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Why do you think that would be? What do you think would happen to the economy if no one fronts capital or invests?
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that doesn't tell me how much American wealth is made of "union pensions", like you were talking about.
A little more on that...
"This shift of business ownership from rich people to working people may be the greatest economic transformation since the Industrial Revolution. ...So what does all this mean? Well, for starters, it should lead to an end of complaints about the profits of corporations and allegations about 'greedy corporations.' After all, much of that profit now goes toward the current and future retirement incomes of working people." Business Ownership & Labor Day
Read the entire article, and open your eyes.
Everyone who contributes to or benefits from a 401k, pension fund, mutual fund, annuity, or whole life insurance policy, etc., is a corporate owner, en masse. Theyget the corporate profits.
Why do you think that would be? What do you think would happen to the economy if no one fronts capital or invests?
A little more on that...
"This shift of business ownership from rich people to working people may be the greatest economic transformation since the Industrial Revolution. ...So what does all this mean? Well, for starters, it should lead to an end of complaints about the profits of corporations and allegations about 'greedy corporations.' After all, much of that profit now goes toward the current and future retirement incomes of working people." Business Ownership & Labor Day
LOL
i think that guy is missing part of his brain. Did you see his math?
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f you're a working person who contributes to a pension fund, mutual fund, or life insurance policy with a savings component, you're one of the new owners of big business (and many small businesses), too.
That may come as a surprise, since most working people contribute only modest amounts to their retirement plans. But they more than make up for that in the number of active contributors. If you're still not sure, try this on your calculator: Multiply a contribution of $1,000 per person per year by one million working people. Answer: $1 billion dollars per year. Now note the existence of literally hundreds of millions of working people here and in other countries. And they're contributing new money every year.
So that leaves us with.... what? $100 billion / year in his made up math?
$100 billion is a drop in the bucket of total American wealth... that is, if that number were accurate (it isn't).
By the way here's his bad-ass credentials:
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Robert F. (Bob) Abbott is a veteran journalist who specializes in business communication issues.
He has worked in many different businesses and industries, including radio news writing and announcing.
i think that guy is missing part of his brain. Did you see his math?
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Multiply a contribution of $1,000 per person per year by one million working people. Answer: $1 billion dollars per year. Now note the existence of literally hundreds of millions of working people here and in other countries.
So that leaves us with.... what? $100 billion / year in his made up math?
$100 billion is a drop in the bucket of total American wealth.
So... in YOUR version of 'math' hundreds x 1 billion = 100 billion? Hmmm...
CalPERS, alone, has $238.0 Billion. That's just one pension fund.
Per the flow of funds report for Q1 2011,
Private pensions assets are $6 trillion
Local / state gov't retirement assets are $3 trillion
Federal retirement assets are 1.4 trillion.
That means, that out of the total dollar denominated financial assets of $152 trillion, American pensions (private, federal, state, and local), make up about $11 trillion, or 7%.
so that shows you that he's a journalist who is making these claims based on ignorance:
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working people have bought up a huge chunk of big business
Working people, both union and non-union, now own a piece - and often a big piece - of just about everything in business
So what does all this mean? Well, for starters, it should lead to an end of complaints about the profits of corporations and allegations about 'greedy corporations.' After all, much of that profit now goes toward the current and future retirement incomes of working people.
My main beef is with people worth more than a billion. They are not job creators, but leeches off society and they are the ones that corrupt government. I am talking about people like Soros, Bill Gates, Al Gore, Warren Buffet, the Rothschilds, the Kochs, the Waltons, etc. Any rich person who has ties to the Council on Foreign Relations, Bilderberger, and the Trilateral Commission needs to be taxed to hell because those people pay little, if any, taxes because they are the ones that lobby Congress to write tax laws that they themselves could be exempt from. Which is why you have Buffet begging for higher taxes for people in his income category because he knows the left is ignorant of how the tax code works for the mega rich.
Liberals, and for any conservatives that don't understand, there are two tax codes in the U.S. One for the millionaires and billionaires (like Warren Buffet and Soros), and one for the rest of us. The left needs to grow up and stop whining about taxes because the household making $250,000 CAN'T AFFORD a damn private jet
Yep - and the latest Oped piece by the President makes sure that "Millionaire, Billionaires, Private Jets, Yachts, etc." talking points are all emphasised. It's the "Gravitas" for July 2011!!o
Private pensions assets are $6 trillion
Local / state gov't retirement assets are $3 trillion
Federal retirement assets are 1.4 trillion.
That means, that out of the total dollar denominated financial assets of $152 trillion, American pensions (private, federal, state, and local), make up about $11 trillion, or 7%.
And then add the 401k's, IRA's, annuities, etc. that millions rely on for retirement.
Yep - and the latest Oped piece by the President makes sure that "Millionaire, Billionaires, Private Jets, Yachts, etc." talking points are all emphasised. It's the "Gravitas" for July 2011!!o
Given Obama's statements, has he finally aquiesced to raising taxes on only those earning $1 million or more?
And then add the 401k's, IRA's, annuities, etc. that millions rely on for retirement.
Annuities and life insurance policies are about 1.2 trillion, bringing us up to around (10.5+1.2=11.7) $11.7 trillion out of $152 trillion. Still not 10% of total assets yet.
401k's and IRA's are tax savings vehicles, not assets. If we include ALL personal securities and equities, that's $17 trillion. Keep in mind that this includes the 401ks and IRAs of all Americans, as well as all the equities and securities of people like Warren Buffett and Bill Gates.
That brings the total up to about $29 trillion, out of $152 trillion. Its still not even close to a majority of the total assets in the U.S.
Even if the numbers in your argument worked in your favor, which they don't -- I'd still be trying to figure out why anyone would prefer a policy that prioritizes the existing asset-holders over the people who are working to build assets.
Last edited by le roi; 07-22-2011 at 02:18 PM..
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