Election Euphoria For The Poor Evaporates

Tyler Durden's picture

While budgets are thrown around that tax wealth in every way possible and transfer payments are ever-increasing, it seems the post-election euphoria among the poor in the USA has worn off just as rapidly as it did in 2008. Bernanke's irrational exuberance has pushed the 'comfort' of the 'rich' (earning over $100k) to its highest since October 2010 while the comfort of the 'poor' (those earning under $15k per year) has slumped back to the lowest comfort in three months. We need moar wealth transfer.

 

 

Charts: Bloomberg

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TeamDepends's picture

Have some of that, Krugman.

Bastiat's picture

Because the Fed has been to tight!

hedgeless_horseman's picture

 

 

Truth be told, I have more than a dozen debt slaves (consumers) that work for me. the poor sons of bitches.

In my experience, it is their complete lack of understanding of the value of capital that makes them debt slaves (see savings rate), and an amazingly strong unwillingness to learn.

johnQpublic's picture

over 100k is rich?

 

in zimbabwe maybe...

hedgeless_horseman's picture

 

 

I know many debt slaves that earn more than $100k.

If the monthly interest you pay is greater than your savings, then you are a debt slave.

Sorry to break it to you, boy, but deep down inside, you already knew it.

Manthong's picture

At least those guys have good security.

hedgeless_horseman's picture

 

 

Election Euphoria For The Poor Evaporates

Now, where do Obama's elections fall on this chart?

Anyone know where I can find a chart of personal interest expenses?  GM's sales is probably a fairly good proxy.

FRED tracks guns, food, gambling, gas, girl's underwear, recreation, etc., but the Fed doesn't appear to track personal interest expenses; it is not surprising.

 

malikai's picture

I know it's silly, but to be fair, girls' underwear is a fairly strong indicator of Japanese growth.

Don Diego's picture

at least their fellow slaves are not armed....you never know when a fellow slave can go into a shooting rampage!

malikai's picture

Yeah, well, as far as I'm concerned, if you make over $5k/yr, you're rich. So you should pay 100%.

Signed,

The government.

Dr. Richard Head's picture

Indeed, when one cannot save MOAR than they have to spend to servicing debt, then they are not saving at all.  That was the math that provoked me to withdraw from the market and pay down debt.  Oddly enough, that math is something ever a liberal voter can understand.  I try to transition that math to describe how destructive the policy of ZIRP is and those same liberal voters then call me a gold bug.  Sigh.....

Dr. Engali's picture

Like Zimbabwe, there will  be plenty of starving trillionaires in the near future.

Freddie's picture

Hope and Change rolls on.

hapless's picture

The objective is to drive down the cognitive retention of the proles so that they can remember who they voted for last time (easy), but can't remember why (alas, also easy).

Freddie's picture

The objective will also be to brainwash the public into forgetting what it was like to have a job or how people had a chance to actually find a job.   F TV and F Hollywood.

azzhatter's picture

Think about it. The rich will gladly give up a little more in taxes if they are allowed to plunder the system freely. The extra 10 can help shower crumbs on the peasantry. It's all good. Corruption is king

Dr. Richard Head's picture

The old bait and switch of both political parties as seen in graph form.  Nice.

Cognitive Dissonance's picture

Rich man, poor man. Who says there is no class system in America?

<The American myth says so.>

NoDebt's picture

Every society has a class system.  Just that in some societies you're allowed to move from one class to another.  In some, you're not.

Spastica Rex's picture

Everyone is middle class in the US.

Middle class means you deserve a a 2,000+ sqr ft home, a pickup truck, an SUV, meals at Red Lobster once per week, a kitchen remodel for the wife at least every 5 years, an airplane vaction at least once per year, a trailer with quads, snowmobiles, or PWC, and four years of college for the kids.

Dr. Richard Head's picture

Off topic, but related to Red Lobster.  Samual Adams claims that they made some special sort of glass for drinking beer and I have found that Red Lobster had it first.  https://twitter.com/FamilyRotten/status/317088255759749121/photo/1

Dr. Engali's picture

Well yeah they are completely different...one clearly has a lobster on it and the other has a Sam Adams lable........that completely changes the drinking experience. Sheesh...I would think that you might have noticed that :)

Meat Hammer's picture

Now THAT'S cutting-edge research, Dr. Dick.

