The rich get richer and the poor get screwed - again

Nov 2012
40,579
11,692
Lebanon, TN
#31
@RNG how many Working class people have IRAs Roth IRAs and 401Ks and 403Bs.. You do know that there at there are 100s of Billions of working class people invested in Stocks... I have made 70K+ this year since January 1.. 120K+ since 1/2017 in my 401K.

I have made 40K+ in my Roth IRA (This is TAX FREE MONEY since 1/17

I am just a working stiff.
 
Nov 2012
40,579
11,692
Lebanon, TN
#32
The only joke is the Republican tax scam. Soon to be repealed. Then the rich and corporations can continue being rich. With nobody hating except the rich and corporations.

Amazing isn’t it? Live a life of luxury and hate.

Tax Scam if you take what an AVERAGE working class couple is saving in taxes 2800/year.. and save that in a ROTH IRA... after 30 years you will have

240*3500 IN TAX FREE income.
in 20 years 240*1000 in TAX FREE INCOME.

At least Trump understands the money we earn IS OUR MONEY not the governments money.
 
Nov 2012
40,579
11,692
Lebanon, TN
#33
Those that are smart with their money... have made a killing. people investing in their retirement have made a killing.....

Thanks to Trump Mrs Voluneer was able to retire making more bringing home more money that she was making working.

Thanks Ronald Reagan for teaching us the power of IRAs

Thank you Senator Roth for pushing for ROTH IRAs that is giving her an INCOME TAX FREE

Thank you Supply Siders that gave us economic growth to allow our funds to Grow at an average of 12-15% for the last 35 years.


Now you know we have seen 12-15% Growth in many of our funds.

now you take the Rule of 72...

that means our RETIRMENT has DOUBLED (at 12%) every 5 years. now if you did not run scared over the last 35 years held your ground through the ups and downs of the markets.... every dollar/month you have saved became 3500 in principle. if you did this for the last 20 years that dollar/month became 1000 in principle.
 
Dec 2016
5,099
2,620
Canada
#34
From a detailed NYT analysis of the current S&P bull market that just hit its 10th anniversary.

More than $30 trillion: That's the amount of wealth generated by stocks' 10-year bull run, per the N.Y. Times' Matt Phillips.

  • "Adjusted for inflation, that is the most created during any bull run on record, edging out the $25 trillion in gains during the epic streak from December 1987 to March 2000, which ended with the bursting of the dot-com bubble."
The fruits went mostly to the rich, per The Times:

  • The net worth of the wealthiest 10% of American families grew by double-digit %s.
  • Median American family wealth dropped 34%.
In particular, look at that last sentence.

This is from the Axios AM newsletter but the links are in the quote above.
Of course the fruits went mainly to the rich! That's how capitalism works. The problem with the majority of us middle-aged liberal-and former liberal baby boomers is that we grew up and came of age during a long era where capitalist forces were carefully managed by a political/government structure that would point to a map of the Soviet Union, and until 1985, remind all the sociopaths and worse, who subscribed to the 'new' economic theory (really old) of Milton Friedman and his influencers--that wanted to gut everything connected with New Deal Liberalism that Communism represented an Economic threat as much as a military threat during most of the Cold War!

We didn't know it at the time, but the Cold War argument was the only thing holding back the capitalist class from flying their freak flag high and using their money to buy the changes in government and economic policy that would put more money in their corporate And personal wealth columns. So what has happened since the Fall of the Soviet Union and....let's not forget, if we just take a dispassionate look at what China has done since the Fall? All of the former communist nations rising out of the ashes have become neoliberal economic nightmares....mostly run by the same people that were running the communist parties in most of these states! The ruling classes were jealous of the wealth and lifestyles of western contemporaries, so they were the ones who flipped the switch and collapsed the system that hundreds of millions were depending on for survival, and afterwards, an unaccounted for millions of people died years before they should have because their pensions and other securities were ripped out beneath their feet in one act of treachery! China's turn to capitalism has been closer to the managed Keynsian model....if we discount the lack of civil rights or workplace and environmental regulations, but it was the same story: wealthy communist party officials becoming the new class of capitalists.

This change added new markets and for a brief time, new opportunities for continued growth in capital accumulation. But what are we hearing today....besides that it's been over 10 years since the last market crash that would have ended international banking and finance if it wasn't for nations handing over trillions in free credit and guarantees to the robbers who had bankrupted the system in the first place?

And that's where any bleating from liberal Neoconservative rags like the New York Times fall flat on the pavement! They have nothing to offer! No solutions, because the b-team reporters and writers like this guy are sent out to lament and commiserate with people about their stagnating wages and diminishing future expectations...wag their tongues at the rich for a little while BUT never threaten the Power Structure that refuses to make any changes to reign in the worst abuses of the capitalist class.

The Trump-like billionaires of the world are not going to listen to whatever mild bleating comes from editorials in the New York Times! Let's see a Times writer call for invoking a Wealth Tax, that progressively eats away at the obscene, ill-gotten gains of the billionaire class, and imagine what a shit storm that would create! I don't think any reform can happen with any capitalist system at this stage anyway. Right now, we're getting a proliferation of wars and invasions and plunderings of smaller nations that go without serious objection by any western media analysts precisely because that is the only area of growth opportunity for capitalism that is left in the world! That's why we're at an extremely dangerous and volatile state today! And post-capitalism may look...maybe more likely look like the feudalism of old, because socialist systems require informed and organized populations, and it sure looks like we don't have that right now!
 
Jul 2018
1,711
410
Earth
#35
I admit, I have no inkling as to how the US government runs such massive debt and survives. Governments throughout history have collapsed under much lesser of debt.

It really is voodoo economics to me.

Was Dick Cheney right? Do deficits no longer matter?
The deficit is simply the short-fall in tax revenue that is made up by selling government securities. The financial sector demands deficits so that it can make money by buying and selling the government securities as safe investments that carry a guaranteed rate of return.. The government likes deficits because it allows the politicians to claim that they keep taxes low and trot out a tax cut every once in a while. That keeps the local yokels happy..
 
Jun 2013
5,657
1,730
Katmandu
#36
The deficit is simply the short-fall in tax revenue that is made up by selling government securities. The financial sector demands deficits so that it can make money by buying and selling the government securities as safe investments that carry a guaranteed rate of return.. The government likes deficits because it allows the politicians to claim that they keep taxes low and trot out a tax cut every once in a while. That keeps the local yokels happy..
The deficit calculation ignores much of the inter-governmental debt issued during the year. It treats some debt as income. That is why the deficit and change in the national debt don't agree.
 
Dec 2014
26,631
14,559
Memphis, Tn.
#37
Holy crap!!!!


Thank you so much for posting this. It explains a lot about leftists. I could have never imagined that something like this was actually a concept that people believed in so much that they could repeat it in a non mocking way.


I am going to save this and use it as an example of leftist economic theory.




Fantastic job.
Specify the errors and falsehoods, point by point.
 
Feb 2019
1,441
331
here and there
#38
The only joke is the Republican tax scam. Soon to be repealed. Then the rich and corporations can continue being rich. With nobody hating except the rich and corporations.

Amazing isn’t it? Live a life of luxury and hate.
You are describing an unfair tax system.

What does this have to do with the wealthy causing harm to society other than the wealthy in Washington causing them harm with taxation?
 
Mar 2019
133
25
New Hampshire
#39
The only joke is the Republican tax scam. Soon to be repealed. Then the rich and corporations can continue being rich. With nobody hating except the rich and corporations.

Amazing isn’t it? Live a life of luxury and hate.
Hate: Must be a liberal's favorite word.
 

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