Quote:
|
Originally Posted by host
...actually, hiredgun, the distribution of waelth in the US is much worse than Shakran described it. I've documented at the following link on the minimum wage thread, that the bottom half holds just 2-1/2 percent of the total wealth. The bottom 25 to 35 percent actually "enjoy" negative wealth:
|
Now to be fair both Host and I are using admittedly old data. Both of our figures come from 2001 wealth distribution surveys. He's already cited his - mine comes from the Survey of Consumer Finances conducted by the Federal Reserve.
I chose the more conservative one to be on the safe side, but in reality the 2006 numbers are very likely much worse than either one of our figures.
Quote:
|
Originally Posted by Isaiah538
The economy was clearly slowing down before Bush took over, the dot com bubble had burst and the market was in retreat. Then there was 911, and the wars.
|
True enough, but granting tax relief to millionaires was not a move targeted to help the economy. Keep in mind that today's "booming" economy is largely funded by people racking up thousands of dollars in credit card debt in an attempt to maintain the lifestyle they enjoyed 10 years ago. That is also not sustainable, and the longer we wait the worse it's gonna hurt when it all comes crashing down. Project for yourself what you think will happen when more than half of the country is forced to declare bankruptcy (if they still can, since those laws have been changed to, again, favor the rich). What do you think will happen when people who have $30,000 or more of credit card debt (and there are a LOT of them out there) suddenly discover that they can't afford to make any payments at all?
Quote:
|
But I have to say something is wrong in your calculations when you reference the present to the great depression and what happen after a natural disaster.
|
You're right. Today's situation is nothing like the great depression. In the great depression there wasn't any such thing as credit card debt. People started off much better financially just before the depression. If you think the great depression was bad, just wait until the coming downturn.
Quote:
|
Most people have great creature comforts and eat very well in this country despite how much Bill Gates has. I don't need statistics to know that, I see the "poor" at Wal-mart buying video games all the time.
|
And I'd be willing to bet you most of them are putting those games on credit cards.
And most people do not eat very well - they have to buy cheap foods, which means highly processed foods and fast foods. It's a lot more expensive to eat healthy foods.
Quote:
|
Goods and services are cheaper now as well. Does that not count?
|
Um, goods and services are more expensive. Just using your video game example, I NEVER paid $50-70 for an Atari 2600 game back in the 80's. If I still bothered with consoles today, I'd be spending that much just about every time.
Sure crap goods are cheap. You can get ramen for next to nothing, but have fun with your weight management if that kind of thing is all you eat.
Quote:
|
Btw, that's some giant candy store, isn't it? "Brother, can you spare a dime."
|
Aren't you paying attention? When you get a line of THOUSANDS to apply for a couple hundred low paying jobs at a freaking candy store, you're in trouble. Simple as that.