Incomes up and Poverty Down in 2019

[DBA]

I honestly don' t know how to deal with arrogant ignorance

You must have a really hard time looking in the mirror.

Boy, it really is tough.

^^^^^^^^^^^ Exhibit A ^^^^^^^^^^^^^

 

[JoeB131]

I fully understand it. Clearly you don't understand the Biden economic plan.

you know, what, you guys said the same thing about the Obama and Clinton plans. What I remember is that when THOSE guys were in charge, the economy got steadily better for working folks.

 

[Mac1958]

I honestly don' t know how to deal with arrogant ignorance

You must have a really hard time looking in the mirror.

Boy, it really is tough.

^^^^^^^^^^^ Exhibit A ^^^^^^^^^^^^^

You're certainly welcome to point out ignorance whenever you see it from me.

Always open to new ideas.

 

[DBA]

Just a does of reality for all you Trump haters. The proof is again in the pudding. interestingly, look who benefited the most. But alas, these are the folks that are lock-step with the Democrats. Ignorance at best. We know it has taken a hit due to COVID, but it can be fixed under Trump. It will plummet with Biden.

Too bad the election isn't happening in 2019.

It's happening in 2020, where 198,000 people have died, 6.6 Million got sick, 40 million lost their jobs or got laid off, 164,000 businesses have closed their doors, we have riots in the streets and 4 million acres of forest burning.

Trump has "fixed" things pretty badly, we don't need him doing more damage.

Na, I don't think most are as ignorant as you. They understand that the economic downturn due to COVID is worldwide, the riots are you lefty nuts and Trump had nothing to do with the CA wildfires.

 

[DBA]

I fully understand it. Clearly you don't understand the Biden economic plan.

you know, what, you guys said the same thing about the Obama and Clinton plans. What I remember is that when THOSE guys were in charge, the economy got steadily better for working folks.

The economy was better under Trump for everyone prior to COVID.

Get back to your ditch digging.

 

[Markle]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

 

[Mac1958]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

Is that supposed to be some kind of answer?

 

[DBA]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

Is that supposed to be some kind of answer?

I already asked you to provide details as to why you think the Biden/Harris plan will be successul and how the fed will change their monetary policy under Biden/Harris. Instead of answering, you filabuster.

 

[Wyatt earp]

Just a does of reality for all you Trump haters. The proof is again in the pudding. interestingly, look who benefited the most. But alas, these are the folks that are lock-step with the Democrats. Ignorance at best. We know it has taken a hit due to COVID, but it can be fixed under Trump. It will plummet with Biden.

Real median incomes of white, Black, Asian, and Hispanic households all increased from the prior year. Lower-income households did particularly well after missing out on income gains earlier in the expansion. The mean income of the lowest fifth of households rose 9% last year, a larger gain than for any other quintile of households.

U.S. Incomes Up, Poverty Rate Down in 2019

A dose of reality? Ok if the proof is in the pudding I have to say that the income has been going up for five years. Meaning it started durimg Obama's tenure. And it's a virtual certainty the figures for 2020 will not be nearly as rosy of a picture.

So how's that for reality?

What did Obama the anti fracking, anti pipeline, ant drilling, ant job president do?

Please be specific

 

[Mac1958]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

Is that supposed to be some kind of answer?

I already asked you to provide details as to why you think the Biden/Harris plan will be successul and how the fed will change their monetary policy under Biden/Harris. Instead of answering, you filabuster.

No, I just gave up.

We have to increase income taxes. We can't continue with this kind of irresponsible behavior. After looking at it and discussing with my peers in the industry, I'm convinced that the top end can handle it without significant drag on the dynamics of capitalism.

While I very much want to keep corporate taxes low, but I would have to bend and give in to them increasing to 25% or 28%.

Fed policy is now baked in. Capitalism 2.0 is here. The Fed is now as important to the economy as the consumer. I've written two articles on it, and I'm thinking about doing more than that.

Now, you're going to disagree, and this will have been a waste of my time. I'm not trying to convince you of anything, nor would I try.

 

[JoeB131]

Na, I don't think most are as ignorant as you. They understand that the economic downturn due to COVID is worldwide, the riots are you lefty nuts and Trump had nothing to do with the CA wildfires.

