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Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,761,129 times
Reputation: 3587
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Quote:
Originally Posted by HappyTexan
But that wealth is not necessarily in cash.
RE, business, plenty of wealth in asset building.
The poor can't achieve that. Designer sneakers do not appreciate in value over the years but an apartment building does.
Some people worked hard to build their wealth over the years.
And you look down on them for working hard ?
You fight for those on the bottom..some of which are quite happy to stay at the bottom ?
Fight for things like school vouchers, college scholarships, etc.
THAT will do more to give a chance for the next generation of poor to get themselves out of poverty. Funding more food stamps and school meals will NOT do it.
You cannot erase poverty by wealth distribution. But you can give those that are willing to work hard some help in getting out of poverty.
You gotta be kidding me. Worked hard?? How hard is it to flip houses and condos or sell worthless paper to each other?
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,761,129 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan
The poor were given a chance to own their own homes.
Did they go after that $75-$100K starter home ?
No..they went after $500K McMansions and then couldn't afford the mortgage payments.
What does that tell you ? (rhetorical here..I'm not looking for answers but just to make you think).
If you can find a "starter" home for $75 or $100K, please tell me where it is. Maybe now you can but in the 90s, a $500K home WAS a starter home.
The rich have enough of money allready they dont need more through regressive taxes it is the largest broadest and wealthiest and most productive segment of society namely middle class that deserves keep it money the most.
You gotta be kidding me. Worked hard?? How hard is it to flip houses and condos or sell worthless paper to each other?
Do you think that's the way everyone got their wealth ?
That could very well be a minority of middle income folks who found a fast path. Usually these types spend it as quick as they get it and are back to square one.
I worked with a guy who did not understand the stock market.
So, over 25 years accumulated 6-8 small apartment buildings all with cash; all in the upper lower, lower middle living areas where renting is not frowned upon yet respect where they live. By the time he retired he was able to hire a handyman to work at all those buildings.
You'd never know to look at him that he had a passive income stream of 6 figures. He told me his story at his retirement party and I was in awe.
He lived below his means for 25 years and slowly accumulated wealth with the money he saved.
There are far more people like that then the flippers of 2004.
the study that boortz indicates shows that the rich work far more hours and have far less leisure time than the poor do.
It is the broadest largest and overall the most productive segment of society that deserves to keep its money the most and that segment is the middle class.
The poor were given a chance to own their own homes.
Did they go after that $75-$100K starter home ?
No..they went after $500K McMansions and then couldn't afford the mortgage payments.
What does that tell you ? (rhetorical here..I'm not looking for answers but just to make you think).
I'm sure you're not looking for answers, answers would collapse your fantasy.
The broad middle class is the most productive segment of society and largest demand driver and is therefore the segment of society that deserves the keep its money the most.
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