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Darn that Trump - 848,000 millionaires created in ONE YEAR!

Bullseye

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Trump's economic policies lead to yet another disaster - more competition for the coveted top 1% label. With 848,000 new millionaires in the battle the decision is going to be tough.

But wait. . . there's more:


The tax cuts passed by President Trump in 2017 have created a solid foundation for economic growth. U.S. worker wages have reached its highest levels in a decade. Over three million new jobs created, three million working class families benefitting from bonus checks averaging $1,000 or more, and record unemployment, sinking to 3.7 percent.
The Dow Jones, while volatile now, had a 5,000-point surge in 2017, the largest annual gain in its history. Second quarter growth reached four percent, while third-quarter growth was a solid 3.5 percent. Oh, and have we forgotten about those small business and consumer confidence numbers? They’re the highest in nearly two decades.
The Trump effect has also created more wealth over the past year, with 878,000 Americans becoming millionaires over the past year (via Washington Examiner):
“The boom goes on,” cheers the Credit Suisse's Global Wealth Report.
"Looking at the number of millionaires, we see that there are 42.2 million millionaires worldwide, which is up 2.3 million over the previous 12 months. Our research indicates that the United States added 878,000 new millionaires – representing around 40 percent of the global increase – to its already sizable stock," the bank said.
The report showed that U.S. wealth grew at 6.5 percent, higher than the world average of 4.6 percent, and has extended a pattern that started during former President Obama's administration.
[…]
“Total wealth and wealth per adult in the United States have grown every year since 2008, even when total global wealth suffered a reversal in 2014 and 2015. The United States has accounted for 40 percent of all increments to world wealth since 2008, and 58 percent of the rise since 2013. While not wishing to cast doubt on the ‘Trump Effect’ on financial markets, it seems inevitable that the uninterrupted spell of increasing wealth in the United States will come to an end at some time. Fortunately, there are signs that wealth inequality is no longer rising, which should mitigate the impact of any setback on the middle classes.”
So, it looks like Trump isn’t a middle-class killer, and that the economic boom, while it may come to a close sometime in the future, will continue to roar.
 

gulfman

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A lot different than Obama.Obama added 848,000 more on food stamps in one year.Its nice to have a real President.
 

Bullseye

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A lot different than Obama.Obama added 848,000 more on food stamps in one year.Its nice to have a real President.
Well, Credit Suisse did give Obama a bit of a nod, but that required in Europe whenever acknowledging something good has happened under Trump. ;)
 

Risky Thicket

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Trump's economic policies lead to yet another disaster - more competition for the coveted top 1% label. With 848,000 new millionaires in the battle the decision is going to be tough.

But wait. . . there's more:

"But wait. . .there's more." You watch a lot of commercial television, right. :lamo

Was your boy Trump president between 2008 and 2016?

Are you one of the 848,000 people who suddenly became a millionaire in one year? I have a few friends whose property took off like a rocket after the housing market began to stabilize after the recession. Millionaires on paper. That happened in many cities across America.

How many of those 848,000 people became millionaires because they received a one time 1,000 dollar bonus?

We could go on and on. I am happy some people made money. It is, however, misguided to attribute the sudden addition of 848,000 millionaires to the economy to Donald Trump. The economy is doing well for the time being. It didn't start with Trump. Trump won't be able to stop the slide when the economy begins to slow down. Already the housing market is beginning to slow down.

About 15 million children, around 21% of all children, live in families with incomes below the federal poverty threshold. America can do better. The gap between rich and poor in the US is widening. The middle class is growing smaller.
 

Bullseye

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"But wait. . .there's more." You watch a lot of commercial television, right. :lamo
Nope, just a tad of a joke.

Risky Thicket said:
Was your boy Trump president between 2008 and 2016?
You mean during the worst post-recession recovering since WW II? A time when the then-President told us that sub 2% growth was the "new normal"? No some other guy was President back then. Trump was President during the booming economy that is the subject of the link.

Risky Thicket said:
Are you one of the 848,000 people who suddenly became a millionaire in one year? I have a few friends in California whose property too off like a rocket after the housing market began to stabilize after the recession. Millionaires on paper. That happened in many cities across America.
Your desperation is showing "no, no, no, Trump can be given any credit for anything".

