How much time until the wealthy wring the last of the wealth from the rest of us?

independentusa · Jul 25, 2020

The top 20% of Americans own over 70% of the wealth of this nation and that percentage is growing. The bottom 50% of Americans own 1% of the wealth of our nation and that is decreasing. Most middle class Americans, those that are left, have most of their wealth tied up in the equity of their homes, which if they are unable to pay their mortgages because of the Covid epidemic, may soon disappear. The wealthy and the GOP constantly talk about our tax system redistributing money and wealth from the wealthy to the poor, but if the wealth distribution in our country is any kind of gauge, that is not true. Wages in this country have remained about the same when you look at inflation for about 30 years, and yet during that time the wealthy have gotten wealthier. So at what time or how long will it take with low wages until the wealthy of this country have wrung all of the wealth of the country from those who do not belong to their "class"? And please do not argue that the wealthy are not a separate class in this country.

Deuce · Jul 25, 2020

Billionaires have actually increased their net worth during COVID. The rest of us? Not so much.

Helix · Jul 25, 2020

The goal is to give all of the wealth to the five old rich guys. That way, we can all be wealthy.

rickc · Jul 25, 2020

Helix said:
The goal is to give all of the wealth to the five old rich guys. That way, we can all be wealthy.

Actually we have been here before. During the Hoover days just before the great depression.

FDR fixed it among a lot of other things. Wealth tax of 75% of everything over 1 million.

The middle class had a long run until Reagan and trickle down

Grandpappy · Jul 25, 2020

Looks like someone needs to explain the nature of capitalism vs, the nature of socialism. In capitalism, ingenuity, hard work and perseverance are rewarded. Some people have those qualities, some don't. The people that do have these talents create opportunities for those of us with other talents. This results in a high standard of living for a majority of people, but not all.
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

bluesmoke · Jul 25, 2020

independentusa said:
The top 20% of Americans own over 70% of the wealth of this nation and that percentage is growing. The bottom 50% of Americans own 1% of the wealth of our nation and that is decreasing. Most middle class Americans, those that are left, have most of their wealth tied up in the equity of their homes, which if they are unable to pay their mortgages because of the Covid epidemic, may soon disappear. The wealthy and the GOP constantly talk about our tax system redistributing money and wealth from the wealthy to the poor, but if the wealth distribution in our country is any kind of gauge, that is not true. Wages in this country have remained about the same when you look at inflation for about 30 years, and yet during that time the wealthy have gotten wealthier. So at what time or how long will it take with low wages until the wealthy of this country have wrung all of the wealth of the country from those who do not belong to their "class"? And please do not argue that the wealthy are not a separate class in this country.

The wealthy are not a separate class in this country. The rest of the people have no class. Only the wealthy have class.

Having wrung all the blood from the rock, the rock can only be put into servitude/slavery or the wealthy look to squeeze what else can be had from whomever else has anything to be had from the rest of the world, which would be the Euro countries. But there may very well be a tipping point where the dumbass simmering frog actually rebels. Where the Hannity diet of beans 'n' rice is no longer so tasty day after day.

bongsaway · Jul 25, 2020

Grandpappy said:
Looks like someone needs to explain the nature of capitalism vs, the nature of socialism. In capitalism, ingenuity, hard work and perseverance are rewarded. Some people have those qualities, some don't. The people that do have these talents create opportunities for those of us with other talents. This results in a high standard of living for a majority of people, but not all.
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

Hard work is rewarded? Not for most people it isn't. They get a paycheck and their employer informs the IRS how much the employee earned and in essence it's almost impossible for anyone getting a W-2 to cheat on their taxes. Ingenuity and perseverance if you're lucky might pay off and get the average joe an upper middle class life. A whole bunch of folks get their money handed down to them through their families, like our president and we all know how he is with money.

Good4Nothin · Jul 25, 2020

rickc said:
Actually we have been here before. During the Hoover days just before the great depression.

FDR fixed it among a lot of other things. Wealth tax of 75% of everything over 1 million.

The middle class had a long run until Reagan and trickle down

High taxes on the rich just cause them to hide their income. And income tax is not such a good way to help the poor. A healthy economy with plenty of jobs helps the poor more than anything.

However, our economy is very sick thanks to the corrupt alliances between the financial industry and the government. It was heading for a crash before the pandemic started. The current bailouts are setting us up for bigger crashes and creating devastating debt.

