It turns out the "richest" 5% of Americans have a household income of only $207,000.
Really? That seems crazy to me because I'm in that category and I don't feel wealthy. In fact, i'm one of those people in the article who isn't spending right now. I have seriously cut back and I'm refinancing my mortgage......AGAIN!
I don't own a mansion or even a yacht. I live in a middle class neighborhood and my pool needs a new liner that I've been putting off for 2 years now. Don't get me wrong, I'm not complaining. I live comfortably and I'm not worried about paying my bills. I have money in the market (getting my ass kicked) and money in the bank too, but NOBODY who knows me would think I'm in the top 5% of American households with regards to income. I hope I'm not "talking out of school" here, but I know the Donkey is easily in that 5% as well and he ain't rich either.
Just seems crazy to me that our government hasn't learned these lessons that have been taught over and over again. You can only take so much before regular people like myself just stop giving. Personally I'm still fighting the good fight like Hank Reardon, but where's the tipping point? When do I decide that working 10 hour days isn't worth it?
I can't say for sure, but I'm thinking we're pretty close.
18 comments:
Someone recently defined a conservative as someone who thinks that rich people don't have enough money and poor people have too much. I would agree that the real power in this country, those in the top one percent, or the top one-tenth of one percent would consider you to be poor. The statistics are clear; recent decades have shown the greatest transfer of wealth in our history, but the direction has been upward.
I've got my own problems and have very little sympathy for whining by well-off people. If you want to "go Galt" by all means go for it.
Typical.
You see gary that's why you will always be where you are.
Because first of all I'm not whining. I'm stating facts. Eventually we all decide when it's not worth it to push as hard and when an EMPLOYER decides that it's at the tipping point then it's the end for the EMPLOYEE.
Right now I work as hard as I do because it's still worth it. Eventually if my taxes continue to rise it will get to the point where it doesn't make sense to work any more hours because working 10-12 hours a day will not make me much more money than working 8 hours. And I don't get paid by the hour.
This is why the job market in CA is so bad. This is why NY has lost over 100 fortune 500 companies in the last 10 years and this is why places like Texas and Alaska have growing economies while most of the country is dying.
This is why major companies move their call centers over seas. This is why Rush Limbaugh sold his Manhattan apartment for 10 million dollars and NY won't be getting his millions of dollars in income tax any more.
these are just the big examples. How many people are just like me? How many are getting to the point where they can't make enough money to justify staying in NY or CA or America for that matter? When will Donkey move out of NYC? At what point is the city tax,state tax,property tax,etc. too much?
The fact of the matter is that if it wasn't for certain personal obligations I would have moved from NY already and I've already started looking at property elsewhere. Even outside the U.S. because I can do what I do from anywhere.
So you stick to what you know gary. Keep blaming the "rich" for all of your problems but the truth is you're responsible for where you are in life and nobody else.
First, the current debate about whether or not to extend all the Bush tax cuts is a debate about whether to raise the top rate by 3%, to where is was during the prosperous Clinton years.
Second, the wealth has not trickled down as advertised, it has trickled up.
Third, I don't blame anyone for anything, except for being stupid, because there is no excuse for ignorance.
The clinton years didn't happen in a vaccuum. There were many factors that contributed to the economy during those years and clearly these are not the same conditions that we had then.
You're wrong of course about the wealth, but that really doesn't matter. Right now the discussion is spending.
If the top earners don't spend, the bottom earners don't have jobs.
That's it.
Take for example the fact that I am a smoker, I could pay $13 a pack in NYC or I could drive to CT and pay $7. Theoretically speaking.
...and the answer to your rhetorical Rhino is perhaps not too long. Meeting some clients inb TX at end of month and if all goes well....
"If the top earners don't spend, the bottom earners don't have jobs.
True enough, but without a strong middle-class this country is over economically. We are a consumer society, and if you haven't noticed, we don't manufacture anything anymore. I don't have all the answers, but tax cuts for the rich obviously ain't it.
I would take libs more seriously if their answer to EVERY problem wasnt to increase taxes.
For fucks sake, the EPA wants to tax dust. Luckily Nancy Pelosi's vagina wont let that one pass but still....fucking tax dust?
Its getting old, people are getting wise, and they are getting pissed off about it. 2010 aint looking good for libs.
I would take conservatives more seriously if their answer to EVERY problem wasn't to cut rich people's taxes.
Are you for real? Youre like a child. Whats your next response.... that youre rubber and im glue?
