We have to take back that wealth. Right this is the reason why we have not the lifes we deserve. That are the funds that were siphoned off from our society. The people created this worth. Not some guys at the top.
Correct. This is the stolen education of our future generations. This is the stolen lunch’s of our children. When does America wake up? I guess it takes physically seeing it happen. We are gonna be so down trodden before someone steps up it seems.
Economists say the rising stock market is giving an added boost to consumer spending through what is known as the “wealth effect.” When consumers and investors see their stock holdings soar, they feel more confident spending and taking more risk.
I somehow suspect that this thing about the wealth effect is total and utter bullshit.
Just like trickle down economics.
What's crazy is the reason people believe in it, is total coincidence.
Bill Clinton thought it was a good idea and republicans just implemented it wrong, and then when he was president the dotcom boom happened and everyone gave credit to Clinton's policy. It stopped being a conversation on if it worked, and became how best to implement it.
Like when Biden did the "child predators" bill, it wasn't harsh punishments that got crime under control, it was the normal effect of banning leaded gasoline 20 years earlier. But we're left with two "tough on crime" options even though that approach just doesn't work.
In both cases it's reminiscent of cargo cults, a good thing happened, so we just repeat what we were doing when it happened and expect the good thing again.
But with how long political careers are and how slow science moves, by the time we can prove it, they've built huge careers off the false assumption they had something to do with it. For them to admit they've been wrong, they have to realize they spent decades doing the wrong thing and while they had good intentions they've been causing harm.
That's a big ask for anyone, but especially for someone whose over 60.
So they ignore all evidence and double down even harder
That’s a big ask for anyone, but especially for someone whose over 60.
Interesting that you reference Bill Clinton, because he is actually on record on realizing some stuff he did was the wrong choice. Specifically the idea of treating food as commodities and not a human right. Not that that invalidates your point, just an interesting note.
"Food is not a commodity like others," Clinton said. "We should go back to a policy of maximum food self-sufficiency. It is crazy for us to think we can develop countries around the world without increasing their ability to feed themselves."
Clinton was 61 years old in 2008.
whose over 60.
Who's. Whose is for possessive, like: whose beer is this? It's the guy whose car is outside.
tHe EcOnOmY iS dOiNg GrEaT
No, the stock market is doing great at making the rich richer. The economy is fucking broken. On purpose. The crushing of the working class to enrich the 1% is capitalism working exactly as intended.
I’m sure the wealth will trickle down any moment now. Been waiting about 40 years now. Must be happening soon.
Some much computational energy and human talent is wasted on finance coming up with imaginary and derivative products that do nothing but make rich people richer.
It’s nothing but speculative wealth that doesn’t actually exist, but the federal government prints bonds to underwrite this garbage. Then morons talk about how the feds print money that cause inflation, but are too stupid to realize why.
And no one will listen to you because America has a stake in the stupidity of its people.
We just shouldn't allow individuals to have over a billion dollars, just 100% tax on anything over a billion when combined assets exceed that number. Both because there's no good reason for any one person to have that much money and because as pathetic as American campaign finance laws are it's a legit national security risk for someone to have that kind of money to throw at their pet causes.
I would lower that to $100 million. I don't think there's even a good reason for anyone to be that rich, but if we're going for a crazy upper limit...
If you had a billion dollars and never earned a penny more, you would actually find it hard to spend it all before you die. It could probably fully support several generations of your family. I'm totally fine with saying, "Congratulations! You maxed out the money counter in the game of Life!"
We could give them a trophy and everything
We used to have a super high tax rate on the wealthy (91%) in the past, but it got repealed.
Let your house representative know you'd like that to return.
Thanks Reagan, still waiting for it to trickle down you fucking liar.
It should be trickling down any second now. Meanwhile, the Kellogg's CEO is telling people to eat cereal for dinner because they are poor.
Not to mention that per weight beef is cheaper
44 trillion would end world… problems.
Let’s END… the… problem.
🍽️ the 🤑
Nice! Good job all. It sucks that our wealth is being harvested by a few psychos but dam we are working our asses off and generating vasts amounts of it. For someone else but still damn, super impressed.
And here I am terrified to spend a penny.
Maybe the billionaires will buy each other’s shit and we can all just die already and let them play with resources without us.
I don’t know what I’m trying to say. Going to bed for my back to back 16 hour shifts over the next two days.
Good night fellow poors.
Capitalism is working as intended, support ticket closed.
Out-of-control. The USA should return to the 1960's tax brackets.
It's too late. We need to be even more aggressive now to correct the egregious imbalance.
Absolutely disgusting. And conservatives are itching to cut taxes on the wealthy even further.
... But it's the poor mother pulling herself up by the bootstraps, making the perilous journey north to work comparatively-shit jobs to help give her kids a brighter future that is apparently the problem to righties — who, by the way — we all benefit from their cheap labor in the first place...
$20 spent to a person making 100,000/year...
... Is the same as a single-billionaire spending $200,000.
OFF. WITH. THEIR. HEADS.
It’s Guillotime™️
That's over 5k per human currently alive.
Ok hear me out. I just want to do quick maths. The world population is according to worldometer just over 8,1 billion people. So 81 million people make up the top 1%. So this article says they have now 44,6 trillion dollars. So $44600000000000/81000000 is equal to $550617.28 per person in the one percent. So that means if you have more than $550 000 in wealth, you are a one percenter.
I am curious if the wealth of the top % as a value has grown or outpaced the rate of inflation and population growth added together.
The article is talking about the US. (Because of course it is).
So, it's only 3.3 million people, so it's $13.5 million each on average.
So that means if you have more than $550 000 in wealth, you are a one percenter.
No, that's not how distributions work.
If Elon Musk walks into a bar, it's a Nazi bar now. Also, if he walks into a bar with 99 other people in it, the average wealth of everyone in the bar is $2 billion. But, that doesn't mean that the typical person in that group has over $2b in wealth.
The top 1% contains Elon Musk plus about 3.3 million other people, but he skews the distribution considerably. That means the bottom of the distribution of the top 1% is around $6m, and it also includes people like Musk and Bezos who bring the average up to $13.5m per person.
And don't worry, "endless growth" means that you need to get up bright and early today to make them even more!
Wow, this is great news!! Imagine all the trickle down. 😂 😂 😂
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