#12 is really cool
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this shit is NOT funny anymore.
#12 Half of all American workers now earn $505 or less per week….WTF!!!! WTF!!!
that is sad,because i used to pay more than that just in taxes every week.i own 30,000 dollars worth of tools and have no work. blood needs to be spilled……..like yesterday
Wow.. Passing this along. I like that the article has lots of references for those who will say “this is just made up.” No middle class = no democracy.
MD — you still have to examine the references. Most are crackpot bloggers. See my rip on the “source” below.
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Jakeginet,
These facts do not come form “mostly crackpot bloggers” as you would have most believe.
Even the blogger that you sight are merely regurgitating data and charts they have received from credible sources.
Economic Institute
Business Insider
NYT
U.S. News
U.S.A. Today
Federal Reserve of St. Louis
Huffington Post
World Net Daily
U.S. Census Bureau
Economic Policy Institute
Bloomberg
National Council on Aging
Blogs utilizing charts and statistical data
Calculated Risk
Bizzy Blog
Financial Armageddon
Tax.Com
the American Prospect
Zero Hedge
The Economic Collapse
The word is “site” and yes, most of those in your list are crackpot bloggers. They may be talking about some bullshit stat they pulled from the Dept of Some Shit, but they are then extrapolating them, hysteria-style, instead of logically analyzing the data.
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The housing bubble (thank you Dr. G.) masked the decline for about eight years, and also provided lots of well paying middle class jobs.
I know people will rip me for this, but the evidence (not the rhetoric), shows that HIGHER taxes on high incomes leads to MORE investment. How so?
Take farmers for instance, they HATE to pay taxes. What is the first thing a farmer will do when they get high prices and a lot of income? THEY avoid taxes by purchasing new tractors and other equipment. They INVEST in their business.
If I own a business and marginal tax rates are high, will I invest in my business and avoid taxes or will I pay the government and get nothing (practically) in return? DUH! I will invest in my business. If marginal tax rates are low or practically non existent (as on dividends) what will I do with my earnings? I will invest them in passive investments such as preferred’s and bonds and avoid the dirty work of expanding my business.
No contest. Game over.
Even if we were to take this behaviour as true (it doesn’t make much sense, as farmers still have to invest in after tax dollars — they cannot expense capital save over many years in depreciation) the farmer is still being forced to invest in inefficient capital investments instead of market driven net present value positive opportunities.
The government is still forcing over-investment in certain sectors which — you guessed it — is exactly what leads to bubble behavior.
It’s much better that the farmer be allowed to invest his ampple after tax dollars in areas that make economic sense to him… even if that means he’s buying an extra pearl necklace for Mrs. Farmer. Why should the John Deere dealer get that extra dough and not the Kay Jeweler?
The government should not be in the business of choosing investments!
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JakeG… Being that you can connect Geithner and Summers and other big business lobbyists to the government perpetrating the Fannie and Freddie Bubble pushing agenda and the glass steagall repeal along with it so that banks could lend and flip the complex derivatives GLOBALLY as this scheme was also global creating a soverign debt crisis as the next bailouts since there are instruments allowing people to bet on defaults of entire countries and the moral hazard to go with it….
The derivative scheme includes the housing, and those well represented knew that if their bets failed they would be bailed out, and if the bets succeeded thus bankrupting those who owe them money, they (AIG) would be bailed out… I’d say the overinvestment bubble pumping is great for “business”… if your business is global banking, that is.
The government is certainly a mess when it comes to policy for the public unless it’s trying to create serfdom.
The real “money” is not in business and not in government but in derivatives that have been pumped up via legislation of a few (Geithner, Summers, Rubin, Lobbyists bought and paid for by Corzine, Dimon, ,etc the same crew in on the South Korea and Indonesia and Thailand bailout, the LTCM bailout and the rest of the pawns, if not crucial pieces of the political-economical elite)
ultimately if the +1.5 quadrillion dollar derivative bubble (which was only tens of trillions in 2002) continues to get pumped up and never is distributed among the population it will pop and there will be serious deflation as there isn’t enough money in the world to cover the payments. Derivatives are the “new federal reserve” in that they create much more money out of thin air. (A long term future or options or futures options might be bought and sold against in the short term creating two sides of the position and transactions are made on both sides, borrowing from future value that may or may not ultimately exist, but the money can be rolled over infinitely into the future) Since there are monthly and even weekly derivatives they can be very quick and if there is a major rush to the exits and a major bet on one side, the entire markets can collapse with no bottom like flash crashes and financial terrorism as Max keiser calls it can take place.
