With inflation, the vast majority of Americans will be at 200k income level pretty quickly.

Thinking | 3 December 2012 | Mene Mene Tekel Upharsin

[MeneMeneTekelUpharsin]

Imagination? Reality? Watch what happens next.

[faithhopecharity]

he’s told us he wants to raise gas to $10 a gallon (and people still voted for him)

he doubled gas price in his first term, so second term he should hit around $8 anyway

[faithhopecharity]

and higher energy prices force up the prices of every single thing we as consumers want, or need to, purchase
including food especially

[Secret Agent Man]

It’s basically the AMT law, eventually scooping in everyone.

[Red Badger]

The entire nation will become a slum.....

[MeneMeneTekelUpharsin]

It’s basically the AMT law, eventually scooping in everyone.

Yessir.

[cicero2k]

Ah, SNL 1970s skit “Inflation is Your Friend”.

This is how the Alternative Minimum Tax became such a problem. No one is talking about the AMT which may strike singles making $50K.

You think they would index these tax rate levels, to I don’t know; the price of bacon, gasoline, college tuition, movie tickets etc.

Take bacon for example: the package of pre-cooked I buy at Costco in 2007 for $8 is now $13. That’s 62% higher. My income has not gone up 62%. Few peoples’ have. We’re supposed to accept that because the Bush tax cut is in place, we have it good.

[logic101.net]

I’m wondering what level the Alt min tax will be w/o the annual “fix”.

[headsonpikes]

Even a homeless man will be a millionaire!

What’s not to like?

“Forward!”, as the President says.

[C210N]

What about rental property?

It's good to recall that one of the early "steps" in the Marxification of Cuba was the overnight halving of all rents. Of course that devastated all landlords and their property.

[cunning_fish]

Still a lot of work to do to reach Zimbabwean level of wealth with a car washer earning $100000000000000 (Zimbabwean dollars) per hour but here’s a right direction (Forward!) /s.

[Josa]

I detest obama voters and avoid them whenever possible. They are anti-Christian, anti-American, greedy scum

[WilliamofCarmichael]

I remember when kids haircuts were $0.25 and adults $0.75; a loaf of name-brand bread was $0.25; postcards two cents, first class letters IIRC three cents; mail delivery twice a day; new cars around $2,000 -- but here's the spin that we are much better off today: a cell phone cost in the millions and came with two wheels.

Three dollars an hour was a very good wage. A friend in high school graduation class frequently said that if he could get a guaranteed $140/week factory job he'd be happy until he was old enough to retire.

There was never a period when like the Weimar Republic we were given breaks at work to go buy stuff as the prices increased throughout the day.

Our wages pretty much kept up with the inflation.. until "the new normal" a few years ago. (It seems to me.)

And when there were recessions we actually recovered within a few months and grew even larger than before! Those were the days!

[smoothsailing]

[mmichaels1970]

With the excessive printing of money, almost everyone in this country who has a job will make 200,000 thousand dollars or more.

I sort of agree. From personal experience, many wages have gone down as inflation has obviously gone up over the past few years (admittedly mild inflation compared to the hyperinflation predicted). I'm guessing it's more than likely that hyperinflation will simply wipe out companies, and with them, jobs.

So, rather than significantly more people making 200k+, we'll have significantly more people making 0.

[Attention Surplus Disorder]

Horsecrap.

[BenLurkin]

The inflation is not only anticipated...it is planned.

[tbw2]

I thought the gas price increases were a way to make “green” energy more palatable.

[grumpygresh]

The silver lining is this: when a nation has a worthless currency, monetary interventions are useless and the government loses power over the economic system. Responsible state governments could fill the void by promoting sound currency. Let’s face it, the federal government is the enemy of the people. Invest in lead and gold.

[cherry]

my husband's company of 27 yrs bailed on him, and left him and thousands with nothing but the Pension Guarantee which paid you about 1/3 of what you should have had...AND its fixed...no cola's.....

so the union/govt thugs will get regular raises while the industries that have been sacrificed will have its employees losing buying power daily....all in the plan....