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

[pknopp]

We're not.

Stop lying. The only way you are able to defend your position is to lie about it.

 

[pknopp]

So? Without the ultra rich we wouldn't have smart phones, over night delivery, 4k TV's, international flights and so on. Their thirst for wealth and control is what drives progress. If everything was equal no one would want to dedicate their lives to something to improve it because there would be no need to, nothing to be gained.

Besides those few ultra wealthy are the reasons we have jobs, companies to work at, company financed healthcare, and a lot more. We depend on them for products, services and jobs and they depend on us to stay where they are.

Look at what things Elon musk and Jeff bezos have done and will do. If they couldn't be rich they probably wouldn't want to, and if everyone was equal in status who would bother listening to them? Their wealth made them be listened to.

They aren't some oppressive overlords, they are rich fucks that earned their money. And see my reply below as well.



And that's why you're part of the problem. Because you condone bad behavior, reationalize it and support it.

You condone breaking shit because you have less? Then go get more. No one is stopping you. Bill Cosby was a broke black dude from Philly, aside from the rapings look what he did. Jeff bezos started out selling books in his garage. My doctor came from a broke ass family from south east Kentucky.

You can do more if you want to. Don't like where you are? Man the buss runs everyday. No one has an excuse anymore.

I'm doing fine. I was able to retire at 58. See, not everything is about me. That for so many it is, is a large part of the problem.

And as to your point, people with very little have invented a ton of things that have benefitted society.

 

[Blues Man]

Stop lying. The only way you are able to defend your position is to lie about it.

It's up to you tp prove your assertion since I cannot prove a negative.

No rich guy ever stopped you from making more money.

 

[pknopp]

It's up to you tp prove your assertion since I cannot prove a negative.

No rich guy ever stopped you from making more money.

I didn't make that accusation. We have discussed the pumping of the markets here endlessly. Try being honest.

 

[Remodeling Maidiac]

We have a declining middle class because we have declining work ethics. Period

I got out of prison in 1986 with 100 dollars to my name.
I now have a successful business, grandkids, a home, a house full of everything I want and all but the house is paid for in full. I didn't get here because someone else paid more taxes. I got here because I wanted to not be poor or live a life of crime. I started in those shitty jobs just like most but unlike most today I didn't think that job owed me anything and when opportunities came I took advantage of them by taking different jobs or learning different skills.
From McDonald's to digging up old sewage lines to roofing to driving a cab to building houses to college (I PAID FOR) to where I am now.

There are no excuses for failure that are not a result of your own decisions.

The way things are set up literally ANYONE can goto ANY trade school/college and the government will loan you the money. Yet all many want to do is bitch and moan about the fact that they can't survive on a McDonald's salary.

The stupidity and selfishness of this nation when it comes to work/prospering is off the charts.

 

[Blues Man]

I didn't make that accusation. We have discussed the pumping of the markets here endlessly. Try being honest.

You're being dishonest not me.
You just said we are giving rich people trillions.
You seem to think that because someone lese has more than you that he is preventing you from improving your financial position.

You are wrong.

 

[pknopp]

We have a declining middle class because we have declining work ethics. Period

I got out of prison in 1986 with 100 dollars to my name.
I now have a successful business, grandkids, a home, a house full of everything I want and all but the house is paid for in full. I didn't get here because someone else paid more taxes. I got here because I wanted to not be poor or live a life of crime. I started in those shitty jobs just like most but unlike most today I didn't think that job owed me anything and when opportunities came I took advantage of them by taking different jobs or learning different skills.
From McDonald's to digging up old sewage lines to roofing to driving a cab to building houses to college (I PAID FOR) to where I am now.

There are no excuses for failure that are not a result of your own decisions.

The way things are set up literally ANYONE can goto ANY trade school/college and the government will loan you the money. Yet all many want to do is bitch and moan about the fact that they can't survive on a McDonald's salary.

The stupidity and selfishness of this nation when it comes to work/prospering is off the charts.

