The world's richest folks doubled their wealth in the last 10 years.

[Flash]

[

Yeah, it would be nice if our taxes went down, but what do you think would happen to the US if welfare ended? Many families literally would starve. With Medicaid gone, since you "don't give a shit" you would let them die?. I would bet that voters would get rid of most politicians who would eliminate all welfare.
.

This a full employment economy now thanks to Trump. If you would starve then it would be your own damn fault.

With less taxes people would have more money to contribute to charity to help those few that really need help. After all the Bible teaches that charity should come from the heart, church and family. Nothing about a big bloated corrupt debt ridden welfare state.

It is morally wrong for the government to steal your many and give it away to somebody else. You should have the Liberty to decide if you want to help somebody else or not. You do believe in Liberty, don't you? If you are a Left then I doubt you do.

 

[Toddsterpatriot]

U.S. household net worth $113.5 trillion in second-quarter 2019

Made it all back and then some.

and they say the next crash will be much worse.

Meh.​

Not like I just made it up.
The next crash: why the world is unprepared for the economic dangers ahead

Americans Are Not Prepared for the Coming Mother of All Stock Market Crashes
https://www.thestranger.com/slog/2019/05/30/40347971/americans-are-not-prepared-for-the-coming-mother-of-all-stock-market-crashes

Not like I just made it up.

Yeah, your 26 year old British socialist author is very convincing. LOL!

 

[DGS49]

Worrying about "inequality" is sort of a litmus test for morons.

People who are not morons understand that it costs them nothing when someone else accumulates wealth, and also that the accumulation of wealth by so many people is proof that THEY, TOO can accumulate wealth. No guarantees, but it can happen.

Non-morons also know that if there is "wealth problem," it is not that Rich People are getting richer, but that lots of poor people remain poor, through no fault of their own. If "we" focus our attention on those endemically poor people who are doing everything right but still can't get ahead, "we" will all be a lot better off. And while there will always be disagreement about what to do about endemic poverty, at least we can ALL agree that it is worthy of fighting, together.

But by focusing on "inequality," morons take their eye off the figurative ball and generate envy rather than mobilizing useful energy for a worthwhile cause.

One more reason why I hate Leftists.

 

[the other mike]

The previous 2 posters' hero ;

 

[Markle]

Federal budget and Census data show that with welfare recipients,
53% of people are 65 and up.
20% of people are disabled.
18% have jobs with sub-survival pay.
9% goes to households with non-elderly, non-disabled people, without jobs.

Much of that 9% involves health care and unemployment insurance.
A small fraction of of that 9% are "welfare queens". Yet the right wing acts as though they are the majority of welfare recipients.

If you think too much money is diverted to welfare, I am not going to argue that point. But you really need to look at the wider problem of what to do with these people. "Get a job" does not answer the problem since only 9% are without a job when you subtract those who are too old to work with no savings, too disabled, or receiving sub-survival pay.

9 Surprising Facts About Welfare Recipients

 

[Andylusion]

I did it. I did exactly that. I was earning $20,000 a year, and got myself a broker to open an IRA account, and started dumping money into it every single month.

I am not asking anyone else to do something, that I myself have not done.

And honestly, sometimes on this forum, I feel like I'm one of the few people on this planet that had a real father. I was always taught that if I didn't like my income or my job, that it was MY DUTY... to take care of MY LIFE. Sitting around crying tears over how much McDonald's pays, is the refuge of a coward. Grow a pair of balls, and deal with that yourself.

I had jobs that didn't pay enough. The way I dealt with it, was a sat around crying on forums about how unfair society was, and that capitalism sucks, and it was all Obama's fault.

If I had done that, I'd still be at that job. Instead how I really handled it, and how any real man should handle it is.... I quit, and found a job that paid more.

Again, not asking people to do anything I have not done. Idiotic.

Further, your crying over that budget, is ridiculous. My first apartment had all electric heat, and in the winter the electric bill was about $90.

Further, the insurance I had last year, was $20 a month.

I don't see anything wrong with that budget. Second, buy a cheap used car, and get rid of your car payment. Cancel your cable TV. Get a pay-go phone.

Look, here's the bottom line......

Two people working minimum wage in this country, places them in the top 1% of wage earners in the entire world. Top 1% of the planet.

You have a husband and wife, working minimum wage at McDonald's, you are now with a standard of living that places you ahead of the other 7.7 Billion people on this planet.

You can make it on two minimum wage incomes. And honestly, if you are working minimum wage, it's because you suck. I only worked minimum wage, at one point in my life. When I was in high school, before I turned 18, I was 17 working 3 hour shifts part time, and making minimum wage.