Dr. Engali's picture

I deserve that and a lot more. I'm an Amerkun dagumit!

hairball48's picture

You forgot all the free iShit

Stuck on Zero's picture

Middle class in America also includes 450 hours a month spent watching Oprah, the Kardashians, and American Idol.

 

Winston Churchill's picture

The marks have buyers regret.

Bah bah bah.

Bearwagon's picture

"For to everyone who has will more be given, and he will have an abundance. But from the one who has not, even what he has will be taken away."  (Matthew 25.29)

There happens nothing new under the sun.

StychoKiller's picture

"As ye believe, so is it done unto thee."

Bearwagon's picture

Now, that is really deep. Do you know how right you are?

Shizzmoney's picture

Please stop saying, "wealth redistribution".  It's a buzz word that only confuses the serfs.

"Held up by invisible gunpoint" is a more apt term.

Seasmoke's picture

I dont want to hear it. It is the poor people's fault for not being in the market.

Hohum's picture

At its core, QE is the greatest redistribution of wealth (or claims on it) in American history.  Quite a weird sort of socialism, isn't it?

GeorgeHayduke's picture

QE is typical socialism in the US of A. Socialism for the wealthy and well connected. Add the President's Working Group on Fonancial Markets into the mix and you have the stock market socialized for the folks who invest in it. But hey, it's all those poor welfare queens who cause ALL the trouble with the economy. Forget that their welfare is usualy spent in their local economy instead of reinvested into more speculative paper.

The more I think about it, this economic shitpile cannot collapse soon enough.

toady's picture

Sometimes I imagine what it would be like if that 85B per month was sent to the bottom 1% instead of the top.

BooMushroom's picture

Cadillac would have a banner year, as Escalade sales outpace bicycle trailers for the first time EVER!

Also, the price of steak and lobster would skyrocket.

http://en.m.wikipedia.org/wiki/Reversal_of_Fortune_(2005_film)

toady's picture

That 85B a month just isn't trickling down... So they will go after it in other ways.

QQQBall's picture

Weirdly worded. The pressure on the poor is increasing. People earning over $100k in many parts of the country do not have an elevated level of comfort, particularly if self-employed with kids in college and are underwater in the casa.

Dr. Engali's picture

Maybe, at some point in time, these idiots will figure out that politicians don't really have their best interests at heart....maybe, but I doubt it.

malikai's picture

What?!

Say it ain't so..

NoDebt's picture

Doubting is unnecessary.  They won't get it.  Period.

Sandmann's picture

Bernanke is simply taking the pressure off the two political parties whose main goal seems to be looking after the Finance-Media Elites. Only by creating New Political Movements and taking control of States can the Establishment be shattered. Americans should be reading De Tocqueville:

Ancien Regime and the French Revolution

to find out how it goes from here

irie1029's picture

I am so sick of this government... fuck them all.  Fuck the loser nonworking 47% as well.  Having to do taxes this weekend has me in a very foul mood.  

q99x2's picture

And where does that Bernanker think the money he's giving to banksters and crooked politicians (not to mention Eric Holder) comes from? They know they are bleeding the working people that's why they are building a civilian military called Dept. of Homeland Security. Hitler did the same thing. Instead of Hitler though, this one appears to be run by a masculine lesbian which I thought seemed a little odd. Anyhow the money for the war against the world has to come from somewhere and unless it comes from the Rockefellers and Rothschilds it will come from working mom's paychecks. Looks like little Johnny will be eating a little less this year.

Sincerely,

Fuck You Bernanke

GeezerGeek's picture

Speaking of Janet, she apparently likes bagpipe music. Bagpipes are often used at funerals. Is she preparing for the funeral of American liberty?

Go Tribe's picture

No, she's preparing for the day when she dresses all of us in kilts.

Taffy Lewis's picture

she's preparing for the day when she dresses all of us in kilts...

and she'll make us all put our clothes on backwards and walk backwards on the holiday Backwards Day just like the plebes in John Waters' classic "Desperate Living".

gamera9's picture

It's not so much the market making new highs nor the fact my losses going short are sickening. But really what makes me what to committ hari kari is all the office douche bags talking amongst earh other like they are some second coming when it comes to day trading and their upcomeht never seems to arrive.