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The economy is not a zero sum game, but at any given point in time, wealth and dollars are finite. We don't continuously print dollars so we can have an infinite supply.
If there is $100 total in the economy, and you have $90 and I have $10, in order for me to get $20 you must have $80.
Correct, but tomorrow I could increase my $90 to $180 and you could increase your $10 to $40 because we can grow the total.
Yep, he called those people millionaires and billionaires. As he said, he has problems with math after 7th grade.
When business grows it results in hiring more people. So why would anyone want to grow their business to make more money? Oh that's right, so they can pay a huge chunk of it to the government.
A millionaire isn't a person who makes a million dollars, it's a person who has a million dollars in assets, AFAIK.
I don't know any small business owners who pay themselves $200k much less $400k. Business revenue isn't income!
Originally Posted by urbanlife78
Income inequality is a bad thing, .....
When I was in college I lived with a friend and we split the rent and bills 50/50. I went to school and worked. She worked but partied on her days off. When I graduated I got a job that paid more. She said, you should pay more of the rent since you make more. Do you think I should have paid more?
A millionaire isn't a person who makes a million dollars, it's a person who has a million dollars in assets, AFAIK.
I don't know any small business owners who pay themselves $200k much less $400k. Business revenue isn't income!
Now you are getting it! Obama called people making $200k millionaires and billionaires.
A small business profits are recorded on personal taxes because for tax purposes they are flow through entities, they are taxed on the full amount. It doesn't matter the owner must keep some of that money in the business (called retained earnings) to pay vendors and employees. To grow the business they keep more of the money in the business.
But being that Obama never ran a business of course he thinks they keep the money for personal use.
When I was in college I lived with a friend and we split the rent and bills 50/50. I went to school and worked. She worked but partied on her days off. When I graduated I got a seejob that paid more. She said, you should pay more of the rent since you make more. Do you think I should have paid more?
Absolutely not, but that has nothing to do with today's reality of Billionaire hedge fund managers and middle class Doctors and Engineers. Should everyone just go into finance and abandon all other aspects of society allowing the superficial to dominate and real world to crumble?
In your example, you aren't making tens of thousands of dollars more than you would have. Someone is paying you those tens of thousands of dollars. They don't materialize out of thin air. You're confusing a financial return on your part with wealth being created, when in reality what you're doing is exchanging a service for money that comes from somewhere else in the economy.
I'm referring to the increased productivity I derive from a small purchase I make from someone else. If I buy tools, i can do my own repairs, saving me money, or use the tools to make furniture to sell to others, or perform car repairs.
Quote:
Originally Posted by winkosmosis
I have a photography business in addition to my job. When I take a picture you would say I'm creating wealth right? Well no. I create a product and I'm exchanging it for some of another person's wealth. If I sell a picture for $10, that means the buyer has $10 less to spend on something else.
Completely different analogy!!! you keep equating consumable products and services. The photo someone buys from you does not empower them in any way at all. It does not allow them to perform other tasks they otherwise could not, nor does it allow them to do some task or provide some service in a more productive way.
Buying a car has a financial return, the same with buying tools. Even buying a well made suit empowers me to look my best, it makes me look like more professional in my employment interview, or in my job as a salesman or customer relations representative. I might buy something for $1,000 but the return on that investment more then pays for it.
Quote:
Originally Posted by winkosmosis
Now let's say that person is a farmer (literally the case for a lot of photos I sell). What I'm really doing is bartering. I'm trading a photo for some of the food that he grows. The transfer is just very indirect because we invented money to make bartering easier. After the transaction I have one less photo and he has one less unit of food. We both benefit but neither of us is any richer.
Once again, you are back to consumables, you are hopeless.
Originally Posted by petch751
When I was in college I lived with a friend and we split the rent and bills 50/50. I went to school and worked. She worked but partied on her days off. When I graduated I got a seejob that paid more. She said, you should pay more of the rent since you make more. Do you think I should have paid more?
Quote:
Originally Posted by 2e1m5a
Absolutely not, but that has nothing to do with today's reality of Billionaire hedge fund managers and middle class Doctors and Engineers. Should everyone just go into finance and abandon all other aspects of society allowing the superficial to dominate and real world to crumble?
But see it's the same mentality. You make more money so you should pay more.
Actually I enjoyed his post. Unfortunately it is way above a Obama supporters head and they will continue to buy into Obama's lies because they are ignorant about money.
I was talking about your off topic posts. This thread is not about Obama, and yet that's all you'll ever talk about.
I am assuming you mean off topic and directed that at me? My post is lengthy, but certainly on topic.
Not you. I was referring to the Obama posts coming from one poster. Your post was on topic and informative.
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Oh that's right, so they can pay a huge chunk of it to the government.