The year I turned 18, I started working full time, and you automatically got a 50¢ raise just for being full time, and then you got a $1 raise if you worked there for 12-months. That means in one year, you should at least be $1.50 over the minimum wage.

If you have been in the work force longer than 2 full years at the very most, and you are still making minimum wage, then you are the problem in your life. Not society, or capitalism, not McDonald's or the CEOs. The problem is you. You are either not putting in the effort, or you are simply not doing your job, or you have some other problem. But *YOU* are the problem if you are still making just minimum wage.

And by the way... if you stay at McDonald's for longer than 2 years, you should be in management, and moving up the corporate track. It takes a clear loser to work at McDonald's for years, and still be a fry cook. You should be in line to be store manager by then.

I was at Advance Auto parts for less than a year, and just because I showed up on time, and did my job consistently, they wanted to enroll me in the management training program. If I had stayed there, I'd have my own store by now. Actually by now, I could be a district manager.

If you can't move up from where you are, there is something wrong with you. Get your butt to work on time, stop taking so many breaks, and start doing your job

As I said, good for you. I did the same. I was able to work and pay for college without borrowing from my parents or the government. Individually that is possible. Collectively it is not possible. 80% of Americans are in debt. The average personal debt is $38,000. (13.1 trillion collectively) Stupid? Yes.

If all those people significantly lowered their debt by lowering spending then less goods would be manufactured. Trillions would be lost from the economy, and eventually my stock would go down, but that's the way it is, It seems that the US economy is very strong now, but its a fragile strength. Everyone -- government, corporations, citizens -- are interested in short term prosperity at the risk of long term stability.

.

I don't understand that concept. Individually it's possible, but collectively it is not? How does that work? The collective, is made up of nothing more than a group of individuals.

If any individual can work through college, then obviously any individual can work their way through college, and thus collectively it is possible.

It doesn't matter what the average personal debt is, because that is simply a function of personal choices.

If all those people significantly lowered their debt by lowering spending then less goods would be manufactured. Trillions would be lost from the economy, and eventually my stock would go down, but that's the way it is, It seems that the US economy is very strong now, but its a fragile strength. Everyone -- government, corporations, citizens -- are interested in short term prosperity at the risk of long term stability.

Nonsense. That's what the banks want us to believe, because debt is what the banks live off of. The reality isn't close to that.

The reality is, it is the debt system that causes us to lose trillions from the economy. Getting people to live debt free, would result in trillions in growth.

Just think about it logically. Under which system is there more goods and services purchased?

A: You buy a $1,000 laptop with cash.
B: You buy a $1,000 laptop on credit.

Which results in more goods and services being purchased? Option A does. Buying the laptop with cash results in more goods and services being purchased.

Why? Because if you buy on credit, that laptop may still cost $1,000, but you pay $1,200, with $200 going to the bank. That $200 going to the bank, is $200 less in goods and services that you can buy.

If you buy the laptop with cash, then you have $200 you didn't send to the bank, that you can buy goods and services with.

The average American, is shelling out $850 in credit interest per year, and $900 in car interest per year.

That is $1,750 of goods and services they could be buying, that they are instead sending to the banks.

If every single American in debt, paid down their debt, and were spending an extra $1,750 a year in goods and services, that would be a massive boast to the economy. It would not being trillions lost. It would be trillions gained.

Additionally even in the short term, we would see gains, because when people pay down debts, they usually do so over a period of time. During this period of paying down the debt, they are still active in the economy. Just because you pay an extra $200 on debt, doesn't mean you completely unplug from the economy.

On the other hand, if you end up bankrupt, you typically end up completely unplugged from the economy. This happened to me. I didn't actually file bankruptcy protection, but I was in fact bankrupt. I had no money, and tons of debt. I ended up having to move back home with my parents, and I basically worked just to pay debt. I didn't buy anything. Not even clothes. I ate at the parents, and had no bills, just pay off debt. I did nothing, but slave for the banks.

That is far more negative to the economy, to be completely unplugged to pay debt, than it is to wisely budget to pay down debt over a period of time. But I didn't have a choice. The debt was so large, and my income so small at that time, that it was either disconnect from all of society, and just pay debt, or I was going to end up sued by a bank.

So I reject this notion that if everyone started paying down their debts, that there would be a huge negative cost. No, I suggest it would be entirely positive.

 

[Andylusion]

The previous 2 posters' hero ;

Irony being, that between us and you, you are the one complaining that other people have money. That makes YOU the greedy one.

