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Valued Social Butterfly
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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 31 of 50

@mickstuder wrote:

The richest 1 percent now owns more of the country’s wealth than at any time in the past 50 years

 

The wealthiest 1 percent of American households own 40 percent of the country's wealth, according to a new paper by economist Edward N. Wolff. That share is higher than it has been at any point since at least 1962, according to Wolff's data, which comes from the federal Survey of Consumer Finances.

 

 


And that 1% pays 45.7% of all income tax. Your point??
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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 32 of 50

GOPers continue to insist showing outrage at how the 99% has been screwed over by Republicans for the last 50 years is somehow a sign of "hatred" while kidnapping non-white refugee children then sending them to sleep on cement floors and vilifying half the American public who isn't being paid enough to pay Federal income tax is okay?

 

Pathetic, and soooo Republican - the true party of hatred for Women, gays, the poor, minorities and anyone who exposes their calumnite nature.

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 33 of 50

@rk9152 wrote:

@williamb39198 wrote:

Cent & Umbar, great applicable posts. Just reinforces the “great lie”

of promises made promises kept. 

-Infrastructure program 

-Mexico will pay for the wall

-Great affordable healthcare

-Will unite the country

-Middle class tax cuts and tax reform

-Drain the swamp

-I’ll be working all the time, no golf

-I will hire only the best people

In truly describing trump, his policies, and fabrications as...”sugar highs” and “ticking time bombs”!

trump supporters did not pay attention to: the “Buyer Beware” sign

 

tick, tick, tick


Does any of the screed mean that the economy is not doing very well and Americans are not enjoying the benefits? I gotta yell ya, you guys (generic) better come up with something more than the hate filled negativity before November.


Sure don't show everyone is happy according to Trumps approval ratings.

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 34 of 50

Anyone who STILL does not realize the mal-distribution of wealth is caused by the Reagan taxscam that allows the one's divinding the pie to keep whatever slice they give themselves is simply dillusional. the top 20% is the "managerial class" and they did NOT acquire 90% of EVERYTHING by being 4 1/2 times smarter or more productive or harder working than the next 80%. They got it because THEY are the ones who set the pay scales, INCLUDING THEIR OWN.

 

Before Reagan, they COULD do this, but it would get them NOTHING because each additional dollar they gave themselves would simply increase their tax burden by 75cents. So they gave themselves modest raises and the workers got BIGGER RAISES which they spent which grew the economy which made EVERYBODY better off.

 

Want income to once again increase as worker productivity increases? REPEAL THE REAGAN TAXSCAM! And to do that, the first step is to

VOTE OUT THE NRAGOP IN NOVEMBER!

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 35 of 50

The richest 1 percent now owns more of the country’s wealth than at any time in the past 50 years

 

The wealthiest 1 percent of American households own 40 percent of the country's wealth, according to a new paper by economist Edward N. Wolff. That share is higher than it has been at any point since at least 1962, according to Wolff's data, which comes from the federal Survey of Consumer Finances.

 

From 2013, the share of wealth owned by the 1 percent shot up by nearly three percentage points. Wealth owned by the bottom 90 percent, meanwhile, fell over the same period. Today, the top 1 percent of households own more wealth than the bottom 90 percent combined. That gap, between the ultrawealthy and everyone else, has only become wider in the past several decades.

 

Let's talk a bit about that wealth gap. Wealth, often described as net worth, describes how much stuff you actually have: It's the value of your assets minus the value of your debts. If you have a $250,000 house but you still owe $200,000 to the bank on it, and you have no other debts or financial assets, that means your net worth is $50,000.

 

In the United States, the distribution of that wealth is even more skewed toward the top than the distribution of income. For the sake of illustration, let's say that America is a country of 100 people, and all of the wealth in the country — the homes and land and financial assets — is represented by 100 slices of pie.

 

That works out to an average of one slice of pie per person, which is exactly what everyone would get if we lived in a society where wealth was equally distributed.

 

But that's not the society we live in, and indeed that's not the society that most of us want to live in either. People generally agree that if you work harder you're entitled to more of the pie, and that if you don't work at all, well, barring certain circumstances, no pie for you.