Good4Nothin · Jul 25, 2020

bongsaway said:
Hard work is rewarded? Not for most people it isn't. They get a paycheck and their employer informs the IRS how much the employee earned and in essence it's almost impossible for anyone getting a W-2 to cheat on their taxes. Ingenuity and perseverance if you're lucky might pay off and get the average joe an upper middle class life. A whole bunch of folks get their money handed down to them through their families, like our president and we all know how he is with money.

Anyone who gets job skills that employers want, and who works hard, will make money. And if they are responsible about not spending more than they can afford, they will be middle class eventually.

Anyone who wants to start a business is allowed to, but most fail. If you work hard and are lucky you can have a successful business and maybe get rich.

But for most, just having job skills that are in demand is good enough.

Luckyone · Jul 25, 2020

independentusa said:
The top 20% of Americans own over 70% of the wealth of this nation and that percentage is growing. The bottom 50% of Americans own 1% of the wealth of our nation and that is decreasing. Most middle class Americans, those that are left, have most of their wealth tied up in the equity of their homes, which if they are unable to pay their mortgages because of the Covid epidemic, may soon disappear. The wealthy and the GOP constantly talk about our tax system redistributing money and wealth from the wealthy to the poor, but if the wealth distribution in our country is any kind of gauge, that is not true. Wages in this country have remained about the same when you look at inflation for about 30 years, and yet during that time the wealthy have gotten wealthier. So at what time or how long will it take with low wages until the wealthy of this country have wrung all of the wealth of the country from those who do not belong to their "class"? And please do not argue that the wealthy are not a separate class in this country.

27 days, 3 hours and 17 minutes.

Good4Nothin · Jul 25, 2020

bongsaway said:
Hard work is rewarded? Not for most people it isn't. They get a paycheck and their employer informs the IRS how much the employee earned and in essence it's almost impossible for anyone getting a W-2 to cheat on their taxes. Ingenuity and perseverance if you're lucky might pay off and get the average joe an upper middle class life. A whole bunch of folks get their money handed down to them through their families, like our president and we all know how he is with money.

And how did you get all that? From your parents? From the government? Most likely, you worked all your life and were responsible about spending.

VanceMack · Jul 25, 2020

independentusa said:
The top 20% of Americans own over 70% of the wealth of this nation and that percentage is growing. The bottom 50% of Americans own 1% of the wealth of our nation and that is decreasing. Most middle class Americans, those that are left, have most of their wealth tied up in the equity of their homes, which if they are unable to pay their mortgages because of the Covid epidemic, may soon disappear. The wealthy and the GOP constantly talk about our tax system redistributing money and wealth from the wealthy to the poor, but if the wealth distribution in our country is any kind of gauge, that is not true. Wages in this country have remained about the same when you look at inflation for about 30 years, and yet during that time the wealthy have gotten wealthier. So at what time or how long will it take with low wages until the wealthy of this country have wrung all of the wealth of the country from those who do not belong to their "class"? And please do not argue that the wealthy are not a separate class in this country.

Awwww...pooor widdums. Did the evil bad rich person sneak into your hut at night, steal your pennies, and shove your face in the mud?

Wealth is not a zero sum game. The rich dont get rich by wasting their time thinking about people liem you, much less stealing from you. If you fail, go find a mirror, look at the person staring back at you, and kick that person right square in the ass, because THAT is who is to blame for your pathetic miserable existence.

Holy ****...what HAPPENED to people in this country.

[video]https://www.chicksonright.com/blog/2020/07/24/youre-about-to-fall-in-love-with-this-black-woman-whos-got-a-m-for-the-morons-whining-about-statues/[/video]

But the rich are making you poor........

Helix · Jul 25, 2020

rickc said:
Actually we have been here before. During the Hoover days just before the great depression.

FDR fixed it among a lot of other things. Wealth tax of 75% of everything over 1 million.

The middle class had a long run until Reagan and trickle down

I'd say Kennedy's tax cut was warranted, or was at least useful. when the top tax rate is ninety something percent, that's just stupid. however, trickle down in the 2000s has just been letting the rich raid the treasury over and over again.