 

[Andylusion]

U.S. household net worth $113.5 trillion in second-quarter 2019

Made it all back and then some.

and they say the next crash will be much worse.

Meh.​

Not like I just made it up.
The next crash: why the world is unprepared for the economic dangers ahead

Americans Are Not Prepared for the Coming Mother of All Stock Market Crashes
https://www.thestranger.com/slog/2019/05/30/40347971/americans-are-not-prepared-for-the-coming-mother-of-all-stock-market-crashes

You do realize that when the stock market crashes, the stocks are on sale, right?

That is literally how I doubled my money in 2007. When the stock prices were falling, I was buying them.

How can you "Buy low, and sell high", if you first don't "buy low"?

Because stocks don't just keep falling until they are worth zero. That never happens, because the companies still exist. Apple's stock price can drop 50%, and I'd still buy the stock... because Apple isn't going anywhere.

So instead of freaking out... start investing.

 

[the other mike]

You do realize that when the stock market crashes, the stocks are on sale, right?

That is literally how I doubled my money in 2007. When the stock prices were falling, I was buying them.

How can you "Buy low, and sell high", if you first don't "buy low"?

Because stocks don't just keep falling until they are worth zero. That never happens, because the companies still exist. Apple's stock price can drop 50%, and I'd still buy the stock... because Apple isn't going anywhere.

So instead of freaking out... start investing.

What you just said is
"When the tornado hit, my house was the only one in the neighborhood still standing." , and you attribute it to being smarter than everyone else, not just lucky that God wasn't ready to take you that day.

 

[Wuwei]

I invested in the market when I was in debt.

That's good. One down and 80% of the rest of Americans to go.

 

[Toddsterpatriot]

I did it. I did exactly that. I was earning $20,000 a year, and got myself a broker to open an IRA account, and started dumping money into it every single month.

I am not asking anyone else to do something, that I myself have not done.

And honestly, sometimes on this forum, I feel like I'm one of the few people on this planet that had a real father. I was always taught that if I didn't like my income or my job, that it was MY DUTY... to take care of MY LIFE. Sitting around crying tears over how much McDonald's pays, is the refuge of a coward. Grow a pair of balls, and deal with that yourself.

I had jobs that didn't pay enough. The way I dealt with it, was a sat around crying on forums about how unfair society was, and that capitalism sucks, and it was all Obama's fault.

If I had done that, I'd still be at that job. Instead how I really handled it, and how any real man should handle it is.... I quit, and found a job that paid more.

Again, not asking people to do anything I have not done. Idiotic.

Further, your crying over that budget, is ridiculous. My first apartment had all electric heat, and in the winter the electric bill was about $90.

Further, the insurance I had last year, was $20 a month.

I don't see anything wrong with that budget. Second, buy a cheap used car, and get rid of your car payment. Cancel your cable TV. Get a pay-go phone.

Look, here's the bottom line......

Two people working minimum wage in this country, places them in the top 1% of wage earners in the entire world. Top 1% of the planet.

You have a husband and wife, working minimum wage at McDonald's, you are now with a standard of living that places you ahead of the other 7.7 Billion people on this planet.

You can make it on two minimum wage incomes. And honestly, if you are working minimum wage, it's because you suck. I only worked minimum wage, at one point in my life. When I was in high school, before I turned 18, I was 17 working 3 hour shifts part time, and making minimum wage.

The year I turned 18, I started working full time, and you automatically got a 50¢ raise just for being full time, and then you got a $1 raise if you worked there for 12-months. That means in one year, you should at least be $1.50 over the minimum wage.

If you have been in the work force longer than 2 full years at the very most, and you are still making minimum wage, then you are the problem in your life. Not society, or capitalism, not McDonald's or the CEOs. The problem is you. You are either not putting in the effort, or you are simply not doing your job, or you have some other problem. But *YOU* are the problem if you are still making just minimum wage.

And by the way... if you stay at McDonald's for longer than 2 years, you should be in management, and moving up the corporate track. It takes a clear loser to work at McDonald's for years, and still be a fry cook. You should be in line to be store manager by then.

I was at Advance Auto parts for less than a year, and just because I showed up on time, and did my job consistently, they wanted to enroll me in the management training program. If I had stayed there, I'd have my own store by now. Actually by now, I could be a district manager.

If you can't move up from where you are, there is something wrong with you. Get your butt to work on time, stop taking so many breaks, and start doing your job

As I said, good for you. I did the same. I was able to work and pay for college without borrowing from my parents or the government. Individually that is possible. Collectively it is not possible. 80% of Americans are in debt. The average personal debt is $38,000. (13.1 trillion collectively) Stupid? Yes.