Trump slashed funds to the forest service, and most of the fires burning are in Federal Forest, um, yeah, that's on him, too.

The economic downturn due to Covid is because he LIED ABOUT HOW DANGEROUS COVID WAS.

The economy was better under Trump for everyone prior to COVID.

The Titanic was making excellent time before it hit the iceberg.

 

[DBA]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

Is that supposed to be some kind of answer?

I already asked you to provide details as to why you think the Biden/Harris plan will be successul and how the fed will change their monetary policy under Biden/Harris. Instead of answering, you filabuster.

No, I just gave up.

We have to increase income taxes. We can't continue with this kind of irresponsible behavior. After looking at it and discussing with my peers in the industry, I'm convinced that the top end can handle it without significant drag on the dynamics of capitalism.

While I very much want to keep corporate taxes low, but I would have to bend and give in to them increasing to 25% or 28%.

Fed policy is now baked in. Capitalism 2.0 is here. The Fed is now as important to the economy as the consumer. I've written two articles on it, and I'm thinking about doing more than that.

Now, you're going to disagree, and this will have been a waste of my time. I'm not trying to convince you of anything, nor would I try.

I think we have discovered the problem. Maybe you are in academia...the folks that are still living the college life without real world experience.

Biden is proposing a tax increase across the board, excluding the very poor, not just the rich. Do you think this will help or hurt the middle class? You seem to be proposing a "tax the rich" plan, which is a popular sentiment among the envious. The numbers don't work in terms of taxing the ultra-rich to death. What you are likely proposing is to tax the upper working class and perhaps even the upper middle What do you consider "rich". I might add, unless spending is reduced, no amount of taxation will help. You may also want to consider that any additional tax revenue is not likely to be used to pay down our debt, but rather further the agenda of the party in power. The point being, lets talk about reality, not theory. Raising taxes will not do anything but take money from some people and give pennies on the dollar back(after government waste) to other people.

Raising corporate taxes will only see corporations leave the US. Europe has a corporate tax rate of 21.7%. We are at 21%, right where we need to be.

Aside from a tax hike, which will not help our economy, how do you see the other Biden policies benefiting the economy? Even if I bought into your tax hike theory, the Green New Deal alone would not only offset any economic gains, but would irreparably harm our economy disproportionately to many of our chief competitors who are not ignorant enough to be so aggressive with their environmental polices.

 

[JoeB131]

Biden is proposing a tax increase across the board, excluding the very poor, not just the rich.

No, he isn't.

Why do you keep lying? Because you know that Trump has failed? I am sure taxes WILL have to go up at some point, but the rich will pay most of them, AS THEY SHOULD.

 

[forkup]

Is $26 an hour middle class? Questionable. That's the issue

Well I'm European my wife is American and the only thing I can say is that I've supported me and my wife and kid on one income for quite a few years. The difference being that my cost of living is quite a bit lower than in the US because my high taxation actually covers some very expensive items for a US household.

This is at the expense of a lower standard of living for the successful. The ceiling is higher for more people in the US, however the floor is lower. That is the nature of a true Democracy. Personally, I prefer the ability for even mildly successful folks to have high standard of living because this possiblity promotes ambition and hard work. The standard of living for successful folks is suffering in high tax, blue states because of the more Socialist policies.Interestingly enough, those same states also have high rates of poverty, so not sure what they do with all the money they take from the successful.

My mother in law was one of your " mildly successful folk" an RN in NY, made good money, had savings, her own house.

Is $26 an hour middle class? Questionable. That's the issue

Well I'm European my wife is American and the only thing I can say is that I've supported me and my wife and kid on one income for quite a few years. The difference being that my cost of living is quite a bit lower than in the US because my high taxation actually covers some very expensive items for a US household.

This is at the expense of a lower standard of living for the successful. The ceiling is higher for more people in the US, however the floor is lower. That is the nature of a true Democracy. Personally, I prefer the ability for even mildly successful folks to have high standard of living because this possiblity promotes ambition and hard work. The standard of living for successful folks is suffering in high tax, blue states because of the more Socialist policies.Interestingly enough, those same states also have high rates of poverty, so not sure what they do with all the money they take from the successful.

