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Location: Georgia, on the Florida line, right above Tallahassee
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But the Top 5 percent in income earners — those households earning $210,000 or more — account for about one-third of consumer outlays, including spending on goods and services, interest payments on consumer debt and cash gifts, according to an analysis of Federal Reserve data by Moody’s Analytics. That means the purchasing decisions of the rich have an outsize effect on economic data. According to Gallup, spending by upper-income consumers — defined as those earning $90,000 or more — surged to an average of $145 a day in May, up 33 percent from a year earlier.
Wealthy Reduce Buying in a Blow to the Recovery - Yahoo! Finance (http://finance.yahoo.com/news/Wealthy-Reduce-Buying-in-a-nytimes-3611525031.html?x=0&.v=1 - broken link)
And they've started to cut back. What political party do YOU blame? And how can politics fix the US economy and make these rich people pay more so we can all have a good economy? You say, "What?" Surely Obama can do something to fix this. He's a God. Other's counter with "Um, no. He can't make rich people pay more for stuff, only Republicans can do that, by allowing the wealthy to keep those Bush era tax cuts."
Either way, it's interesting that 23.1 percent of the entire U.S. economy is based on 5 (FIVE) percent of its members.
Interesting...the keynesians say the rich don't spend. This data shows that the rich actually spend A LOT.
But they won't be... Obama and the Dems want them to spend less and pay more tax.
...the problem for Obama and the Dems is that their 'tax the rich' plan destroys economic growth. Every $1 taxed out of the economy to be spent by the government destroys economic growth by $1.10. http://mercatus.org/sites/default/fi...nd%20taxes.pdf
Obama and Dem tax hikes = further destruction of the economy
Either way, it's interesting that 23.1 percent of the entire U.S. economy is based on 5 (FIVE) percent of its
I seen this and wondered if this included the economic effects of businesses owned by the 5%, or just the personal income alone.. If its not counting the business revenue, I wonder what the percentage would be.
These are the same individuals the left want to stop spending in order to pay taxes.
I fail to see how any of that is good news, actually. Do you really want to have that much economic power concentrated in the hands of so few? You might as well give up the pretense that 'anyone can make it' and accept that our economy is going to be structured along third-world lines, where everything revolves around a small class of wealthy elites.
I fail to see how any of that is good news, actually. Do you really want to have that much economic power concentrated in the hands of so few? You might as well give up the pretense that 'anyone can make it' and accept that our economy is going to be structured along third-world lines, where everything revolves around a small class of wealthy elites.
So you think its bad that we have Warren Buffets in the country, who can step in and loan companies money when they have money crunches, rather than having them go bankrupt, thereby unemploying tens of thousands of americans?
No, but that's not the claim I made. Politically, when you have an enormous class of people who are decreasingly "enfranchised" economically, you start to get a lot of undesirable effects. Everything from thoughtless populism to reactionary movements that pin "blame" for the situation on various scapegoats, perhaps using violence to get their message across.
It's not healthy for any society to have an economy structured in such a top-heavy fashion.
No, but that's not the claim I made. Politically, when you have an enormous class of people who are decreasingly "enfranchised" economically, you start to get a lot of undesirable effects. Everything from thoughtless populism to reactionary movements that pin "blame" for the situation on various scapegoats, perhaps using violence to get their message across.
So are you now claiming we should spread the wealth to stop people from blaming someone else for their own laziness or misfortunes?
Sorry but I dont want to live in a nation where everyone is equal.. Whats the point in working hard and taking risk if someone next to you watched tv all day and is considered "equal"?
Quote:
Originally Posted by tablemtn
It's not healthy for any society to have an economy structured in such a top-heavy fashion.
Its even less healthier to not allow people to enjoy the fruits of their labor and punish them for success..
I'm just the messenger. And historically, that's exactly the attitude many take at first - if you can't crack into the top few percent, well, you must just not be blessed by God, and you should meekly accept your fate.
That's not how it works in practice.
Get ready.
Also, you seem to assume that "merit" is the primary determinant of how much capital someone accumulates. That's an interesting assumption. How do you arrive at it?
Who cares how much anyone spends in the economy. We have 850,000 people in the US with top secret security clearance in over 10000 secret facilities across the country. LMAO! And we think our vote still counts? America is done, finished, stick a fork in her. We are so far removed from what the founding father's envisioned and what America was supposed to be about it's depressing. And we wonder why the middle class is broke. We are not only propping up 3 but 4 branches of government.
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