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The New Gilded Age

For discussion of religion and politics

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LordMortis
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Re: The New Gilded Age

Post by LordMortis »

noxiousdog wrote: Fri May 18, 2018 3:33 pm Regardless, that's not the point of the article. It's that rich people don't even know they are rich.
That's the refocus I'm trying find. There was line we felt growing up. The trust fund baby line. Those who were going to have to work for everything and those who were going to receive, irrespective of their work ethic (most end up working very hard after they've had their college experience and continue to build wealth). That was the line for the rich who don't realize they're rich.

I don't equate that with 110.000 salary or even a 160,000 HH salary. So, the rich without knowing their rich is the exact thing I'm trying to realign, to rebulid my understanding of what it means to be a have or have not in the US in 2018. My filter is broken and I'm not even one of the rich.
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stessier
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Re: The New Gilded Age

Post by stessier »

noxiousdog wrote: Fri May 18, 2018 3:33 pm
LordMortis wrote: Fri May 18, 2018 3:08 pm
So something is very off in my brain. A personal ven diagram of people who both have accumulated $1.2 million in wealth and who "only" make $110,000 a year is very small group of people whom are essentially retirees or single haorders like myself (who does not have $1.2 near his sights, nor will he when he retires)

So I have some re-alignment to do, I guess...
It's not easy, but it's not so far out of the realm of possibility as to be impossible.

Saving 20k per year (keep in mind this would include 401ks + matching) and a historical average 7% real return on stocks will get you to 1.2 million after roughly 23 years. This doesn't include house leverage and appreciation.

15k per year gets you there in 27 years.
10k in 32 years.
6k in 40, or a career from 25 to 65. Think about that for a second. $500 per month including 40ks gets you to 1.2 million net worth.
And that's just in actual savings and doesn't include assets like a house.
I require a reminder as to why raining arcane destruction is not an appropriate response to all of life's indignities. - Vaarsuvius
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Kraken
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Re: The New Gilded Age

Post by Kraken »

The UN takes notice.
Donald Trump is deliberately forcing millions of Americans into financial ruin, cruelly depriving them of food and other basic protections while lavishing vast riches on the super-wealthy, the United Nations monitor on poverty has warned.

Philip Alston, the UN special rapporteur who acts as a watchdog on extreme poverty around the world, has issued a withering critique of the state of America today. Trump is steering the country towards a “dramatic change of direction” that is rewarding the rich and punishing the poor by blocking access even to the most meager necessities.
...
The Nobel prize-winning economist Joseph Stiglitz told the Guardian it was profoundly important that international observers were speaking out about Trump’s impact. “This administration inherited a bad situation with inequality in the US and is now fanning the flames and worsening the situation. What is so disturbing is that Trump, rather than taking measures to ameliorate the problem, is taking measures to aggravate it.”
...
The scrutiny now falling on Trump from the UN is significant in that the US stands increasingly as an outlier in the world community. Alston’s report adds to a mounting body of criticism emanating from global organisations warning the US that unless it pulls back from its current course it will end up isolated from all other developed countries.

The statistics speak for themselves. In 1980, the US and Europe stood side by side in terms of inequality – in both cases, the richest one percent earned about 10% of national income.

Fast forward to 2017, and in Europe the 1% has edged up to 12% of national income. But in America the same elite now gobbles up 20%.
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Kraken
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Re: The New Gilded Age

Post by Kraken »

Income inequality is the highest it's been since records began.
Last year, income inequality in the United States reached its highest level since the Census Bureau started tracking it in 1967, according to federal data released Thursday.

On Wednesday, President Trump declared just the opposite. “Wages are up and inequality is down, something people don’t like writing about,’’ he said during a news conference in New York.
...
The Gini index measures wealth distribution across a population, with zero representing total equality and 1 representing total inequality, where all wealth is concentrated in a single household. The indicator has been rising steadily during the past several decades. When the Census Bureau began studying income inequality more than 50 years ago, the Gini index was 0.397. In 2018, the Gini index rose to 0.485.

By comparison, no European country had a Gini index greater than 0.38 between 2017 and 2018.
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Pyperkub
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Re: The New Gilded Age

Post by Pyperkub »

What's fascinating is the Blue/Red splits on income and economies:
Let’s look at GDP, or the value of goods and services produced, to understand how the two parties are divided. These days, Democratic House districts are doing substantially better: Two-thirds of the nation’s GDP comes from those areas, with Republican districts making up the rest...

