Where Americans—Rich and Poor—Spent Every Dollar in 2012

The Atlantic ^ | 09/16/2013 | Derek Thompson

[Responsibility2nd]

Here it is, fresh from the Bureau of Labor Statistics: all of American spending in one big color wheel.

~snip~

For the poor, food, clothes, and housing account for more than 60 percent of all spending. The rich have more left over for leisure, insurance, and savings.

[Uncle Miltie]

When about 40% of GDP is Government Spending, you have to ask yourself:

Where is that represented here?

Did the 40% just magically appear in 0bama’s Stash?

[GeronL]

I didn’t savings listed on the wheel

How about taxes??

[jdege]

For the poor, food, clothes, and housing account for more than 60 percent of all spending.

We're having a "food drive" at work - collecting donations for a food shelf.

I brought in an LDS Self Reliance Starter Kit - six #10 cans, one of hard red winter wheat, one of hard white winter wheat, one of white flour, one of white rice, one of pinto beans, and one of quick oats. Altogether, 28 pounds of food. $31 if you order it online, only $21 if you pick it up at an LDS Home Storage Center.

Yes, it's all carbs. But it's healthier than the processed industrial crap most folks are eating. And it's damned-near free. (There's six pounds of pinto beans in a #10 can. One pound in a crock pot will make 10-12 servings.)

[GeronL]

Leftists consider money they did not take to be theirs too

[Responsibility2nd]

Taxes. Even the first comment at the link caught it.....

 

Buckland

I'm thinking something is missing from the chart. I can't quite see it. Something big ... Hmmm, what could it be? Oh, wait a second ... maybe I see it ... I think I got it ....

OH YEAH, YOU MISSED TAXES!

The average American will 29.4% of their income on taxes this year at all levels. That's a lager slice of the pie than any of the pieces mentioned.

That's the piece that's making it hard to make ends meet. It's also the piece that causes people to create less economic activity that would allow people to afford more of items on in the chart instead of supporting bureaucrats.

[Paladin2]

No taxes?

[GeronL]

bump

[Revelation 911]

check under “pron”

[1010RD]

What a misleading graph. Of course the rich would pay less for necessities and more for insurance.

More GIGO from the Atlantic’s Derek Thompson. A man who never saw bad data he didn’t like (if it fits his Marxist agenda).

The reason the poor do so badly is government. Permits and licensing are a direct attack on cheap southern labor aka blacks. The incentives don’t exist to pass wealth or good financial decisions along to your offspring, if Uncle Sugar is your daddy.

Worse, 79% of the poor are single-mother households in which the mom had a baby in her teens and didn’t graduate HS. What kind of income is she going to earn?

You could also point out that income inequality is a fascist concept developed by fascists to promote fascism.

[Responsibility2nd]

You heartless (bleep). How dare you you bring that! Wheres the beer? The steaks? And other expensive foods?

(just kidding)

But I bet there will be some who will turn their nose up at what you brought.

[1010RD]

Spot on and if we were to eliminate crop subsidies you’d see an exponential growth in effective farm management. Even so, yields continue to rise as technology makes farming more effective.

The next big drop in costs should have been housing, but zoning laws and building codes block that. If housing fell just 10% in cost that would be an enormous break to the average family.

[1010RD]

We could solve the majority of healthcare issues via the wholly Constitutional Commerce Clause. You’d knock out a plethora of dumb laws designed by crony capitalists at the state, county and local level meant to block interstate trade.

Why can’t I buy insurance across state lines? Why can a licensed doctor from Indiana practice anywhere she pleases?

One thing that’s coming is a technology driven shift that will move the power of doctors directly on to your smartphone. Moreover, the abortion and education industries are also moving legislation and court cases making it easier to perform abortions and give medicine in schools to children.

That is something you could leverage into real healthcare liberty.

[Sequoyah101]

TAXES? HOW MUCH IN TAXES?

I PAY MORE IN TAXES THAN I DO FOR ALL OTHER THINGS COMBINED.

[jdege]

But I bet there will be some who will turn their nose up at what you brought.

I'm sure there will be many. But perhaps there will be one family that takes it, figuring at least they can eat the oatmeal, and then reads the pamphlets on self reliance.

[Sequoyah101]

Without reporting on taxes this survey is WORTHLESS!

[Sequoyah101]

Yup. I’ll say it again. I pay more in taxes than I spend on myself. Donations? NO, thanks, I gave at the IRS, county assessor, sales taxes, fuel taxes, use taxes etc.

Donations? I’ve given more than enough and frankly I don’t care about anyone else any more. None, nada, zip.

[Beagle8U]

Did they combine beer in the food list? ( Liquid bread)

[LostInBayport]

where’s taxes?

Really! On my little personal finance software I have a graph for the year that changes as I make entries. The 'taxes' (actually it says 'damned taxes') part of the pie is usually the largest slice early on into the year and stays there.

[sten]

strangely enough, they've missed the largest category Americans sink their money into

TAXES

[CSM]

“The rich have more left over for leisure, insurance, and savings.”

It could be that the rich have always prioritized insurance (risk transfer) and savings, therefore that is a behaviour that made them rich!