Dobbs: A big 'hallelujah' for American voters

CNN ^ | November 9, 2006 | Lou Dobbs

[SuperSonic]

NEW YORK (CNN) -- Hallelujah, brothers and sisters. I'm not even sure what "hallelujah" means, but the word just feels right after witnessing what is at the very least an awakening of the power of the people. I'm hopeful that November 7 was also a declaration that middle-class Americans won't be taken for granted by either political party.

[durasell]

Cute. But unless you break those numbers out according to income levels they are meaningless. Some years ago I was in a restaurant in Seattle and Bill Gates walked in. The guy I was eating with turned to me (after gawking like everyone else) and said, "The average income in this restaurant just jumped to $5 billion a person."
Put another way, the average Wall Street salary this year (including bonus) will be $300,000.

Now, before you start going on about "class warfare," just let me say that the only time "class warfare" raises its ugly head is when regular folks are having a tough time themselves. And right now we are beginning to see the first signs of it.



No, this is what's worrying me:

http://www.economist.com/world/na/displayStory.cfm?story_id=3518560

http://www.usatoday.com/money/perfi/general/2004-03-17-debtcover_x.htm

[jpsb]

Really seen this. I can honestly say I hate the BBC almost as much as CNN but thier read on the election is similiar to mine so what the heck. Also have a looks at post 19

[george wythe]

The orange man is showing his true colors. He never cared one wit about illegal immigration.

He's celebrating the victory of the crowd that will grant insta-amnesty to illegal aliens. Orange man knows that Democrats will use the amnesty to solidify the Democratic voting base for the next election.

His orange hair and his fake conservatism make me puke.

[Mase]

You seem to be into the idea of defending the President, the economy etc. against blame.

Yes, when it comes to the economy I'll defend the President every time because when considering the economy, there is no need or reason to assign blame. There is however, a need to offer kudos -- unless you're carrying the water for the Democratic Party, the MSM and the AFL-CIO.

However, understanding a thing is one thing, assigning blame is another.

If you ever manage to understand this issue then you'll be qualified to criticize. Of course, once you understand the economy, you'll have no reason for criticizing the economy.

[durasell]

You do understand that the President doesn't "control" the economy, right?

[Mase]

But unless you break those numbers out according to income levels they are meaningless

They're only meaningless to people who don't understand them or don't want to except what they prove. You asked for data on constant dollar wages. I gave it to you. Now you want to light the hoop on fire because you say it's meaningless unless it's placed into context of income levels.

Let's see what conservative economist and founder of the Club for Growth, Stephen Moore has to say about your income levels:

The Census data from 1967 to 2004 provides the percentage of families that fall within various income ranges, starting at $0 to $5,000, $5,000 to $10,000, and so on, up to over $100,000 (all numbers here are adjusted for inflation). These data show, for example, that in 1967 only one in 25 families earned an income of $100,000 or more in real income, whereas now, one in six do. The percentage of families that have an income of more than $75,000 a year has tripled from 9% to 27%.

But it's not just the rich that are getting richer. Virtually every income group has been lifted by the tide of growth in recent decades. The percentage of families with real incomes between $5,000 and $50,000 has been falling as more families move into higher income categories -- the figure has dropped by 19 percentage points since 1967.

the Census data indicate that the income cutoff to be considered "middle class" has risen steadily. Back in 1967, the income range for the middle class (i.e., the middle-income quintile) was between $28,000 and $39,500 a year (in today's dollars). Now that income range is between $38,000 and $59,000 a year, which is to say that the middle class is now roughly $11,000 a year richer than 25 to 30 years ago.

The upper-middle class is also richer. Those falling within the 60th to 80th percentile in family income have an income range today of between $55,000 and $88,000 a year, which is about $24,000 a year higher than in 1967.

Source (subscription required)

How about wealth? Higher incomes must mean greater wealth accumulation, right? Rather than give you total household net worth and let you complain about how much richer the rich are getting, I'll give you the median numbers so you can see that the tide is lifting all boats. Remember, in 1980 only 25% of all working Americans were invested in the markets. Today it's closer to 60%. Yeah, those people are really going to get angry when government interventionists screw up the economy and cause the equity market to plummet.

the only time "class warfare" raises its ugly head is when regular folks are having a tough time themselves.

LOL! The only time class warfare raises its ugly head is when economically illiterate people treat what the socialists, and their allies in the MSM, are telling them as gospel or when they need to blame something other than the cause for their inability to get what they want. Those of us with a fundamental understanding of economics know better.

No, this is what's worrying me:

Good grief. You link me to an article from The Economist citing the Economic Policy Institute (EPI) to prove that we're in tough shape? Do you know what the EPI is? It's a left wing think tank funded by unions and other socialist causes. Look at their Board here and tell me what you think their agenda might be.

Then you link me to USA Today (LOL again) whining about consumer debt loads. Do you understand that any discussion of debt is meaningless unless assets are included? Our debt to assets ratio is just 18.3%. This is why our net worth (that assets minus debt) continues to rapidly increase.

Tell me what it is about this chart you don't understand. Do you think that people are wise to borrow when interest rates are low? Do you think that record home ownership might increase the our debt to income ratio? Is a .08% increase in our debt to income ratio over the past decade anything to be concerned about? If so, why?

Durasell takes a walk in the woods.

[Mase]

Here's the debt chart that didn't show up on my previous post.

[Mase]

You do understand that the President doesn't "control" the economy, right?

Do you understand that the 2003 tax cut was pro-growth and had a significant impact on our economy?

Do you also understand that this president would get the blame if the economy were not healthy and that many people, mostly on the left, refuse to give him any credit while times are good?

[durasell]

I'm really relieved to hear everyone's doing just fine. I was really worried there for awhile.

[WalterSkinner]

..demagogue...

[Mase]

Glad I could help by providing you with some factual information. Maybe you'll sleep better and be happier.

[WOSG]

Ah yes, the same Janice Rogers Brown, female, black and conservative - so conservative that she criticized the New Deal - that the Democrats filibustered in the past.
When Ginsburg said she wanted company I don't think she meant this particular Judge. I'd love to see it, but I fear instead a different pick.

[Dat]

How many middle-class workers make minimum wage again?

[Osage Orange]

LOL!!

What are you trying to do......??

Add real thought and perception to this thread??

What's wrong with you??

[KevinDavis]

God forbid that I have cheap clothing.. So what some states are losing jobs.. Other states are gaining jobs.. Also no one is guaranteed a job..

[unspun]

Dobbs doesn't know what hallelulah means.

Yet another way in which he shows his great ignorance.

[sphinx]

The only thing worse than a blowhard is an ignorant blowhard. Lou Dobbs has been thumping the tub about immigration all year and now he cheers the ascendency of the open borders party. Moron.

[KevinDavis]

Nor he is responsible to "protect" the middle class only. His job to protect all Americans...

[NRA2BFree]

Democrats and Dobbs certainly don't see eye to eye on illegal immigration.

Dobbs is going to cry when he realizes that the RATS are for full amnesty and open borders.

[Fee]

With that attitude and continued support of unbridled free trade globalism, the GOP will lose in 2008. Even the WSJ acknowledges that economic nationalism played a role in defeating the GOP in southern Congressional districts in 2006.