...This is striking, because the Republican share of GDP is shrinking. Even though the party controls more House districts than a decade ago, those districts account for less economic activity, Brookings Institution data show.
There are three ways to not tell the truth: lies, damned lies, and statistics.
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Pyperkub
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Re: The New Gilded Age

Post by Pyperkub »

Here you go, the law doesn't apply...
The criminal justice system has given up all pretense that the crimes of the wealthy are worth taking seriously. In January 2019, white-collar prosecutions fell to their lowest level since researchers started tracking them in 1998. Even within the dwindling number of prosecutions, most are cases against low-level con artists and small-fry financial schemes. Since 2015, criminal penalties levied by the Justice Department have fallen from $3.6 billion to roughly $110 million. Illicit profits seized by the Securities and Exchange Commission have reportedly dropped by more than half. In 2018, a year when nearly 19,000 people were sentenced in federal court for drug crimes alone, prosecutors convicted just 37 corporate criminals who worked at firms with more than 50 employees.

With few exceptions, the only rich people America prosecutes anymore are those who victimize their fellow elites. Pharma frat boy Martin Shkreli, to pick just one example, wasn’t prosecuted for hiking the price of a drug used to treat HIV from $13.50 to $750 per pill. He went to prison for scamming investors in a hedge fund scheme years before.
There are three ways to not tell the truth: lies, damned lies, and statistics.
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Kraken
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Re: The New Gilded Age

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I think what you mean to say is "White collar crime hits all-time low!"
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Pyperkub
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Re: The New Gilded Age

Post by Pyperkub »

Kraken wrote:I think what you mean to say is "White collar crime hits all-time low!"
Definitely a missed opportunity!
There are three ways to not tell the truth: lies, damned lies, and statistics.
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Isgrimnur
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Re: The New Gilded Age

Post by Isgrimnur »

Zarathud wrote: Tue Apr 15, 2014 11:04 pm Candidates who spend their own money are called out on it on the campaign trail, and (at least in Illinois) often prove to be poor candidates. Watch for Dubin to beat perennial self-funded Obwereis soundly -- Oberweis is already trying to equate his $1.3 million gross income with Durbin's $280,000 because they're both millionaires.
Sun Times
Republican Jim Oberweis attended orientation for new House members on Thursday and Friday, even though the Associated Press projected Rep. Lauren Underwood, D-Ill., the winner of their 14th Congressional District race.

Every two years in the week after the election, the House Committee on Administration runs two days of briefings and training for newly elected members.
...
Thursday afternoon, the AP called the 14th District race for freshman Underwood, from Naperville. At that point, the count put her 4,288 votes ahead of Oberweis, a state senator from Sugar Grove. Since then, with more mail and provisional ballots counted, Underwood has increased her lead to 4,688, according to the AP.

Oberweis spokesman Travis Akin told reporters Thursday that Oberweis would not concede and would seek a recount.

On Friday, Akin said Oberweis “was on the plane when the AP called the race” on Thursday.
...
Akin said Oberweis attending the sessions was not an “in your face” statement. It was “something he was advised to do so he did,” Akin said. New member orientation is held only once.
Black lives matter
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Holman
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Re: The New Gilded Age

Post by Holman »

You'd better sit down for this: economic study concludes that 50 years of tax cuts for the rich failed to trickle down.
Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will "trickle down" and eventually boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.

The new paper, by David Hope of the London School of Economics and Julian Limberg of King's College London, examines 18 developed countries — from Australia to the United States — over a 50-year period from 1965 to 2015. The study compared countries that passed tax cuts in a specific year, such as the U.S. in 1982 when President Ronald Reagan slashed taxes on the wealthy, with those that didn't, and then examined their economic outcomes.
But the analysis discovered one major change: The incomes of the rich grew much faster in countries where tax rates were lowered. Instead of trickling down to the middle class, tax cuts for the rich may not accomplish much more than help the rich keep more of their riches and exacerbate income inequality, the research indicates.
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Isgrimnur
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Re: The New Gilded Age

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Black lives matter
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