No one is proposing any new tax cuts.
So once again you make a factually incorrect statement, and demonstrate you have no grasp on the subject matter youre discussing.
My point however is true. Every liberal solution to every problem is to tax. Name one single major liberal iniative that didnt involve new taxes? Ill give you a clue....there isnt one. That you dont have a problem with that is disturbing but not surprising, considering youve been sucking off the federal tit since youve been coming to The Aurora.
http://www.huffingtonpost.com/2009/03/26/gop-budget-proposal-massi_n_179598.html
Sounds like a great plan actually. Tax cuts are a true stimulus, even the pill popping mysogynist JFK knew that.
But heres your problem, among other things you dont understand politics so you google and link. You live in a world of talking points so you think you GOT me cuz you linked one article from Huffpo, but you have nothing but dailkosian regurgitation. If we were to compare the last 100 pieces of liberal legislation vs the last 100 conservative, i can assure you the latter would not include 100 tax cuts, but if were to look at the former I will bet you cash money (sorry I dont accept unemployment checks) that at a minimum there are 100 new taxes in the lib legislation. Its all libs know how to do.
Its not your money and its not the federal governments money, stop treating it like it is. Its immoral and wrong.
First: Obama cut taxes, he just cut them for the "wrong" people, from your point of view.
Second: Tax cuts can stimulate the economy, but not enough to pay for themselves. The result historically is massive deficits.Even conservative economists acknowledge this, if not conservative politicians.
Third: you know ever since I mentioned a period of unemployment you have held it against me. I have been unemployed for the greater part of my time visiting your blog and I'm not going to mention any more personal stuff to you. Your negative remarks to me and even my daughter reveal your lack of character, nothing more.
seriously dude if you still don't have a job you should move from California. The economy sucks there and it's not getting better any time soon. You might be Ok for now but eventually the unemployment benefits will run out.
Finally, we brought up your unemployment because YOU brought up your unemployment and YOU used your own situation to illustrate how great it was that Obama extended you dependency and allowed you to remain comfortable enough to not move to Alaska or where ever else in order to seek employment.
Before the days of welfare people didn't think they were entitled to a job in the state or neighborhood where they grew up, they earned their station in life and sometimes it was hard and uncomfortable. And sometimes they had to uproot their families. and sometimes they were under paid etc. Now that's not the way. Now you remain unemployed and beg for more help from those of us who are paying into the tax base and you call us whiners while we feed you.
Ok. but eventually you will have to feed yourself or starve.
Good luck.
Gary has poor me syndrome. A side effect of liberalism.
I've worked my whole life except for brief periods of unemployment, during which, yes, I collected unemployment benefits to which I was entitled. Whether or not I'm working now is none of your business. I've never begged for help from anyone, least of all you.
I respect honest and principled conservatives. I do not respect you. Draw your own conclusions from that. You showed yourself for what you are when you went after my daughter, who by the way is a much better person than you are, obviously.
Holy shit Gary, do you always have to be the victim? Boo fucking hoo, Rhino made an alleged disparaging remark.... well I hate to break it to you, but your mother was a whore, your dad a cross-dresser and your daughter has sex with conservatives.
Man up, get a job, and stop your crying. People like you didnt build this country, and Ill be damn sure you dont destroy it.
This thread is over.
As I recall Rhino was the one whining about the possibility that rich people might have their taxes raised 2 or 3 per cent. Boo fucking hoo. They'd still be rich and they'd still control our political system. You didn't object when Bush was destroying this country for political benefit and the benefit of the top 1%. I can understand people who are actually in that 1% supporting these policies, but the rest of you brain-dead conservatives are just being used.
Your hatred betrays your ignorance. I realize it was prob a rich person that fired you and you are bitter but you have to let it go man and look on the bright side....maybe a rich person will hire you. I wouldnt, but someone might.
More importantly....
Do you know anything... at all about what we are talking about in this post?
Its not just a 2 or 3% hike on the income tax for the top 1 or 5%. That is only the tip of the iceberg.
I understand that class warfare is the liberal way, you know divide and conquer stuff but lets look at another small tax (among many soon to come) that will impact just about everyone...
Are you aware of the dividend tax? Prob not, so Ill learn you. The tax on investment income is about to jump from 15 to 39% under Obama.
Do you have any idea what type of people this country invests for income? And what it will do to the markets?
Nevermind dont answer. Im done with you on this thread, its apparent you have no clue what youre talking about.
Thread closed.
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