Home › Forums › Open Discussion › Another 1% Talking About Income Inequality
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March 20, 2015 at 3:32 pm #817015
wakefloodParticipantSo, a multi-billionaire in Canada is setting up an entity to promote social justice within the capitalist/corporatist dynamic. He knows what is happening now with regards to wealth inequality will NOT end well.
“Tudor Jones said that income inequality in the US is “literally off the charts” and that’s going to come along with “the greatest societal problems” such as lower life expectancy, teenage pregnancy, and lower literacy rates.
His solution is to advocate for justice in corporate behavior.
Read more: http://www.businessinsider.com/paul-tudor-jones-on-inequality-2015-3#ixzz3UwLAKs00
Personally, it’s a race to see which happens first, the revolution, war, or a flipping of the political landscape prompted by wide-eyed fear of the mob gathering at the gate.
What’s becoming clear to anyone who cares to actually LOOK at reality is that this can’t last.
But don’t tell the GOP who just created a budget plan that makes it all even worse.
What’s your take?
March 20, 2015 at 3:57 pm #822964
wakefloodParticipantRe: The proposed GOP budget, from Krugman:
“But the just-released budgets from the House and Senate majorities break new ground. Each contains not one but two trillion-dollar magic asterisks: one on spending, one on revenue. And that’s actually an understatement. If either budget were to become law, it would leave the federal government several trillion dollars deeper in debt than claimed, and that’s just in the first decade.”
But you know, when you’re in a hole, the thing to do is dig faster??
March 21, 2015 at 12:37 am #822965
skeeterParticipant“Personally, it’s a race to see which happens first, the revolution, war, or a flipping of the political landscape prompted by wide-eyed fear of the mob gathering at the gate.”
Wake at this point I’m wondering which side of the gate I’ll be on.
I’m becoming a fan of Robert Reich. Very sharp guy. I’d love to hear him speak.
http://www.salon.com/2015/03/17/robert_reich_economic_redistribution_is_our_only_hope_partner/
March 21, 2015 at 7:52 am #822966
JanSParticipantskeeter…that’s good to hear..I love Robt. Reich.
I’m trying to pay attention to the budget offerings, as the top 4 to downsize…medicare, medicaid, Social Security, and SNAP are all in my life..those are constantly gone after, and they represent the least little pie sliver when presented with a whole pie. The biggest expenditure? Defense, of course…but they always have to go after those who can least afford to have things cut :( Big Sigh.
PS..how’s that beautiful daughter?
March 21, 2015 at 3:15 pm #822967
JoBParticipantin the late 60s it really looked like a revolution was possible.. what we got instead was the start of an evolution…
i am all for another…
March 21, 2015 at 6:45 pm #822968
skeeterParticipantThe daughter is a hell-raiser but we’re having fun! Thanks JanS.
March 22, 2015 at 9:03 pm #822969
WMOParticipantWhat is the official definition of the 1%?
What is your definition of 1%?
We all have our own goals outside of what the Media and Wall Street tell us, and I am still genuinely confused. Based on what I read and hear, financially I have been rich and poor more than a couple of times in my life, and really want to know what the group is thinking.
If I was going to classify myself right now, based on the news about average debt, savings, and retirement, I would score myself at 75-80%.
Thanks for your input on the discussion.
March 22, 2015 at 10:16 pm #822970
JoBParticipantwe are rich beyond our wildest working class dreams and still poor enough to need to watch what we spend :(
March 22, 2015 at 11:08 pm #822971
SmittyParticipantWell, I am prohibited from contributing to a ROTH-IRA, but certainly do not consider myself wealthy.
Some things are screwy.
March 23, 2015 at 1:03 am #822972
JayDeeParticipantWell, to be in the 1% one or one’s family needs to have income of $320,000 per year. And while carried interest (what a crock–if it spends like income, it is income) and capital gains are not counted as income, at $320K a year one is living large.
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What percentage of the voters think they are actually in the 1%? 15% I think such economic ignorance is why we get proposals like those from the Republican majority. The Democrats are also beholden to the rich, but their policies are more favorable to the those that actually support Republican positions.
March 23, 2015 at 10:12 am #822973
JanSParticipant$320,000 in a year? That would be enough to last the rest of my life, I’m thinking :-
March 23, 2015 at 4:17 pm #822974
skeeterParticipantDefining the 1% is tricky because there are two fundamentally different ways of measuring wealth. Some people measure wealth by income. Others measure wealth by net worth. The two often don’t go hand-in-hand. Many people earn big money but spend it all. So they have little or no net worth. Others earn more modestly but consistently save so their net worth is significant.
So in my mind there are really two sets of the 1%. Those earning the top 1% and those with a net worth in the top 1%. Sure, many people are in both classes – but a lot are in just one.
March 23, 2015 at 4:39 pm #822975
wakefloodParticipantSkeets, I got a good chuckle from your “don’t know which side of the gate I’ll be on” comment!
That notion resonates with me too but possibly for different reasons than yours? Mine being that I’m thinking that there might be 2 sets of angry mobs. One composed of the Occupy mindset and one carrying the Tea Party flag.
The problem (for the Occupy gang) is that some significant percentage of Tea Party folks will likely be armed to the teeth.
As to the question of what qualifies as 1%: Virtually all of the data I’ve seen that tries to identify and label it thusly is talking about income, not accumulated wealth.
That being said, it certainly IS the case that some numbers of folks who earn several hundred K a year spend nearly all of it and might not consider themselves very wealthy as a result. But stupid is as stupid does…
March 23, 2015 at 8:04 pm #822976
skeeterParticipantGlad I can amuse you Wake!
Change of plans – I won’t be on either side of the gate. I’ll be out cruising in my Charger Hellcat with my $2.40/gallon gasoline!
March 23, 2015 at 8:46 pm #822977
wakefloodParticipantDon’t forget to buy a couple of GoPro’s to film your adventures. I’m looking forward to Mad Max 3,4,5, etc. starring Skeeter.
Let me know if you want a sidekick…
March 23, 2015 at 10:43 pm #822978
WMOParticipantThank you everyone for your responses. I was already prepared for different responses based on everyone’s different circumstances.
1999 me had me retired by now, and I am pretty sure I owned a vineyard, yacht, and a bunch of vacation properties.
Today, I am l trying to cut through the financial marketing spin, the government spin, and balance that with my own reality.
My spouse and I are clearly not the 1%, but we are doing well by our own metrics, and maybe better than average?
Ultimately, our own metrics are what counts.
It’s not getting what you want, its wanting what you got. Thank you Cheryl Crow.
The which side of the gate convo is very appreciated. I have a degree in Political Science for the 70’s in LA, and economic revolution was a big topic.
I had the pleasure of spending a week in the Loire Valley of France a few years ago, and got to see some of the amazing Chateau’s in the valley. Many of the original builders and owners were in fact dealt with in the streets of Paris during the revolution, but many were not. The one’s who were spared, were the owner’s who were focused on the future, not holding on to the past wealth they had amassed.
March 24, 2015 at 12:09 am #822979
dobroParticipantThis sums up our predicament pretty well…
http://www.huffingtonpost.com/robert-kuttner/why-the-99-percent-keeps-losing_b_6920092.html
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