 

In 2010, Michael Norton and Dan Ariely surveyed more than 5,500 people to find out how they thought wealth should be distributed in this country: How much of the pie should go to the top 20 percent of Americans, and to the next 20 percent, and so on, all the way down to the bottom of the distribution?

 

On average, respondents said that in an ideal world the top 20 percent of Americans would get nearly one-third of the pie, the second and middle quintiles would get about 20 percent each, and the bottom two quintiles would get 13 and 11 slices, respectively.

 

In an ideal world, in other words, the most productive quintile of society would amass roughly three times the wealth of the least productive.

 

Now, let's take a look at how the pie is actually distributed. These figures come from Wolff's working paper, and he expands on them further in his new book, "A Century of Wealth in America."

 

The top 20 percent of households actually own a whopping 90 percent of the stuff in America — 90 slices of pie! That's exactly 4½ slices per person, nearly triple their “ideal” share according to Norton and Ariely's survey respondents. Their average net worth? $3 million.

 

That leaves just 10 percent of the pie for the remaining 80 percent of the populace. The next 20 percent of households (average net worth: $273,600) help themselves to eight slices, while the middle 20 percent ($81,700 net worth, on average) split a measly two slices.

 

Don't go feeling too sorry for that middle quintile, though — at least they get some pie. The fourth quintile of households gets literally nothing: no pie. But they're still doing better than the bottom 20 percent of households, who are actually in a state of pie debt: Their net worth is underwater, meaning they owe more than they have. Combined, the average net worth of the bottom 40 percent of households is -$8,900.

 

These figures, staggering as they are, mask a lot of the variation in the top 20 percent. Let's run those numbers again, breaking out some of the richest households separately.

 

There's the top 1 percent, gobbling up an astonishing 40 slices of American pie. The next 4 percent split 27 slices between them, while the next 5 percent take another 12 slices (a little over two slices per person). The bottom 10 percent of the top 20 percent get, on average, one slice of pie each. But don't feel too bad for them: Their net worth is, on average, about $740,800.

 

Among rich nations, the United States stands out for the extent of its wealth inequality. The top 1 percent in the U.S. own a much larger share of the country's wealth than the 1 percent elsewhere.

 

The American 1 percent gobble up twice as much pie (40 percent) as the 1 percent in France, the U.K., or Canada, and more than three times as much as the 1 percent in Finland.

 

This kind of extreme inequality is bad for the economy.

 

The Organization for Economic Cooperation and Development, which represents a number of the world's richest countries including the United States, estimates that inequality has knocked nearly five percentage points off the economic growth in those countries between 2000 and 2015.

 

In high-inequality countries, people from poor households typically have less access to quality education. This leads to “large amounts of wasted potential and lower social mobility,” which directly harms economic growth, according to the OECD.

 

If you were designing a tax plan to reduce the extreme inequality in the United States, you'd probably try to find ways to redistribute some of the wealth from the richest households to the poorest ones.

 

But the Senate GOP tax plan does precisely the opposite of that, according to the CBO: In the short term the richest households get the biggest tax cuts, while longer term the taxes of the poorest households actually increase.

 

Source - https://www.washingtonpost.com/news/wonk/wp/2017/12/06/the-richest-1-percent-now-owns-more-of-the-co...

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 36 of 50

@CS402050 wrote:

@mickstuder wrote:

 

 


This thread started with an article from a far left rag that said the tax cuts were failing. And a number of little liberals agreed and cheered.  (Fancy that, liberals cheering that the middle class would continue to suffer from the economy they created.)  As "factual" evidence that the tax cuts were failing the article from the far left rag that was referenced, in turn, referenced an OPINION piece from Bloomberg that was, in turn, based on erroneous economic numbers from a software company.  And it was ALL presented here as fact, which, AS USUAL, was SHEER IDIOTIC NONSENSE as evidenced by the actual keepers of those numbers, the BLS.

 

Now you post two of the charts from the BLS news release and two of the original little liberals cheer like the charts validated what they said.  They do not.  But you did pique my curiosity.  Were you trying to make some point with those charts?