The Old Soul · Jul 25, 2020

Grandpappy said:
Looks like someone needs to explain the nature of capitalism vs, the nature of socialism. In capitalism, ingenuity, hard work and perseverance are rewarded. Some people have those qualities, some don't. The people that do have these talents create opportunities for those of us with other talents. This results in a high standard of living for a majority of people, but not all.
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

The couple truly wealthy people I've known let their money (and the hard workers they hire at crap wages) do the deed. They spend most of their time goofing off and actually do almost no work at all; they are too busy playing with all the lush-budget toys they have. Comparing what the have to what they bestow on their worker bees, they are modern day slave-labor owners, with little conscience, empathy or remorse toward others. And the more they have, the more ruthless they become to get more. Money is the most addictive drug on the planet.

gdgyva · Jul 25, 2020

independentusa said:
The top 20% of Americans own over 70% of the wealth of this nation and that percentage is growing. The bottom 50% of Americans own 1% of the wealth of our nation and that is decreasing. Most middle class Americans, those that are left, have most of their wealth tied up in the equity of their homes, which if they are unable to pay their mortgages because of the Covid epidemic, may soon disappear. The wealthy and the GOP constantly talk about our tax system redistributing money and wealth from the wealthy to the poor, but if the wealth distribution in our country is any kind of gauge, that is not true. Wages in this country have remained about the same when you look at inflation for about 30 years, and yet during that time the wealthy have gotten wealthier. So at what time or how long will it take with low wages until the wealthy of this country have wrung all of the wealth of the country from those who do not belong to their "class"? And please do not argue that the wealthy are not a separate class in this country.

you all keep complaining about the wealth spread...

yet every time i talked to my employees, they couldnt be troubled to talk about investing or saving (maybe 130 out of 1600 actually took advantage of our program) yet our average wage was over 60k annually

well, you cant begin to be a part of the upper crust if you NEVER save, never invest, and never get the stock market gains

Way too many are scared of losses....and yes, the market at times will have HUGE losses....but over 30-40 years, there is no better way to gain wealth....PERIOD

I started with $ 25 a pay period over 40 years ago....and kept raising that amount as my income grew....i never sold, or took money out of my account.....

I sold individual equities, but put the money into other equities....

We started with less than nothing....we now have a VERY NICE nestegg....

Money begets money....it just works that way

independentusa · Jul 25, 2020

Grandpappy said:
Looks like someone needs to explain the nature of capitalism vs, the nature of socialism. In capitalism, ingenuity, hard work and perseverance are rewarded. Some people have those qualities, some don't. The people that do have these talents create opportunities for those of us with other talents. This results in a high standard of living for a majority of people, but not all.
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

Gee, I have a degree in economics and an MBA, so who are you talking about, yourself. First, most people today that are wealthy, inherited that wealth including the president. And the capitalist system will take from the poor and give to the rich without some kind of government intervention, which this country lacks. That is the nature of the beast and we do not allow monopolies if you are wondering if the government steps in to control capitalism. And our tax system is one great big regressive system with the Federal Income tax supposed to be the exception. Presently many of the wealthiest people in this country pay a lower percentage of their incomes even in the Federal tax system than do middle income earners. We are a country that has set up a system where the wealthy get wealthier and the rest of us get poorer. Sorry, I do know how the system works. And as far as talent, being wealthy is even more important. OUr president and his family is a good example. Do you think his kids or his son-in-law would be where they are without the family wealth based on talent? If you do I have a bridge I would like to sell you.

Grandpappy · Jul 25, 2020

So let me get this straight. All wealthy people are basically just party animals riding on the coattails of their parents or ancestors.... SERIOUSLY? I've known a few wealthy people. Guess they just didn't fit the narrative.

ataraxia · Jul 25, 2020

Grandpappy said:
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

Pure capitalism isn't either. The US gave up on that in the late 19th century after the increasing rise of robber barons and increasing popularity of child labor exploitation. That's why every single developed economy in the world today is a mixed economy.

Life is complicated. Don't trust anyone who offers to give you simple answers and slogans.

ataraxia · Jul 25, 2020

Grandpappy said:
So let me get this straight. All wealthy people are basically just party animals riding on the coattails of their parents or ancestors.... SERIOUSLY? I've known a few wealthy people. Guess they just didn't fit the narrative.

No one does it alone, independent of their background, society, and circumstances. No one.

Of course hard work and individual initiative is important. But it's only a part of what is needed to succeed. A car can't go far without gas either. But that's not the only thing it needs.

“Pull Yourself Up By Your Bootstraps”: An American Mythology — Leading Women of Tomorrow

iguanaman · Jul 25, 2020

Good4Nothin said:
High taxes on the rich just cause them to hide their income. And income tax is not such a good way to help the poor. A healthy economy with plenty of jobs helps the poor more than anything.

