The US Is Officially A Banana Republic: The Top 1% Now Own More Wealth Than The Entire Middle Class

[sparky]

No way is the middle class moving up into the rich category faster than its falling

If the top 1% go from billions to trillions, the overall statistical analysis portrays the mid class as coming along as well......~S~

 

[Couchpotato]

If the top 1% go from billions to trillions, the overall statistical analysis portrays the mid class as coming along as well......~S~

In the article he posted it’s the percentage of the population that resides in each strata of income. It’s not median income

 

[Mac-7]

If the top 1% go from billions to trillions, the overall statistical analysis portrays the mid class as coming along as well......~S~

I would like to think Couchpotato is correct

He hangs his hat on the idea that more people moved up from middle income than moved down

And there is that 4%-7% split that I cant explain away

Time will tell I suppose

 

[Couchpotato]

I would like to think Couchpotato is correct

He hangs his hat on the idea that more people moved up from middle income than moved down

And there is that 4%-7% split that I cant explain away

Time will tell I suppose

I’m “hanging my hat” on YOUR article. Feel free to dispute the article you posted to show where the middle class was going.

 

[sparky]

It’s not median income

He hangs his hat on the idea that more people moved up from middle income than moved down

Ok i think i understand then , the middle class's well being juxtaposed to it's past history is what's pointed out, not it's well being juxtaposed to the widening disparity

~S~

 

[SweetTea]

Yeah, well, it's because when democrats are increasing taxes on the rich, they provide loopholes for their friends, you know rich donors, and the increase gets passed on to the middle class!

Most Democrats are fine with higher taxes as long as they don't have to pay them.

Remember Democrats going bananas when Trump implemented a cap on the SALT deduction? Many non-rich were affected in high-tax blue states, but the biggest complaint was from the ultra-wealthy Democrats. Funny that wealthy Republicans from red states(those who have enough assets to surpass the 10k SALT cap) didn't seem to have a problem with it even though it negatively affected them as well. I should know as I am one of them. I am unable to deduct all of my property taxes due to the cap, but I am ok with it . If it weren't for such high property taxes in blue states, middle-class Democrats would be just fine with the cap on SALT because they would not be affected. Their state's high tax rates are the real issue, but most Democrats aren't smart enough to figure that one out. They are only upset with the cap because it directly affected them.

 

[Mac-7]

I’m “hanging my hat” on YOUR article. Feel free to dispute the article you posted to show where the middle class was going.

I do not have an argument against what you are claiming

But I suspect that is simply lack of preparation on my part

 

[Couchpotato]

Ok i think i understand then , the middle class's well being juxtaposed to it's past history is what's pointed out, not it's well being juxtaposed to the widening disparity

~S~

Please explain why a disparity between the richest and the poorest is an issue? Jeff Bezos or Elon Musk being a billionaire hasn’t taken a single dollar out of my pocket.

 

[SweetTea]

Please explain why a disparity between the richest and the poorest is an issue? Jeff Bezos or Elon Musk being a billionaire hasn’t taken a single dollar out of my pocket.

It is called envy and that crowd is consumed by it.

 

[Couchpotato]

I do not have an argument against what you are claiming

But I suspect that is simply lack of preparation on my part

So I’m confused then. Your contention was that the middle class was shrinking and moving to the lower class. You posted an article as proof but your article says the opposite. Did you just not read it?

 

[Whodatsaywhodat.]