 

By the way, I wasn't really surprised by the thread or liberal responses.  It's what I have come to expect when I come here.  It always reminds me of that old saying:  There are people who make things happen, there are people who watch things happen, and there are people who ask, "What happened?"  Based on all the nonsense I see here I fully expect the liberals to be asking "WHAT HAPPENED?" in November.  Just like they've been asking ever since the last election.

 


1. There are 340 Million Americans in this Country - if the Largest Corporations and the top 10% of Individuals own 80% of the Assets of the Country (A Scenario That Exists in the USA ) and they move that 80% of the Countries Assets they own and control around amongst each other and at the same time they create and sell products & services to the other 90% of Americans along with exporting additional products to consumers in other Countries - the measurement of all that activity determines a Countries GDP

 

2. It is not necessarily a indication of how well all Citizens within that country are doing................

 

3. To understand that - you have to see if the share of the Countries assets after all that GDP activity is measured is still controlled by the same 90%..........................in the USA instead of that Robust GDP measurement equating to things improving for All Americans - it's had exactly the opposite effect...................

 

4. The Countries assets over each subsequent Decade is coming under the Control of fewer and fewer individuals and Corporations

 

5. The way you prove that - is instead of looking at how the Country as a whole is doing overall economically - you look at how the Majority of Citizens are doing Economically and whether there are any patterns developing that benefit a certain demographic over another Consistently

 

6. There are these patterns and again - A Majority of Americans are worse off over each decade over the last several - even though to the uninformed it looks as though the Country as a whole is doing great 

 

7. Thats what the Charts Show - especially the ones I posted and I'll do it again just to prove my point

 

8. BTW my charts are from the Government Agencies who are under the Direct Control & Management of Trump and his Administration and not some Liberal Publication and they are a current reflection of how a Majority of Americans are doing as of last month - June 2018 - after the Trump Tax Giveaway to the Top 10% and after all his other major policy initiatives 18 months into the Trump Administration

 

9. Chart 3 Shows that in the First View Years of the Obama Administration All Americans were experiencing some real wage growth......................but then the Republicans took over the Congress and then Trump took over the Country and the results are clear

 

 

Wage Growth 1.png

 

Wage Growth.png

 

 

 

Wage Growth 3.png

 

 

 Source - https://www.bls.gov/opub/ted/2018/real-average-hourly-earnings-up-0-point-2-percent-for-all-private-...

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 37 of 50

@CS402050

Thanks for educating all of us idiots out here and the condescending attitude for the presentation of the apparent position. If there is no connection with this site, is this just to put the little liberal idiots in their place? Call us names, but we know who we are, 

 

And yes, the tax cuts are a sugar high and time bomb. And we didn’t cheer because they will hurt a lot of American citizens. Don’t remember any response to my questions?

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 38 of 50

@mickstuder wrote:

 

 


This thread started with an article from a far left rag that said the tax cuts were failing. And a number of little liberals agreed and cheered.  (Fancy that, liberals cheering that the middle class would continue to suffer from the economy they created.)  As "factual" evidence that the tax cuts were failing the article from the far left rag that was referenced, in turn, referenced an OPINION piece from Bloomberg that was, in turn, based on erroneous economic numbers from a software company.  And it was ALL presented here as fact, which, AS USUAL, was SHEER IDIOTIC NONSENSE as evidenced by the actual keepers of those numbers, the BLS.

 

Now you post two of the charts from the BLS news release and two of the original little liberals cheer like the charts validated what they said.  They do not.  But you did pique my curiosity.  Were you trying to make some point with those charts?

 

By the way, I wasn't really surprised by the thread or liberal responses.  It's what I have come to expect when I come here.  It always reminds me of that old saying:  There are people who make things happen, there are people who watch things happen, and there are people who ask, "What happened?"  Based on all the nonsense I see here I fully expect the liberals to be asking "WHAT HAPPENED?" in November.  Just like they've been asking ever since the last election.

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 39 of 50

Could someone specify a percentage that equates to "dive"?

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Re: Sweet Quarterly GDP #, But Changes in Real Wages Dive

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Message 40 of 50

Wage Growth 1.png

 

Wage Growth.png

 

 

 

 

 

( " China if You're Listening - Get Trumps Tax Returns " )

" )
" - Anonymous

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