If that quadrillions of derivative money ends up in the public’s hands, there will be hyperinflation… If not, it will be a catastrophic collapse Of course, either is probably bullish for gold and silver, with the political mismanagement of the money supply goes with it.
Although, I’m not sure either has a good result in terms of real tangible wealth as hyperinflation no one can afford to work and production is halted even as people are consuming as much as money CANT buy, but deflation FEAR is the main culprit and global trade stops. Either case is a huge transfer of wealth somewhere that can’t be stopped, only delayed.
Why sign up and pay when we can get plenty of beetch-y sarky stuff over at Zero-H?
The writers who push this meme are depending on people’s inability to grasp math to beat the drum on a concept that is math explainable. Check this line of reasoning:
The number of Americans making $50 million or more, the top income category in the data, fell from 131 in 2008 to 74 last year. But that’s only part of the story.
[But an important part, which the writer chooses to blow right past. This dropoff goes to show that there’s a lot of risk involved with banking that kind of coin, and in bad markets that risk bite shows. This also explains that most of this incredibly tiny group of people for whom this clown had erected an entire thesis are simply hedgies who are extremely good at what they do and are making a lot of people big coin. -ed.]
The average wage in this top category increased from $91.2 million in 2008 to an astonishing $518.8 million in 2009. That’s nearly $10 million in weekly pay!
Again, explainable by noting the very few who called the market short in 2008-09 (like John Paulson) and banked coin as a result. The writer is taking about a once in a lifetime lottery-style financial event and extrapolating it to stoke the flames of social discord. Dishonesty, thy name is Marxist blogger.
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“Yogi & Boo Boo” The way to do that is a LONG term solution that first involves serious educational overhaul to include financial education. That solves MANY problems. A school for investors and businessmen rather than the old school system based on that of ancient Germany designed to create workers and military personnel. You do that and capital flows is much more intelligent, congressmen and such actually know the consequences and can only be manipulated through bribery, and the people can connect the dots a lot easier and there will be fear of losing one’s life which will outweigh any economic gain, and ther will be fear of impeachment and such. More importantly, it will create honest wealth creation policies in America. Unemployment will continue to grow unless people go to school to become EMPLOYERS not employees. The ratio of employers to employees is way off basis. You want to create wealth, you create entrepreneurs and intelligent investors that move capital towards those that use it most efficiently to benefit society. If people understand that every purchase they make is a vote to what gets created and every investment is as well, people can be much more proactive.
I don’t know if we can completely remove the lobbyists. You could argue a “direct democracy” but that is dangerous without the population having a real education in the political economical world. No solution can come until the population wakes up and is educated by business teaches who actually have succeeded in business and investors as well. So something like a 5 year tax break for successful businesses that teach classes (for free so they have to actually have a successful business to be qualified).
Society would be much better off and innovation would be much better than the joke of an attempt by all the 20+ year olds that never had any business in their life starting a dot com business, even though that kept the economy going for longer than anyone could have imagined and was a huge positive step, it is a joke to think all these start ups are going to succeed long term. Google and Amazon and Apple and Ebay were VERY important businesses to our current way of life that really grew out of that dot com era, but we didn’t really need all the time wasted until the money ended up in their hands, and we could really have 100 companies successful just like them. There is no shortage of billion dollar ideas, but the system and knowledge to integrate and manage them is so weak
I agree that the government shouldn’t be picking winners and losers. The problem we have now is how do we remove the the various incentives that distort the allocation of capital without further hindering the economy. A case can always be made that some benefit to a particular segment of business is in society’s best interest and the “greater good”. Housing was a great example as you have stated. How we remove those incentives once they are in place is a much more difficult endeavor.
You got yer royalty, you got your serfs. What’s this “middle class” of which the reporter speaks?
Is he talking about knights or some shit? Cuz when I took civics class, the knights were also part of the nobility, their titles having been granted by the King or one of his Lords. Sorry, I just don’t get this article.
Sounds like America needs a good war to get the manufacturing sector churning again.
Don’t buy this class warfare B.S.
Most of those link are from Class C, 3rd tier bloggers.
#12 Half of all American workers now earn $505 or less per week….
gross income or net income?
I think those doomsday sites are bad Karma and do not provide tradable advice.
I would like to become wealthy from trading, but not via a thesis that requires immediate worldwide economic collapse and a “Mad Max” existence.
I have people employed in what is called a skilled trade, and I am struggling to pay them that $500 take home pay. They should be making $0K a year plus bennies. What little work there is usually has 20 different firms bidding on it. It’s a race to the bottom.
Should be $40K………^