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

[gdgyva]

Yes, your flavor of investing can work, but its not for everyone; there are too many people who spin the wheel - like plowing every cent into their own business, which may or may not fail with uncontrollable and controllable forces at work like luck or CV19 for instance. Then there are the artists, inventors, gamers, outdoorspeople, explorers, adventurers, humanitarian volunteers, and those who just can't find the lust for money compelling or sufficiently abundant in their vocation. Nose to the grindstone is not a life worth living for many, especially with so many non-rewarding grunt labor positions that have absolutely no sense of reward or accomplishment other than a bank balance.

Anecdotally speaking, After many years being a business owner (I had a motorcycle shop among other things, which paid poorly) I decided to try a safe way to 'success;' I went back to college, graduated with a degree in Computer Science, and landed a very comfortable job working for a major credit card company - but after a few years, it felt like I sold my soul to the devil. I got sucked into it mattering what kind of car I drove, where I lived, what my house cost, and what my pay scale was; I was money rich, and self esteem and happiness poor, so I quit.
Now that I actually had some money, I was making a LOT in the Real Estate market, so invested heavily. Income was soo good, and required so little time, that I signed on with the Hospice that so kindly helped my Father pass through death's door, as a Respite Caregiver, which was both full time, and a volunteer position. Long story short, I hit the perfect financial storm in 2008 when the luck ran out; what looked like a bullet proof investment went belly-up big time with the rest of the industry, and basically wiped me out.
The one thing that pulled me through was working at Hospice and doing something that actually mattered, which I stuck with as long as I could while reviving the (now downsized, and barely profitable) motorcycle business; I love working with and for the M/C industry - it is the 2nd most enjoyable an fulfilling vocation of my life. Now I'm retired, living off my S.S., and making a few bucks wrenching bikes for the locals; once again, life is genuinely good. In retrospect I would not have taken life's little detour, but can't deny that the excursion into the corporate world was very enlightening, and not for me. I learned the way to genuine happiness to chase dreams, and not the almighty dollar.

agree that money alone will NEVER bring happiness or satisfaction

for me and my wife, for the 35 + years we were in DC, we worked with a shelter that catered to homeless families

pretty sure i wrote about this a few years ago....in fact i know it was part of a bet i won

we still give to that one, and are looking for something similar here in our new area....

Giving back was one of my dad's big things....and my wife's....so i have great teachers

 

[ataraxia]

Ridiculous. It’s more like he pays for the you drive on, like millions of times more than you.


And it’s called 800 billion in assistance to the poor. Where did you get the idea we do not?

Not counting billions more indirect aid like free school, free roads, lots of free health csre etc.

But you are telling us it’s a bad thing. Is it?

 

[Simpletruther]

But you are telling us it’s a bad thing. Is it?

I didn’t say it’s a bad thing.

 

[Bullseye]

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.

We should study how the wealthy became that way, and then emulate them.

It's simple really.

 

[Bullseye]

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

FDR didn't really fix anything. the nation had double digit unemployment for most of his pre-WW II term. WW II ended the depression, not FDR. I got that from a Nobel laureate in economics.

 

[bongsaway]

Hard work + smart work is rewarded. If you have no aspirations beyond pulling cans off the assembly line them obviously you need to join a union, draw the same as every can puller, which will be adequate to survive but barely. If you desire more, it's not that difficult to own an assembly line.

This kind of thinking never ceases to amuse me. If that were true, everyone would own their own assembly line. Just look at all the people who support trump, are you honestly trying to convince me they all have the smarts and drive to own their own business?

 

[CimpleMan]

How America's wealth gap has soared over the last century

If wealth inequality continues to grow eventually someone will come along who'll advocate even more drastic actions than Warren or Bernie are currently.

My suggestion to the wealthy is to take a hit in their pocket book now to prevent a bigger hit in the future.

We need to make adjustments to our system to create more paths to the middle class. We have creative people who can figure it out, I'm positive it's doable. Invest in people and the future.

 

[danielpalos]

Now is the best time to raise the minimum wage so business can get a tax break!

 

[ataraxia]

We should study how the wealthy became that way, and then emulate them.

It's simple really.

Private tutoring, lots of role models, elite private college-prep boarding schools, an Ivy League education, lots of family connections in the business, lots of starting capital and resources....

Yeah gee really, why can’t everyone just do that?

 

[Mashmont]

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.

I agree it's unfair that top 10% are paying 70% of all income taxes paid. We simply MUST redistribute the tax burden

 

[independentusa]

Not all corporations are like Walmart. There are plenty of companies that pay very well and provide great benefits. If we had more jobs than workers , wages and benefits would remain high. Flood the country with immigrants, illegals, migrants H1B's from India, etc wages collapse. Some politicians love trade deals that encourage companies to go offshore, some politicians want companies to come home.

I am old but I remember under Bush jr. the GOP passed a bill making it financially easier for companies to move their manufacturing overseas. You know what Bush and the Gop said at the time, that for every job we sent overseas, three would be created at home. Of course what they did not say was that it would take working all three of those new jobs to make as much as you did with just one job that moved overseas.