However, our economy is very sick thanks to the corrupt alliances between the financial industry and the government. It was heading for a crash before the pandemic started. The current bailouts are setting us up for bigger crashes and creating devastating debt.

If the wealthy try to hide their income we will find it. That is no excuse for the record low taxes on corporations and the rich. We need new tax brackets that target ultra high incomes and a inheritance tax of 50% of all wealth over 1 million. The great sucking sound of money coming out of the economy must end.

The Old Soul · Jul 25, 2020

gdgyva said:
you all keep complaining about the wealth spread...

yet every time i talked to my employees, they couldnt be troubled to talk about investing or saving (maybe 130 out of 1600 actually took advantage of our program) yet our average wage was over 60k annually

well, you cant begin to be a part of the upper crust if you NEVER save, never invest, and never get the stock market gains

Way too many are scared of losses....and yes, the market at times will have HUGE losses....but over 30-40 years, there is no better way to gain wealth....PERIOD

I started with $ 25 a pay period over 40 years ago....and kept raising that amount as my income grew....i never sold, or took money out of my account.....

I sold individual equities, but put the money into other equities....

We started with less than nothing....we now have a VERY NICE nestegg....

Money begets money....it just works that way

You give 10 people the exact same recipe and ingredients, and you get everything from a delicious meal to dog food; some people can't cook, but maybe they can fix your car? To be 'successful' America, everyone has to be a good cook.

danielpalos · Jul 25, 2020

Raise the minimum wage! Tax breaks for business can help make it happen.

Irwin Corey · Jul 25, 2020

Grandpappy said:
Looks like someone needs to explain the nature of capitalism vs, the nature of socialism. In capitalism, ingenuity, hard work and perseverance are rewarded. Some people have those qualities, some don't. The people that do have these talents create opportunities for those of us with other talents. This results in a high standard of living for a majority of people, but not all.
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

Unbridled-Capitalism coupled with Privately Owned Central Banking (like the FED) is a system of musical chairs were fewer and fewer people have more and more while all the rest end up slaves with nothing.

That's not to say that well regulated Capitalism coupled with Social Programs that under-pin society, like we had post War 2 and before Nixon took us off the gold standard, is a bad solution; in fact is a Great Compromise.

gdgyva · Jul 25, 2020

The Old Soul said:
You give 10 people the exact same recipe and ingredients, and you get everything from a delicious meal to dog food; some people can't cook, but maybe they can fix your car? To be 'successful' America, everyone has to be a good cook.

if 40 years ago, you put $ 25 a payday into a 401k and just put it into the S&P500, you still would have done exceptionally well....

It is about consistent investing....adding more, as you make more....and paying yourself first

My old boss's admin assistant (used to be his secretary) who has been with him for 37 years, went into the program on day 1 she started with the company....She is a millionaire

Time and dividend reinvestment are your friend....

rickc · Jul 25, 2020

Grandpappy said:
Looks like someone needs to explain the nature of capitalism vs, the nature of socialism. In capitalism, ingenuity, hard work and perseverance are rewarded. Some people have those qualities, some don't. The people that do have these talents create opportunities for those of us with other talents. This results in a high standard of living for a majority of people, but not all.
Socialism attempts to make a more equal society, but fails because these more talented people don't do what they do. There is no incentive to excel.
There's no perfect world, but socialism isn't the answer.

Typical right wing argument. Problem is none of that is true.

We don't have pure capitalism here in America.

No one is proposing Socialism here either.

How much time until the wealthy wring the last of the wealth from the rest of us?

independentusa

Deuce

Outer space potato man

Helix

rickc

Grandpappy

America First Populist

bluesmoke

bongsaway

Good4Nothin

Good4Nothin

Luckyone

Good4Nothin

VanceMack

Less like the tiger...more like the lion.

Helix

The Old Soul

gdgyva

independentusa

Grandpappy

America First Populist

ataraxia

ataraxia

iguanaman

The Old Soul

danielpalos

Irwin Corey

Proud AmeriCAN

gdgyva

rickc

How much time until the wealthy wring the last of the wealth from the rest of us?

Outer space potato man

America First Populist

Less like the tiger...more like the lion.

America First Populist

Proud AmeriCAN

Privacy & Transparency

Privacy & Transparency