If all those people significantly lowered their debt by lowering spending then less goods would be manufactured. Trillions would be lost from the economy, and eventually my stock would go down, but that's the way it is, It seems that the US economy is very strong now, but its a fragile strength. Everyone -- government, corporations, citizens -- are interested in short term prosperity at the risk of long term stability.

.

I don't understand that concept. Individually it's possible, but collectively it is not? How does that work? The collective, is made up of nothing more than a group of individuals.

If any individual can work through college, then obviously any individual can work their way through college, and thus collectively it is possible.

It doesn't matter what the average personal debt is, because that is simply a function of personal choices.

If all those people significantly lowered their debt by lowering spending then less goods would be manufactured. Trillions would be lost from the economy, and eventually my stock would go down, but that's the way it is, It seems that the US economy is very strong now, but its a fragile strength. Everyone -- government, corporations, citizens -- are interested in short term prosperity at the risk of long term stability.

Nonsense. That's what the banks want us to believe, because debt is what the banks live off of. The reality isn't close to that.

The reality is, it is the debt system that causes us to lose trillions from the economy. Getting people to live debt free, would result in trillions in growth.

Just think about it logically. Under which system is there more goods and services purchased?

A: You buy a $1,000 laptop with cash.
B: You buy a $1,000 laptop on credit.

Which results in more goods and services being purchased? Option A does. Buying the laptop with cash results in more goods and services being purchased.

Why? Because if you buy on credit, that laptop may still cost $1,000, but you pay $1,200, with $200 going to the bank. That $200 going to the bank, is $200 less in goods and services that you can buy.

If you buy the laptop with cash, then you have $200 you didn't send to the bank, that you can buy goods and services with.

The average American, is shelling out $850 in credit interest per year, and $900 in car interest per year.

That is $1,750 of goods and services they could be buying, that they are instead sending to the banks.

If every single American in debt, paid down their debt, and were spending an extra $1,750 a year in goods and services, that would be a massive boast to the economy. It would not being trillions lost. It would be trillions gained.

Additionally even in the short term, we would see gains, because when people pay down debts, they usually do so over a period of time. During this period of paying down the debt, they are still active in the economy. Just because you pay an extra $200 on debt, doesn't mean you completely unplug from the economy.

On the other hand, if you end up bankrupt, you typically end up completely unplugged from the economy. This happened to me. I didn't actually file bankruptcy protection, but I was in fact bankrupt. I had no money, and tons of debt. I ended up having to move back home with my parents, and I basically worked just to pay debt. I didn't buy anything. Not even clothes. I ate at the parents, and had no bills, just pay off debt. I did nothing, but slave for the banks.

That is far more negative to the economy, to be completely unplugged to pay debt, than it is to wisely budget to pay down debt over a period of time. But I didn't have a choice. The debt was so large, and my income so small at that time, that it was either disconnect from all of society, and just pay debt, or I was going to end up sued by a bank.

So I reject this notion that if everyone started paying down their debts, that there would be a huge negative cost. No, I suggest it would be entirely positive.

Which results in more goods and services being purchased? Option A does. Buying the laptop with cash results in more goods and services being purchased.

The people lending you the money, and earning interest, also purchase goods and services.

 

[Toddsterpatriot]

I invested in the market when I was in debt.

That's good. One down and 80% of the rest of Americans to go.

If you wait until you're debt free to invest, you won't do much investing.

 

[Wuwei]

I don't understand that concept. Individually it's possible, but collectively it is not? How does that work? The collective, is made up of nothing more than a group of individuals.

If any individual can work through college, then obviously any individual can work their way through college, and thus collectively it is possible.

It doesn't matter what the average personal debt is, because that is simply a function of personal choices.

Yes, any individual can in principle, but I'm talking about what will happen in practice. I will amend my statement to "highly improbable" that everyone can work their way through college.

The reality is, it is the debt system that causes us to lose trillions from the economy. Getting people to live debt free, would result in trillions in growth.

Just think about it logically. Under which system is there more goods and services purchased?

A: You buy a $1,000 laptop with cash.
B: You buy a $1,000 laptop on credit.

Which results in more goods and services being purchased? Option A does. Buying the laptop with cash results in more goods and services being purchased.

Why? Because if you buy on credit, that laptop may still cost $1,000, but you pay $1,200, with $200 going to the bank. That $200 going to the bank, is $200 less in goods and services that you can buy.