 

[independentusa]

I agree it's unfair that top 10% are paying 70% of all income taxes paid. We simply MUST redistribute the tax burden

Now please do not go there again. First they no longer pay 70% with the new tax cuts and that is only one part of the story. If you look at all of the taxes we pay including sales taxes, property taxes, state income taxes, taxes we pay on our cell phone uses, license plates and driver's license, FICA, Medicare taxes, a family of four making 40 grand a year pays a greater percentage of their income in all taxes than someone making a million dollars a year. I know non economics Trumpsters like to point only to the Federal Income tax, but it is only one of many taxes we pay. Just so you know i have a degree in economics and an MBA.

 

[independentusa]

The rich can't raid the treasury. Politicians ..congress controls that.

Sorry, but the politico's are controlled by the wealthy. Just look at the half trillion dollars in covid aid and who it went to, not small businesses, but businesses that had connections to trump and the GOP.

 

[Ginger Ale]

Private tutoring, lots of role models, elite private college-prep boarding schools, an Ivy League education, lots of family connections in the business, lots of starting capital and resources....

Yeah gee really, why can’t everyone just do that?

Or daddy's money paying for a degree, that was earned by some dude who made a hundred bucks to take it for some rich dudes kid. lol Who needs elbow grease when you can just buy some poor smart kids elbow and say it was your own kids.

 

[Bullseye]

Private tutoring, lots of role models, elite private college-prep boarding schools, an Ivy League education, lots of family connections in the business, lots of starting capital and resources....

Yeah gee really, why can’t everyone just do that?

None of that is necessary, or even common.

 

[jimbo]

This kind of thinking never ceases to amuse me. If that were true, everyone would own their own assembly line. Just look at all the people who support trump, are you honestly trying to convince me they all have the smarts and drive to own their own business?

No they wouldn't some people have neither the inclination or the smarts to be anything but a can puller.

I 'm not what my post has at do with President Trump. It's 3rd grade economics.

 

[Court Jester]

The top 20% of Americans own over 70% of the wealth of this nation and that percentage is growing.

Why, are you jealous?

The bottom 50% of Americans own 1% of the wealth of our nation and that is decreasing.

What's wrong with them?

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.

Sounds like poor planning to me. Either bought more house than they could afford, or didn't save some emergency funds for a rainy day.... or a rainy YEAR. Yep, poor planning.

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.

Maybe the flood of illegal immigrants and poor legal immigrants (chain migration) to the nation over the last 40 years driving down wages, plus the high cost of regulation and taxes on businesses enacted by liberal politicians has something to do with it? Cost of living wasn't exactly low back in 1960, but every American who wanted to work of any color could find a good job. But then they changed immigration laws in 1965 and well.... here we are now.

 

[ataraxia]

None of that is necessary, or even common.

You clearly have not seen how big money is made most of the time.

 

[Aurora]

This kind of thinking never ceases to amuse me. If that were true, everyone would own their own assembly line. Just look at all the people who support trump, are you honestly trying to convince me they all have the smarts and drive to own their own business?

People may not be smart enough to set up an assembly line but they may be to work on one. Poor people don't build factories.

 

[bongsaway]

People may not be smart enough to set up an assembly line but they may be to work on one. Poor people don't build factories.

Tell that to republicans who think everyone can be a millionaire.

 

[Aurora]

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

Of course they will. Money invested earns interest & dividends. Always being in debt does just the opposite. Now interest rates are so damn low, earning interest is next to nothing.

 

[Paradoxical]

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.

How much would you like the billionaires to send you?

 

[Aurora]

Tell that to republicans who think everyone can be a millionaire.

You can do like Detroit and drive business and investment away and watch your city turn into a ghetto. Maybe Portland and Seattle are on that business plan. Poor people consume assets, they don't generate assets. Keep driving the rich away and watch what happens. Follow your heroes like Bernie Sanders or Marxist regimes.

 

[marke]

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 never stole the wealth from Haitians, or from Venezuelans, or from other dirt poor nations. If nations were once rich it was those in government power who stole the riches. For poor nations that were never prosperous, their government has never found a way to entice rich investors to come into their nation to create jobs and wealth for the people. Communism does not create wealth, it steals it. Fascism, Marxism, atheism, tribalism and other isms do not create wealth, they destroy it. Wealth has been created in America because the Constitution protects the property rights of investors, creating a fertile environment for economic growth for everyone. Those modern greedy thieves and robbers who want to take other people's wealth for themselves are not good people.

 

[bongsaway]

You can do like Detroit and drive business and investment away and watch your city turn into a ghetto. Maybe Portland and Seattle are on that business plan. Poor people consume assets, they don't generate assets. Keep driving the rich away and watch what happens. Follow your heroes like Bernie Sanders or Marxist regimes.

What good does generating assets do if nobody is consuming those assets? You obviously do not know what you are talking about. The top ten percent of americans own eighty percent of the money in america. So tell us oh brilliant one, how does the other ninety percent of americans split the other twenty percent that the top ten percent allows us to have?