Risky Thicket said:
How many of those 848,000 people became millionaires because they received a one time 1,000 dollar bonus?
Red Herring.

Risky Thicket said:
We could go on and on. I am happy some people made money. It is, however, misguided to attribute the sudden addition of 848,000 millionaires to the economy to Donald Trump. The economy is doing well for the time being. It didn't start with Trump. Trump won't be able to stop the slide when the economy begins to slow down. Already the housing market is beginning to slow down.
No, as I showed about the economy hasn't " been doing well for some time", it was sputtering along and an anemic rate. It slowly recovered from the recession and wheezed along with barely a pulse.

Risky Thicket said:
About 15 million children, around 21% of all children, live in families with incomes below the federal poverty threshold. America can do better. The gap between rich and poor in the US is widening. The middle class is growing smaller.
Just stick your fingers in your ears and go "neener, neener, for a couple of years.
 

Media_Truth

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I became a millionaire during Obama's tenure. I wonder how all these additions to my group will affect this chart?

Income_1percenters_poor_etc.JPG

The next move is to take Social Security and Medicare away from the group on the left of the chart, even though they paid into it all their lives.
 

yankintx

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A lot different than Obama.Obama added 848,000 more on food stamps in one year.Its nice to have a real President.

A downturn which was the fault of Trumps party, just keeping it real.
 

Helix

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The next move is to take Social Security and Medicare away from the group on the left of the chart, even though they paid into it all their lives.

i hope not, but it's definitely possible.
 

Media_Truth

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i hope not, but it's definitely possible.

That is Mitch McConnell's goal.

McConnell eyes cuts to Medicare, Social Security to address deficit | MSNBC

Whether the GOP leader actually believed his own rhetoric is an open question, but either way, we now know the Kentucky senator’s claim was spectacularly wrong. The Republican tax breaks have, as Democrats and those familiar with arithmetic predicted, sent the nation’s budget deficit soaring.

Take a wild guess what McConnell told Bloomberg News he wants to do about it.

Senate Majority Leader Mitch McConnell on Tuesday blamed rising federal deficits and debt on a bipartisan unwillingness to contain spending on Medicare, Medicaid and Social Security, and said he sees little chance of a major deficit reduction deal while Republicans control Congress and the White House.


And yet there is no mention that Social Security is already under change. 1983 SS reform raises the "full benefit" age to 66 years old, from 65, for those born in 1955 and later. Those people start coming of age in 2020. Another tier follows later. So McConnell wants to stack other changes on top of the 1983 reforms, that are still being phased in.
 

Helix

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That is Mitch McConnell's goal.

McConnell eyes cuts to Medicare, Social Security to address deficit | MSNBC

Whether the GOP leader actually believed his own rhetoric is an open question, but either way, we now know the Kentucky senator’s claim was spectacularly wrong. The Republican tax breaks have, as Democrats and those familiar with arithmetic predicted, sent the nation’s budget deficit soaring.

Take a wild guess what McConnell told Bloomberg News he wants to do about it.

Senate Majority Leader Mitch McConnell on Tuesday blamed rising federal deficits and debt on a bipartisan unwillingness to contain spending on Medicare, Medicaid and Social Security, and said he sees little chance of a major deficit reduction deal while Republicans control Congress and the White House.


And yet there is no mention that Social Security is already under change. 1983 SS reform raises the "full benefit" age to 66 years old, from 65, for those born in 1955 and later. Those people start coming of age in 2020. Another tier follows later. So McConnell wants to stack other changes on top of the 1983 reforms, that are still being phased in.

I'm aware that it is the goal of the Republican party.
 

Joecool44

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A downturn which was the fault of Trumps party, just keeping it real.

Bill Clinton signed into law, the legislation that became the housing bubble and financial crisis.
 

Vern

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Bill Clinton signed into law, the legislation that became the housing bubble and financial crisis.

er uh Joe, would it be too much trouble for you to tell us what law you are talking about then explain the connection to the mortgage bubble that started late 2004. thanks in advance. And just to help you out a little, here's Bush telling you it started in late 2004.


From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
http://www.treasury.gov/resource-center/fin-mkts/Documents/q4progress update.pdf
 
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