. they do. and trillions have been lost in tax receipts due to offshore domecile of US corporations, offshore investment, etc.
An example is a young family making a combined $180k a year, working in NYC with 1 child. They go look for a 2 bdrm 1800 sq ft apt, and it's priced at $2.8million and completely priced out of the market. Now rewind 30 years ago, inflation adjusted for wages, their salaries would have bought several properties in the city.
These are lost opportunities for the people of the United STates for the sake of profit for the few. Is it illegal? No. Most of it is within poorly written laws, and corporations have been able to loophole them. Is it unpatriotic? YES. Most corporations have shunned their own population to arbitrage the imbalances for their own profit.
So how does this all change? We need fiscal policy change and swift overhaul of the political system, and full enforcement of properly written tax laws. Who will do this? Clinton? Hell no.. Sanders? Hell no (he'll raise taxes and make middle class suffer more, his idea of middle class is $36k/yr, real middle class is higher). Cruz? Hell no.. that only leaves one other option.
Last edited by ControlJohnsons; 04-08-2016 at 10:55 AM..
I agree that there is middle class entitlement, and also working class as the case may be, but on some level, an entire 2 generations have been getting shortchanged because of trade and currency imbalances within the global economy.
Trillions have been syphoned out of the US to China, via manufacturing, services which returns back as capital investment by Chinese investors, buying up all the lucrative properties and buildings in major US cities, and other assets, which keeps the avg American incapable of competing for such assets. Do we own them? No.. they do. and trillions have been lost in tax receipts due to offshore domecile of US corporations, offshore investment, etc.
An example is a young family making a combined $180k a year, working in NYC with 1 child. They go look for a 2 bdrm 1800 sq ft apt, and it's priced at $2.8million and completely priced out of the market. Now rewind 30 years ago, inflation adjusted for wages, their salaries would have bought several properties in the city.
These are lost opportunities for the people of the United STates for the sake of profit for the few. Is it illegal? No. Most of it is within poorly written laws, and corporations have been able to loophole them. Is it unpatriotic? YES. Most corporations have shunned their own population to arbitrage the imbalances for their own profit.
So how does this all change? We need fiscal policy change and swift overhaul of the political system, and full enforcement of properly written tax laws. Who will do this? Clinton? Hell no.. Sanders? Hell no (he'll raise taxes and make middle class suffer more, his idea of middle class is $36k/yr, real middle class is higher). Cruz? Hell no.. that only leaves one other option.
that is the effect of a 30 year debt bubble.
We need wage driven inflation.
that is the effect of a 30 year debt bubble.
We need wage driven inflation.
you won't get that when trade and currency imbalances give foreign nations a handicap and advantage over our trade. there's nothing the fed or monetary policy can do to drive wages, this comes from fiscal policy, which obama gets an F for.
No, if you turn on the news you'll see that there are certain politicians pandering to a certain crowd - ie poor people, about things like "wealth redistribution" and raising the minimum wage to levels that exceed the value of labor that WARRANTS a minimum wage. There's your entitlement - it's not coming from any middle class people I know.
Pitting the middle class against the poor. Divide and conquer!
Damn we need to do something about them uppity poor people who want to work! Low skill jobs should pay subsistence or less! They should be lucky to have a tin shack to sleep in and food to eat!
Our most prosperous period was characterized by any able bodied man being able to earn good wages installing screws on an assembly line.
you won't get that when trade and currency imbalances give foreign nations a handicap and advantage over our trade. there's nothing the fed or monetary policy can do to drive wages, this comes from fiscal policy, which obama gets an F for.
Small businesses, big businesses, giant corporations.
A top marginal tax rate of 90% means you have to hide your income. The best place to hide your income is to pay someone wages to do something for you. A top marginal tax rate of 90% means not being able to openly make money off of loaning people money. Better return to put them to work and to grow a company. Those driven to make money will do it regardless of the tax rate. They just can't have as much fun make money with paper instead of with productive activity.
This is one of the stupidest things I have ever read on CityData
and its saying something because I post a lot in the CT forum that is full of Democrats who deny basic economic realities
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