The middle class used to make cars, toasters, televisions, radio's, etc etc etc. That has largely been sent overseas. It is not the same world today that it was in 1986.

 

[pknopp]

You're being dishonest not me.
You just said we are giving rich people trillions.
You seem to think that because someone lese has more than you that he is preventing you from improving your financial position.

You are wrong.

You can spin what I've said all you want........it doesn't make you any less truthful.

 

[Blues Man]

You can spin what I've said all you want........it doesn't make you any less truthful.

And I quote

No, I think we need to quit giving trillions to the rich.

 

[pknopp]

And I quote

And I stand by that. I do not stand by your spin.

 

[Blues Man]

And I stand by that. I do not stand by your spin.

But you just denied saying it.

And it's up to you to prove it and you haven't.

 

[alang1216]

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.

These inequities between haves and have-nots can lead to serious unrest and revolution. A democracy should be able to react quickly enough to avoid armed conflict but our democracy is not very flexible and extremists on the Right and Left may feel violence is the only alternative.

 

[kyzr]

Let them eat cake!

Only little people pay taxes!

 

[easyt65]

Corrupt, criminal, self-serving Marxist tyrants like Nancy Pelosi elevate themselves above Constitution and law, oppress & violate Americans' civil and Constitutional rights while using the govt to make themselves multi-millionaires.

Pelosi reportedly has $315 million and all from Insider Trading, kickbacks, loans tucked away in bills, ones she never has to pay back, etc...

It was exposed after q bill was passed she hid a several hundred million for some project in her district, $20 million of which was given back to her as a 'donation for her re-election campaign.

Diane Feinstein used her position leading a committee responsible for awarding govt contracts to dole out massive contracts to her husband's company and to CCP-owned companies he partnered/worked with. She made her fortune from the CCP.

Maxine Waters lives in a mansion outside of her slum district. Barbara over was exposed for facilitation CCP Espionage against her own country, for which she was paid extremely well, etc...

Money, power, and getting re-elected, keeping that power - that's all these traitorous fucks care about.

 

[kyzr]

They are not paying the same tax rates as those earning their money, through working....through labor. They pay a lower tax rate than the guy working and earning the 100k...or 400k. Or 50k.

Not only "tax loopholes", but "capital gains" tax breaks, "offshore tax havens", as well as "subsidies" paid to many corporations, or moving US jobs overseas..
The working stiff pays more than half his wages to various Fed, State, and Local taxes, then tries to raise a family.
The wealthy have tax attorneys and tax loopholes, the rich get richer, is a FACT.

 

[schmidlap]

So we are supposed to dismantle our entire economic system and prevent people from making money in the markets because you and your kind are envious? That is what it boils down to.

Venerating the obscenely rich is not "what it boils down to."

In the 1950s and 1960s, the economy was booming and the wealthiest Americans were paying a top income tax rate of 91%. Currently, the top rate is only 43.4%.

Gallup research shows that a majority believes upper-income Americans pay too little in taxes.

Recent revelations such as The Pandora Papers have exposed the elaborate mechanisms that the wealthy have contrived to minimize their tax obligations.

Lickspittles are finding it increasingly difficult to make excuses for the excessively privileged.

 

[Lesh]

Look at these "populists" defending the rich getting richer.

Priceless

 

[Remodeling Maidiac]

The middle class used to make cars, toasters, televisions, radio's, etc etc etc. That has largely been sent overseas. It is not the same world today that it was in 1986.

No shit Sherlock.

I never worked any of those jobs yet I succeeded.

Like I said EXCUSES

 

[pknopp]

No shit Sherlock.

I never worked any of those jobs yet I succeeded.

Like I said EXCUSES

Well then, Bezo's has billions, so then should you.

 

[colfax_m]

Only little people pay taxes!

Trump paid little to no federal income taxes over several years as he piled up losses and debt, NYT reports

President Donald Trump's businesses have hemorrhaged hundreds of millions of dollars over the last two decades, according to The New York Times.

www.cnbc.com