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Yes, wealth between classes converges during recessions. I prefer the wealth gap keep growing. A record expansion equals a record wealth gap. It’s a good thing.
And you base “it’s a good thing” on what, exactly?
What data specifically?
What data specifically correlates a “record wealth gap” with “a record expansion”, and proves that there’s a direct relation?
Do you think this system of capital appreciation is healthy, or does it have external consequences?
It's the natural result of several centuries of human progress, driven primarily by the free exchange of goods. services, ideas and values -- as opposed to often-misguided central planning. It can correct itself, as opposed to authoritarians seeking to perpetuate their power and influence by force alone.
You dreamers are now free to cook up any flimsy excuse you care to -- in the name of "the planet", "the environment", "the greater common good". or any other nebulous non-entity. But the fact remains that all of these empty words are too easily seized upon by those whose intentions are less noble.
Last edited by 2nd trick op; 11-09-2019 at 10:06 PM..
And you base “it’s a good thing” on what, exactly?
What data specifically?
What data specifically correlates a “record wealth gap” with “a record expansion”, and proves that there’s a direct relation?
The fact is under capitalist systems capitalists lose more wealth during recessions than laborers even as a percentage. In the last recession my wealth didn’t take a hit but many billionaires took huge hits.
Don’t believe me simply check out the data from the 2008 recession.
Yes, wealth between classes converges during recessions. I prefer the wealth gap keep growing. A record expansion equals a record wealth gap. It’s a good thing.
As long as your 401k goes up, nothing else matters.
While the very rich always ran America we are at the point where the middle class is shrinking rather than growing. Within the last three years a major decision was made by the Supreme Court that was designed to weaken public unions. In some states the effort will be successful. This Supreme Court decision was financed by the very rich. In the 1960s the percentage of private industry workers in unions was over 30%. It is now under 10%.
There is a direct correlation between the demise of private sector unions and a weakened middle class.
Yes. And Republicans have decimated unions in general.
Quote:
Originally Posted by redwood66
I don't spend my time worrying about what someone else has because I am too busy making sure we earn enough to take care of ourselves. None of my business what others are doing to take care of themselves.
It's not just about you, though is it? It's about our society in general. It's never good to have a shrinking middle class even if we, ourselves, are doing well.
This is not a good direction for our country in general.
While the very rich always ran America we are at the point where the middle class is shrinking rather than growing. Within the last three years a major decision was made by the Supreme Court that was designed to weaken public unions. In some states the effort will be successful. This Supreme Court decision was financed by the very rich. In the 1960s the percentage of private industry workers in unions was over 30%. It is now under 10%.
There is a direct correlation between the demise of private sector unions and a weakened middle class.
This
The problem I have with the very rich is the political power they hold over everyone else since they can purchase politicians to do their bidding. It creates a neverending feedback loop as we are seeing in this country where they are getting richer while everyone else is getting poorer because of the policies they give to politicians to pass.
According to the article this can be chalked up to multimillionaires and billionaires putting their funds into the stock market rapidly appreciating its value, then qualifying for investments in private equity funds which grow based on interest in debt/loans.
That means the more money they have, the more opportunity they have to invest in collective funds like PEF.
Its all a feedback loop as more investment in the stock market increases the overall value.
Since this is great for tax revenue, both republicans and democrats consider this progress.
Are you Ok with this? I'm guessing most of you are because of the wide spread belief that the rich 'earn' their money.
Lets put it to a Poll and find out.
Investment gains/losses are unrealized until they are sold, so the mere act of buying more investments wouldn't produce a tax affect.
Interest payments on fixed income are taxable though as they are earned/accrued for during the life of the contract. So are payments from mutual funds and hedge funds unless they are held in a tax deferred account.
Yes it does, in more ways than one. THe wealthy drive up the cost of living, why do you think it costs half a million dollars now to own a home in Seattle?
They also corrupt the government into passing laws and policies that are good for them but bad for everyone else, like wars, tax cuts, deregulation, pollution, etc.
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