My mother-in-law was one of your "mildly successful folk" an RN in NY, made decent money, had savings, her own house. That didn't stop her from passing away dead broke. Not because of socialist policies but because of something much more generic. A bad back surgery forcing her into early retirement and the subsequent care costing more than her insurance would cover.

By the way. I consider myself mildly successful. I earn a bit more over average wage in my country. As I said I was able to be the sole provider for my family for over 5 years. Something I know for a fact wouldn't have been possible in the US.

You want to knpw something ironic. That "great America" Trump supporters pine for were the fifties and sixties. I invite you to check the tax-rates for the wealthy at that time.

 

[Mac1958]

I think we have discovered the problem. Maybe you are in academia...the folks that are still living the college life without real world experience.

Actually, I'm a 20+ year CFP/Investment Advisor and author. I live and breathe this stuff 365. I know better than to allow simplistic partisan politics to pollute my thinking.

 

[forkup]

I think we have discovered the problem. Maybe you are in academia...the folks that are still living the college life without real world experience.

Actually, I'm a 20+ year CFP/Investment Advisor and author. I live and breathe this stuff 365. I know better than to allow simplistic partisan politics to pollute my thinking.

I'm actually interested in your thinking on my assertion that money has become esoteric? My comprehension on macroeconomics is a bit simplistic but it seemed apt to me.

 

[DustyInfinity]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

Is that supposed to be some kind of answer?

I already asked you to provide details as to why you think the Biden/Harris plan will be successul and how the fed will change their monetary policy under Biden/Harris. Instead of answering, you filabuster.

So his big reason why people doing better financially doesn't matter is the fed, and the fed will do the exact same thing with Harris. Plus, everyone's gains will be removed, and spending will balloon even higher. Mac, why are you not rooting for people to win in any fashion?

 

[AzogtheDefiler]

Predictable result of massive spending increases and the most active & aggressive Fed in the history of the country.

Good, short term. But we're choosing to ignore what we're creating.

The Debt? Eventually we have to smarten up. I agree. Same with entitlements.

 

[Mac1958]

Great! Please explain what I mean by "the most active and aggressive Fed in the history of the country". And please break it down to the actions of the central Fed and the NY Fed over the last three years, AND the long term implications of those actions.

Go ahead. Feel free to get as specific as you'd like.

Oh, and then tell us how long we can engage in massive deficit spending increases.

Thanks in advance.

Meaning, you've got NOTHING!

If you can't dazzle them with brilliance, baffle them with bull s***!
'

Is that supposed to be some kind of answer?

I already asked you to provide details as to why you think the Biden/Harris plan will be successul and how the fed will change their monetary policy under Biden/Harris. Instead of answering, you filabuster.

So his big reason why people doing better financially doesn't matter is the fed, and the fed will do the exact same thing with Harris. Plus, everyone's gains will be removed, and spending will balloon even higher. Mac, why are you not rooting for people to win in any fashion?

Because we're being terribly fiscally irresponsible. This comes at a cost.

It's sad that I even have to say this.

 

[DBA]

Biden is proposing a tax increase across the board, excluding the very poor, not just the rich.

No, he isn't.

Why do you keep lying? Because you know that Trump has failed? I am sure taxes WILL have to go up at some point, but the rich will pay most of them, AS THEY SHOULD.

Ignorance is bliss.

He has proposed raising taxes for those making over $400k per year. For starters, that isn't super wealthy. Secondly, he is making changes limiting the itemized deductions for those at or above the 28% tax bracket. That means at around the 160k mark for a single wage earner, taxes will increase. Maybe to a ditch digger like yourself that is a "rich" guy, but it really isn't. I might also add, Biden will cut taxes on the "rich" who have been harmed by the Trump's cap on SALT deductions. This deduction has hurt me and I don't live in a high tax state, so don't act as if Trump is all about protecting the rich, he isn't. Biden must pa yback the "rich" Democrats in these high tax states by allowing their deductions, which ironically may offset the tax hike is proposing in the first place. Smoke and mirrors. The "rich" won't pay much more and maybe even no more in high tax states, but those at or above the 28% will shoulder the burden. You have been duped...again.

He wants to raise the corporate tax rate to 28%, which is a 7% increase. Corporations will leave the country and/or will not expand. 28% is too high by any reasonable account.