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Huh? So the major wealth and income separation in our country is because of bad choices?
Very frequently, yes. As others have already noted, there are people who've escaped oppressive foreign regimes, came to the U.S. with nothing but the clothes on their backs, worked hard, sacrificed, lived below their means, and consequently have done quite well for themselves. And there are those born into wealth who blow it like the affluenza teen. Both results are the consequences of choices that were made by the people involved.
It's just not wise to keep money in a bank for several reasons. Withdraw too much and it tattles on you. Deposit too much and it tattles on you. Who needs the hassle/ scrutiny? If the IRS makes a mistake and thinks you owe it, the bank simply hands it over to them with no questions asked.
And if there is ever a bank run you'll lose your shorts.
While my mom was in the process of dying, I had no time for housework for months. I had to get some help In my neighborhood, the rate is $125 per cleaning. Everybody who has a cleaning lady pays 125. It took 3-5 hours. They may not work full days.
They also manage their income so they can prove less than the amount required on the reduced and free lunch forms. Most are not married, but the father lives in the household. His income is not reported. This father earned enough to purchase a house. He got deported, so she lost the house. Within two years, he was back and they bought another house. I learned there are mortgage brokers who specialize in getting mortgages for low income, off the books buyers.
Between the folks working off the books, the thieves and dope dealers, IMO, we have a vast underground economy.
That's exactly why we should have a VAT tax, 20-25% like European and Scandinavian countries. That way, EVERYONE pays, even those who work off the books or earn their living doing illegal things.
For me it indicates that the American dream is basically dead or am I wrong. Also who do you blame government polices, the irresponsiblity of the American people or both.
It is an indication of how desperately we need to remove lots of government and regulations from our lives so we can prosper.
Decades of this BS is how we are getting a successful candidate Trump.
Obama created the grass roots Tea Party conservatives actively voting and Obama and establishment do nothing Republicans have most certainly given us Trump.
Obama doubled the national debt of the country's over 200 years history in just his self righteous term alone.
Zero interest rates have destroyed savings and retirements and they are zero so the country pays nothing on the national debt. The government enables itself and has caused tons of retirees to burn through savings and go on welfare or live on SS alone.
While my mom was in the process of dying, I had no time for housework for months. I had to get some help In my neighborhood, the rate is $125 per cleaning. Everybody who has a cleaning lady pays 125. It took 3-5 hours. They may not work full days.
They also manage their income so they can prove less than the amount required on the reduced and free lunch forms. Most are not married, but the father lives in the household. His income is not reported. This father earned enough to purchase a house. He got deported, so she lost the house. Within two years, he was back and they bought another house. I learned there are mortgage brokers who specialize in getting mortgages for low income, off the books buyers.
Between the folks working off the books, the thieves and dope dealers, IMO, we have a vast underground economy.
It was estimated that the underground economy in the US generated about $2 trillion dollars.
This was back in 2013.
A major part of the problem is that the poor are over-reproducing. No one to blame for that but themselves.
Women receiving public assistance, as a group, have a birth rate 3 times higher than women who don't receive public assistance. That, in itself has led to the additional problem of nearly half of all U.S. births being paid for by Medicaid. 70% of those kids will never rise out of poverty, even as adults.
Who thinks supporting all those additional poor people (Medicaid, SNAP, public housing, etc., etc.) that are added to our population every year is sustainable, or even possible at all?
The poor won't even help themselves by not over-reproducing. It's hard to feel sorry for people who create their own hardships.
But the fact that so few have so much of the resources in our world has nothing to do with the issue? No the problem is the high birthrate among poor people? Hmm interesting logic ok.
There are cultures where the women tend to the finances. They form small groups and save with and invest in each other. There are families who spend all they have getting the first kid through school. That kid in turn, gets the next one through, yada, yada. The finance their own houses.
They may not be Wharton MBAs, but they know enough to tend to themselves.
I know a family of 14 brothers who came from Mexico. The youngest went to Community college. They own a construction company and a HVAC company. They do mostly government work. Low income housing for the city, HVAC work for those who manage low income utility subsidies. They invested in and built a 2 1/2 million dollar private soccer park a couple of years ago.
Like has been pointed out, perhaps by you, who puts money in a savings account?
Nah. I'll stick to it. Hordes of foreign-born "cleaning ladies" taking home $65K a year doesn't jive with me.
I'm not even reading or responding to the rest of your soliloquy.
Very frequently, yes. As others have already noted, there are people who've escaped oppressive foreign regimes, came to the U.S. with nothing but the clothes on their backs, worked hard, sacrificed, lived below their means, and consequently have done quite well for themselves. And there are those born into wealth who blow it like the affluenza teen. Both results are the consequences of choices that were made by the people involved.
No your missing the point. Sure there are a lot of successes I agree. But there are a ton of people who are doing the exact same thing and are not successful. For every immigrant who makes it big in America there are 100 to 1000 standing on street corners accepting under the table work. The point I'm trying to make is our capitalism model of society can't support a huge upper class. If it could You would see more of our population in the top 10% etc. It's great to have positive thinking and have a super attitude that anyone can be filthy rich etc if they just made good choices and didn't reproduce or drink etc. But reality says millions train for marathons but only thousands finish and only one wins.
It's just not wise to keep money in a bank for several reasons. Withdraw too much and it tattles on you. Deposit too much and it tattles on you. Who needs the hassle/ scrutiny? If the IRS makes a mistake and thinks you owe it, the bank simply hands it over to them with no questions asked.
And if there is ever a bank run you'll lose your shorts.
As I noted on page 1: easy access by crooks (aka the government). It's the 2nd danger of a savings account.
If you're going to sit on your money like a mother hen instead of having it work for you (though why is beyond me) do like the depression era folks did: put your greenbacks under mattresses, inside walls, buried in flower beds, etc.
It was estimated that the underground economy in the US generated about $2 trillion dollars.
This was back in 2013.
"Underground Economy": Business transactions where theft is not part of the equation
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