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Posted on 10/27/2011 4:39:22 AM PDT by WOBBLY BOB
Tom Sowell and Walter Williams have both published plenty on mobility between the quintiles. They are both libertarian leaning economists but AP will ignore both of them because they are black. Liberal racists.
Fixed that for you.
How many in the bottom 10% in 2010 were also in the bottom 10% in 1979? LITERALLY - NONE.
Statistically true. You can look it up.
Factor in - inflation, birth/death, immigration, emigration and these statistics are utterly meaningless economically, but are instead intended to advance political agendas.
Cherry picking numbers isn’t accuracy. Lets see the same analysis for every year and not just the year they believe makes their case.
“A phenomenal amount of wealth has been stolen from the middle class. “
The VAST MAJORITY of federal and State spending is on lazy, good for nothing low income and no income types for welfare to buy votes. Corporations had nothing to do with that theft.
No one makes you over spend for homes, cars, credit cards, fashion clothes, fast food and the like.
No one tells you to glue yourself to the boob tube and watch Survivor style soap operas instead of enriching your brain with knowledge to provide a better life for yourself.
No one forces you to vote for the likes of Obama, RINOs, and Democrats that simply tax you more and more to give to welfare recipients and corporate donors.
No one forces you to fail to save or invest money, spending every penny paycheck to paycheck.
Those are the primary bad decisions the middle class makes that keep them where they are. Those they do not do those things usually rise up and do better.
Your knock on the middle class is bovine excrement.
In fact your entire post reeks of ignorance.
Undoubtedly free trade with China has destroyed the value of labor.
You’re just a pissed off little kid that wants everything for free and is jealous that someone else has something that you wanted.
I’ve got two very lib sisters who started as peons at a major corporation in the seventies and who are both now worth in excess of a million. Of course, nobody but the rich made any money during the last thirty years. (smirk)
Its not only that - its duplicative agencies, onerous regulation, higher taxes, inflation, etc.
Some of us lost more money on our investments on 07 and 08 then you will ever make in your entire ignorant life. While those of us nor quite in the upper 20% of income saw massive losses, the corporations which handled our investments posted huge gains thanks to taxpayer welfare payments to the banks.
You whine about the billion given to poor people but cheer the trillions in welfare given to banks and corporations.
What kind of sorry a** are you?
Only RINOs, demrat Marxists and big companies who’re failing buy into the “too big to fail” scam.
You and I agree about Wall Street and some big company problems. We know Wall Street leadership has been coopted by the Marxists. Assuming a conservative prevails to become president Wall Street will be left to fix itself or be replaced by another risk investment entity. As for publicly traded companies, it is the responsibility of the share holders to replace clowns like GM’s Rick Wagoner and GE’s Jeff Immelt.
That said, the vast majority of American companies do not fall into that category. Moreover, our capitalist engine has generated more wealth per capita than any other economic system ever tried in the world. Certainly it is not perfect—what earthly thing or being is? But left to its own devices it sorts itself out and returns to equilibrium. This cycle of distortion and equilibrium is eternal. But unless you’re prepared to replace it with something better I suggest you don’t throw out the baby with bath water.
Since The Depression the market place has always righted out of balance situations. That’s the purpose of recessions. It’s not working now because of massive government interference—driven by Marxist ideology. An ideology that’s failed every time it’s been tried.
I think you and I also agree that greedy people who break the law should go to jail.
The top 1% in '79, aren't the same people as the top 1% in '85 or '92 or 2011. It changes.
Last night, O'Reilly actually gave a good explanation, why and how the top 1% make more money today than they did back then.
I agree.
But the status quo show little chance for change.
What does it say for Capitalism for it to have to be rescued from itself through purely socialistic means? Is that contradiction too hard for some to fathom? Just what policy is it that some are defending...while using the poor as a scapegoat?
The percentages represent the aggregate.
IOW, no one is targeting a specific group of people. Just a certain income level. Doesn’t matter who moves in and out of it. That has no bearing on anything.
You’re not old enough to have made any money. Your postings are that of a childish 19 year old pissed off they can’t just sit in college forever and it might actually have to feed itself. Name calling, lame insults, and the like, are not the postings of a mature adult that has investments of any kind.
“Many of those hurting today did everything right”
No, they did not. They did the least amount possible as always and in most cases they did nothing.
They did not manage their money. They simply threw it into a 401K and let someone else handle it. They refused to participate and manage their money. My investments have grown over the past 3 years. I participate. In no way did BoA or any bank getting taxpayer money prevent me from managing my own finances.
They did not ensure their work every day was productive. They simply did the least required to go home at the end of the day. Very few people know how their efforts make the company money, if any. They sit on their collective fat asses at work thinking someone else in the company will take care of making a profit.
They did not manage their skills. Extremely few people strive to have more skills for tomorrow than they have today. Computer programmers, nurses, and doctors are some of the few career fields I see that actually strive for more skills.
They did not save. I see the federal reports. People have nothing in savings and massive credit card debt. They have limited amounts in 401k or IRA accounts. They live paycheck to paycheck. Even now the amount of savings is limited and credit card spending, while headed down, is now going up. It only went down because banks were pulling back credit and canceling credit card. People still want to spend more on credit. Idiots.
They do not get involved with politics and voting. They can tell you the names of five pop stars and the last member to get voted off the island but they cannot name their kid’s teacher, their Senators’ names, their Representative, or even a single County Commissioner name. In fact, some cannot even name the President!
They overspent. They over paid for mortgages, having gotten greedy in wanting more, more, more. They did so every bit as much as any corporation. They bought cars costing half a year’s wage. They eat out more than ever. They treated their homes as piggy banks and took out second mortgages and HELOCs for expensive vacations and big screen TVs.
They refuse to work. I know a number of people on unemployment refusing to take an $8/hour job because UI pays $10/hour, all the while failing to grasp the simple concept of getting their foot in the door to perhaps a higher paying job later.
So, no way did they “do everything right”. Not even close, sucker.
You display an ignorant stereotype that leftists use to attack conservatives with. Shame on you. Get your head out of you butt and learn to think for yourself instead of regurgitating talking points you heard on some AM radio.
You know nothing of me and your ignorant rant tells me that you base your ideas on pure emotion instead of reason. You emote good...like a good little liberal commie.
Would you like me to tell you that I am wealthy?
Poor?
Young?
Your petulant rant will not induce me to give you personal information about myself except what I have released here over 13 years. I am a retired long line Captain. I will add that I own a 41’ Morgan Out Island and if the ignorance you display becomes anymore endemic to this country then I will find a new address among the various Cays down south.
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