Romney Thinks 250K Is "Middle Class"

[Polk]

The way it's going with Baghdad Ben's complete incompetence, $250K won't buy you a hot dog and a beer at the ball game.

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread......

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

It was also $4 a gallon four years ago. You guys always leave that part out.

 

[Polk]

The gold chorus has been warning about runaway inflation for five years now, and yet we're still not pushing wheelbarrows to the supermarket to buy bread......

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

It's like Millerism. The Second Coming is always just around the corner.

 

[Oddball]

what a 1913 dollar worth today?

http://www.coinflation.com/silver_coin_values.html

$1.00 ÷ $26.7381 = 3.7¢

No doubt proof of the success of the Fed and its worthless fiat commercial script.

 

[Polk]

Yet.

BTW, how's that $4-$5/gal gasoline working for ya, Corky?

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

ORLY?

And how, pray tell, do you suppose that the $16T existing debt and upwards of $70T of unfunded promises to pay are going to be dealt with?

Of course, who needs a wheelbarrow of currency, when you can jut add more zeros?

Mostly because the 70 trillion of "unfunded promises" are a phantom concern.

 

[OohPooPahDoo]

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

Full Transcript: George Stephanopoulos and Mitt Romney - ABC News

At the point where people are the very top of the income distribution are considered "middle class", either you're way out of touch or the word "middle" has been stretched so far as to be meaningless.

"....middle income is $200,000 to $250,000 and less."

Isn't that pretty much the same thing Obama is saying?

 

[Oddball]

Gold Bugs have been warning about runaway inflation since 1913.

A 99 year stretch of losing. They're almost like Cub fans.

ORLY?

And how, pray tell, do you suppose that the $16T existing debt and upwards of $70T of unfunded promises to pay are going to be dealt with?

Of course, who needs a wheelbarrow of currency, when you can jut add more zeros?

Mostly because the 70 trillion of "unfunded promises" are a phantom concern.

Oh good...Then I won't be disappointed when my phantom Socialist Insecurity check isn't worth the paper it's printed on.

 

[8537]

What a 1913 dollar worth today?

A 1913 dollar is worth one dollar. That's why we call it a dollar.

Right. There's no such thing as inflation.

There's inflation. but a 1913 dollar still only buys one dollar worth of stuff. I hate to break it to ya but vendors don't look at the year your quarter was minted and adjust accordingly. They accept it as a quarter.

 

[OohPooPahDoo]

He has NO idea what most Americans have lived like all his life

There's nothing wrong with that, he can't help he was born to a wealthy family.


The problem I have with him is that he pretends like he has struggled like most Americans to make ends meet when he simply has not. He'd be far better to have said instead of "borrow money from your parents" something like "I was lucky and could borrow money from my parents, and perhaps some of you are also as fortunate, but for most of you that's not a viable option, and I suggest you.....(words)"

 

[Zander]

Romney is right. It may be the upper range of what is considered "middle class" but it still is. Especially if you live in Los Angeles, San Franciso, New York, Boston, Chicago, Miami, etc......It may be considered a "rich" income in Omaha.....

It is an upper class income. 250k a year places a household in the top 1.5% of the income distribution. If that's middle class, then someone at 2% from the very bottom does as well. That means a household who's annual income is 3k a year is also middle class.

Your exercise is pedantry is duly noted.

 

[Avatar4321]

He's wrong. There are no classes.

 

[Zander]

A 1913 dollar is worth one dollar. That's why we call it a dollar.

Right. There's no such thing as inflation.

There's inflation. but a 1913 dollar still only buys one dollar worth of stuff. I hate to break it to ya but vendors don't look at the year your quarter was minted and adjust accordingly. They accept it as a quarter.

Please continue .....

 

[8537]

what a 1913 dollar worth today?

Silver Coin Melt Values - Coinflation (Live Silver Prices)

$1.00 ÷ $26.7381 = 3.7¢

No doubt proof of the success of the Fed and its worthless fiat commercial script.

Man, think of it! We're being ROBBED I tell ya. I mean, think of how much wealthier, how much better off, how much higher a standard of living people had in 1913 when a dollar would buy $26 worth of stuff!

 

[xsited1]

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

Full Transcript: George Stephanopoulos and Mitt Romney - ABC News

At the point where people are the very top of the income distribution are considered "middle class", either you're way out of touch or the word "middle" has been stretched so far as to be meaningless.

Well, that depends. Middle class has different definitions. If you just want to limit it to income, it could be higher than $100,000 depending on family size and geographic location.

 

[8537]

The problem I have with him is that he pretends like he has struggled like most Americans to make ends meet when he simply has not.

Oh sure he has! When he was in college and living with Ann, they had to sell stock in order to pay the rent!

What middle-class person can't remember that time back in college when they sold stock to pay the bills?

 

[Oddball]

And where did all that missing purchasing power go, professor?

 

[8537]

Right. There's no such thing as inflation.

There's inflation. but a 1913 dollar still only buys one dollar worth of stuff. I hate to break it to ya but vendors don't look at the year your quarter was minted and adjust accordingly. They accept it as a quarter.

Please continue .....

I have four 25 cent pieces in my pocket from 1973. How much will those buy today?

 

[8537]

And where did all that missing purchasing power go, professor?

Missing purchasing power? Perhaps you missed the sarcasm. The median and/or average purchasing power of a person today is multiple times higher than it was in 1913. In 1918 a person would work two hours to earn enough to buy a small steak. Today they can work less than 30 minutes and do the same.

 

[Zander]

There's inflation. but a 1913 dollar still only buys one dollar worth of stuff. I hate to break it to ya but vendors don't look at the year your quarter was minted and adjust accordingly. They accept it as a quarter.

Please continue .....

I have four 25 cent pieces in my pocket from 1973. How much will those buy today?

In January of 1973 that $1.00 would have bought you about a 20 gallons of crude oil. Today that $1.00 will get you about 1/2 of a gallon of crude. That's what inflation does bub, eats away your purchasing power.

 

[Lovebears65]

GEORGE STEPHANOPOULOS: Is $100,000 middle income?

MITT ROMNEY: No, middle income is $200,000 to $250,000 and less. So number one, don’t reduce– or excuse me, don’t raise taxes on middle-income people, lower them. Number two, don’t reduce the share of taxes paid by the wealthiest. The top 5% will still pay the same share of taxes they pay today. That’s principle one, principle two. Principle three is create incentives for growth, make it easier for businesses to start and to add jobs. And finally, simplify the code, make it easier for people to pay their taxes than the way they have to now.

Full Transcript: George Stephanopoulos and Mitt Romney - ABC News

At the point where people are the very top of the income distribution are considered "middle class", either you're way out of touch or the word "middle" has been stretched so far as to be meaningless.

In a lot of cases it is. Because A LOT of people who make that are small business owners and that is their take home before they pay their employees..

 

[kwc57]

He has NO idea what most Americans have lived like all his life

Says the person locked away in a basement somewhere totally disconnected from reality.