The US Is Officially A Banana Republic: ​

The Top 1% Now Own More Wealth Than The Entire Middle Class​

The US Is Officially A Banana Republic: The Top 1% Now Own More Wealth Than The Entire Middle Class

In some ways, we sympathize with Neel Kashkari's fake "concern" about the unprecedented we...

austrian.economicblogs.org

Summary:
In some ways, we sympathize with Neel Kashkari's fake "concern" about the unprecedented wealth inequality that has emerged in the US in recent years and which has resulted in a slow, methodical and relentless destruction of the US middle class ... or rather make that precedented because there was another time when the top 0.1% had amassed as much wealth and it was just before the Great Depression. After all, who hasn't seen charts such as these showing the tremendous divergence in income earned by America's Top 1% at the expense of the middle and lower classes: Or that the top 10% now own 70% of all the US wealth, the same as the middle and lower classes combined...... up 10% from the 60% of wealth they controlled at the start of the century.
~Snip~
It's not just stocks that have benefited the super rich: housing has too. While a generation ago, the middle class held more than 44% of real estate assets in the country, it is now down to 38%. The pandemic generated a boom in housing values that has benefited most those who owned real estate in the first place. It also led to soaring rents this year, which hurt those who can’t afford a house. The self-feeding loop was yet another source of wealth transfer for the wealthier.
So the next time someone abuses the popular phrase "they hate us for our [fill in the blank]", perhaps it's time to counter that "they" may not "hate" us at all, but rather are making fun of what has quietly and slowly but surely become the world's biggest banana republic?
And it has not Russia, nor China, nor any other foreign enemy to blame except one: the Federal Reserve Bank of the United States.
Full story here

Comment:
Historically, bad shit ensues when this is sustained. Given a fed-up heavily armed populace, well....
The 18th century French banker and philosopher named Richard Cantillon noticed a phenomenon that when new money was issued by the king/government, it always flowed first to those closest to the source - the rich, powerful and connected.
He wrote called ‘An Essay on Economic Theory,” and his basic theory was that who benefits when the state prints a bunch of money is based on the institutional setup of that state. In the 18th century, this meant that the closer you were to the king and government power, the more you benefitted. The rich received “new money” first, often on beneficial terms. The further away you were, ie) average workers, the more you were harmed, due to inflation and debasement.
Money, in other words, is not neutral. This general observation, that money printing has distributional consequences that operate through the price system, is known as the “Cantillon Effect.”
The solution is simple. Break up Amazon and apply the law to politicians that have become multi-millionaires by insider trading.

But , But democrats are for the middle class remember ? Or is that another of their wonder lies?

 

[Mac-7]

So I’m confused then. Your contention was that the middle class was shrinking and moving to the lower class. You posted an article as proof but your article says the opposite. Did you just not read it?

You dont read so good

I am allowing your point to go uncontested pending more info

Is that clear to you?

 

[sparky]

Please explain why a disparity between the richest and the poorest is an issue? Jeff Bezos or Elon Musk being a billionaire hasn’t taken a single dollar out of my pocket.

you should watch the video i posted Potato.....~S~

 

[Hutch Starskey]

Well if the middle class is disappearing and they aren’t becoming poor, where are they disappearing to?

Huh?

 

[Couchpotato]

Huh?

If the middle class is shrinking the people that are leaving have to be going somewhere where are they going. Since the lower class isn’t growing (at least according to the census)……

 

[Toddsterpatriot]

I would like to think Couchpotato is correct

He hangs his hat on the idea that more people moved up from middle income than moved down

And there is that 4%-7% split that I cant explain away

Time will tell I suppose

Let in millions of low skilled illegal aliens each year, continue educating our poor students in grievance politics, instead of the 3-Rs, we'll continue to have a large underclass.

 

[TheParser]

And the tax rates for the super wealthy were?

I do not know.

I was just a teenager.

But I do remember that heads of corporations did not receive the obscenely huge salaries that they do today.

 

[initforme]

We shouldn't criticize the rich but somehow social security and Medicare are bad. That's the funny part. Some kindergarten teacher making 50 grand is an issue.

 

[Hutch Starskey]

If the middle class is shrinking the people that are leaving have to be going somewhere where are they going. Since the lower class isn’t growing (at least according to the census)……

What does that have to do with the 1% owning more wealth that the middle class?

 

[Couchpotato]

What does that have to do with the 1% owning more wealth that the middle class?

If you can’t follow the conversation that’s not my problemm