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Should've been more specific. I'm particularly talking the Main Street economy. So it is enriching people in Wall Street, but it typically doesn't see it's ways down to the lower rungs of society. So if it is sitting in a bank yielding interest, but the banks are tightening their lending practices, this would be an example of not reaching it's way into the "general economy". I know keeping money in the bank might not be considered an investment vehicle.
Aren’t you working to enrich yourself? What’s the difference between the Wall Street fat cats and you?
So you don't feel wealth can be decentralized? Land ownership, capital distribution, etc. are all possible.
As is joint ownership; you can't cut a factory up into little pieces, but you can change how many people are involved in its management/ownership.
Actually the answer is simply, if you limit how much wealth can be accumulated, people will pool together resources for larger projects.
Anyways I don't even like the poor in this country, and I don't think they are great people.
I have to give you props for at least stating what you want. I vehemently disagree with your plans but at least you have the courage of your convictions unlike others who just whinge and won't put anything out there.
Should've been more specific. I'm particularly talking the Main Street economy. So it is enriching people in Wall Street, but it typically doesn't see it's ways down to the lower rungs of society. So if it is sitting in a bank yielding interest, but the banks are tightening their lending practices, this would be an example of not reaching it's way into the "general economy". I know keeping money in the bank might not be considered an investment vehicle.
“The 1%” that the OP is talking about, doesn’t keep huge piles of money sitting in a bank account. First of all, the FDIC only insures $250,000 per account. Second, and more importantly, that would be leaving a lot of money on the table. Nobody got to be wealthy by parking their money in bank accounts. At least, not in this century.
And investments don’t JUST enrich Wall Street. Anything that is enriching Wall Street, is also enriching companies that use capital to expand and innovate, which in turn, creates more jobs. Also 401k’s in the private sector, and public pension plans for police, firemen, teachers, etc, all grow as a result.
I get it. People get angry or jealous of people that make millions of dollars trading. They think the capital gains tax is unfair. But who was stopping them from going into finance? The game is not rigged, because we all know, from a very young age, which jobs pay a lot and which jobs pay a little. We all know who pays capital gains taxes vs income taxes. Which jobs have a lot of business write offs and which dont. And if you dont know that, then it is on you for not doing your due diligence when deciding on what you want to do with the rest of your life. Some people dont want to be in finance. Some people want to be doctors, or teachers, or dance instructors, but we all make choices knowing ahead of time what the rules of the game are. So if you want to be a dance instructor, then be a dance instructor, but dont be a dance instructor who complains and moans about the things the other guy has, because you knew that going in. And if you didn’t, you should have.
Not true, at all. American workers and retirees have $29.1 trillion worth of investments in their pension funds, 401Ks, etc. Those investments are appreciating in value and/or earning dividends, etc.
I ASKED FOR THE SPECIFIC DATA; what’s the matter, it doesn’t exist?
Furthermore, how is that “trolling”????
I told ya where to check ain’t doing your homework for ya. Google is your friend.
The wealth gap converged during the Great Recession. Fact
The best way government could address the gap is to privatize ss. Of course we almost all have wealth in the current value of our future social security and Medicare benefits. You don’t find this wealth reflected in the hate the rich stats.
Vanguard S&P 500 index fund. Ya ain’t gonna beat the rich, join them.
Do you think people make decisions based on the environment that they grow up in? You don't think wealth begets wealth? Of course they don't keep it all in banks, I was using that as an example of how this could happen. Can you explain why the velocity of money has been currently going down despite expansionary policies taking place? You never got back to me about the links that I had posted. Do you think that someone who grows up in a community that has a low educational attainment is going to be as likely as someone who grew up in a wealthy community to make a prudent decision regarding their future and the prospects of different fields to go into?
I honestly don't understand this mindset. Of course the person growing up in a poor community is going to have a much harder row to hoe and more obstacles in front of them. Life is a mostly difficult adventure and more difficult for some than others. Does that mean we remove the obstacles for them? Does that mean we punish the advantaged? You cannot level the playing field because there will always be a bottom and a top. Hierarchy will always exist and you can't remove it because it is naturally occurring. Perhaps we should stop telling kids they can achieve whatever they want without adding a qualifier that the odds against them. And they should manage their expectations. And it will be a ton of hard work.
Is there a breakdown in proportion to income brackets and their share of these investments?
Pension plans and individual retirement accounts, 401Ks, etc., have legal limitations on contributions, so "the rich" aren't parking a whole bunch of money in their pensions or retirement accounts. Their money is in investment accounts that have nothing to do with retirement.
The fact many don’t even put enough in their 401k to get the company match ain’t the fault of the rich.
Exactly. The company match is free money that appreciates in value and/or pays dividends, and many people are too stupid to take advantage of that or have no ability to delay gratification and spend that money on selfish wants instead of investing it in their future.
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