The reality is to live debt free and pay cash? That's a nice sort of utopia. However, say your laptop and refrigerator are old and barely functional. Your 12 year old car has 170,000 miles on it. Your hospital just sent you a "surprise bill". You have just enough money in the bank to barely pay utilities and mortgage. You have $2000 in savings. What do you do? I don't think you are going to put more money in the stock market and pay cash for everything else.

If every single American in debt, paid down their debt, and were spending an extra $1,750 a year in goods and services, that would be a massive boast to the economy. It would not being trillions lost. It would be trillions gained.

Additionally even in the short term, we would see gains, because when people pay down debts, they usually do so over a period of time. During this period of paying down the debt, they are still active in the economy. Just because you pay an extra $200 on debt, doesn't mean you completely unplug from the economy.

"If every single American in debt...." That is 80% of Americans. Nice in principle, but most don't have the fortitude or capability to pay down debt and buy more stuff.

On the other hand, if you end up bankrupt, you typically end up completely unplugged from the economy. This happened to me. I didn't actually file bankruptcy protection, but I was in fact bankrupt. I had no money, and tons of debt. I ended up having to move back home with my parents, and I basically worked just to pay debt. I didn't buy anything. Not even clothes. I ate at the parents, and had no bills, just pay off debt. I did nothing, but slave for the banks.

Good move. But that is a case in point. You were following the 80%. But a family of four can't move back to their parents and stop spending.

 

[Wuwei]

If you wait until you're debt free to invest, you won't do much investing.

I absolutely agree. But it's a small percentage that can prevent living from hand to mouth. I'm thinking of the whole population, not just the few with fortitude.

 

[Markle]

Why? Because if you buy on credit, that laptop may still cost $1,000, but you pay $1,200, with $200 going to the bank. That $200 going to the bank, is $200 less in goods and services that you can buy.

Does the $200.00 made by the bank just go into a black hole? No, that money pays the employee at the bank who goes out and uses that $200.00 to put down on a new laptop, or groceries for the week. Either that or the bank now has $1,200.00 to loan to someone else to buy an even better laptop.

 

[Cellblock2429]

No one has to hire a broker.

I was thinkin' more hire a congress critter....~S~

Unless you're already rich, Wall Street is rigged against you.
Stock buybacks are set to hit a record $1 trillion this year, even as presidential candidates try to restrict them | Markets Insider

I hate it when a company buys back stock and makes the price go up.

Just awful!!

Almost the worst thing ever.

/----/ I can't stand it when a company beats estimates and sends the price soaring.

 

[Toddsterpatriot]

No one has to hire a broker.

I was thinkin' more hire a congress critter....~S~

Unless you're already rich, Wall Street is rigged against you.
Stock buybacks are set to hit a record $1 trillion this year, even as presidential candidates try to restrict them | Markets Insider

I hate it when a company buys back stock and makes the price go up.

Just awful!!

Almost the worst thing ever.

/----/ I can't stand it when a company beats estimates and sends the price soaring.

Companies are the worst.
Poor people should never buy any stock...…..

 

[Markle]

No one has to hire a broker.

I was thinkin' more hire a congress critter....~S~

Unless you're already rich, Wall Street is rigged against you.
Stock buybacks are set to hit a record $1 trillion this year, even as presidential candidates try to restrict them | Markets Insider

I hate it when a company buys back stock and makes the price go up.

Just awful!!

Almost the worst thing ever.

/----/ I can't stand it when a company beats estimates and sends the price soaring.

Companies are the worst.
Poor people should never buy any stock...…..

 

[Cellblock2429]

No one has to hire a broker.

I was thinkin' more hire a congress critter....~S~

Unless you're already rich, Wall Street is rigged against you.
Stock buybacks are set to hit a record $1 trillion this year, even as presidential candidates try to restrict them | Markets Insider

I hate it when a company buys back stock and makes the price go up.

Just awful!!

Almost the worst thing ever.

/----/ I can't stand it when a company beats estimates and sends the price soaring.

Companies are the worst.
Poor people should never buy any stock...…..

/—-/ Poor people need to stay poor so democRATs can get elected again and again and again and again and again...

 

[Toddsterpatriot]

I was thinkin' more hire a congress critter....~S~

Unless you're already rich, Wall Street is rigged against you.
Stock buybacks are set to hit a record $1 trillion this year, even as presidential candidates try to restrict them | Markets Insider

I hate it when a company buys back stock and makes the price go up.

Just awful!!

Almost the worst thing ever.

/----/ I can't stand it when a company beats estimates and sends the price soaring.

Companies are the worst.
Poor people should never buy any stock...…..

Somebody has to protect the poor people from making any profits.