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22 Facts That Prove That The Bottom 90% Of America Is Systematically Getting Poorer

Tyler Durden's picture




 

Submitted by Michael Snyder of The Economic Collapse blog,

The mainstream media is not telling you this, but the truth is that most Americans are steadily getting poorer.  The middle class is being absolutely eviscerated, and poverty is soaring to unprecedented heights.  The fact that 90 percent of the population is constantly sliding downhill is not good for our society.  The United States is supposed to be a land of opportunity with a vibrant free market system that enables average people to make better lives for themselves.

Unfortunately, free enterprise is being strangled to death in the United States today.  Entrepreneurs and small business are being pounded into oblivion by rules, regulations, red tape and oppressive levels of taxation.  At the same time, millions of jobs have been shipped out of the United States by corporate giants and sent to countries where it is legal to pay slave labor wages.  All of this has happened under both Democrats and Republicans.  Meanwhile, wealth and power continue to become even more heavily concentrated in the hands of big government and big corporations.

Our founding fathers warned that we should not allow such large concentrations of wealth and power, because they tend to funnel the rewards of society into the hands of a select few.  We need to change the rules of the game so that entrepreneurs, small businesses and average workers can thrive in this country once again.  If big government and big corporations continue to gobble up even more wealth and power, the wealth inequality that we see right now will only get even worse.

The following are 22 facts that prove that the bottom 90 percent of America is systematically getting poorer...

#1 According to the Pew Research Center, the top 7 percent of all U.S. households own 63 percent of all the wealth in the country.

#2 Between 2009 and 2011, the wealth of the bottom 93 percent of all Americans declined by 4 percent, while the wealth of the top 7 percent of all Americans increased by 28 percent.

#3 On average, households in the top 7 percent have 24 times as much wealth as households in the bottom 93 percent.

#4 In the United States today, the wealthiest one percent of all Americans have a greater net worth than the bottom 90 percent combined.

#5 According to the Economic Policy Institute, the wealthiest one percent of all American households have 288 times the amount of wealth that the average middle class American family does on average.

#6 According to Forbes, the 400 wealthiest Americans have more wealth than the bottom 150 million Americans combined.

#7 The six heirs of Wal-Mart founder Sam Walton have as much wealth as the bottom one-third of all Americans combined.

#8 According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.

#9 In the United States today, corporate profits as a percentage of GDP are at an all-time high, but wages as a percentage of GDP are at an all-time low.

#10 In 1980, CEOs at S&P 500 companies made 42 times as much as their employees did on average.  Today, CEOs at S&P 500 companies make 354 times as much as their employees do on average.  In fact, there are many CEOs that make more than 1000 times what the average employees in their companies make.

#11 According to a report recently issued by the Pew Research Center, Americans over the age of 65 have 47 times as much wealth as Americans under the age of 35 on average.

#12 U.S. families that have a head of household that is under the age of 30 have a poverty rate of 37 percent.

#13 Back in 2007, about 28 percent of all working families were considered to be among "the working poor".  Today, that number is up to 32 percent even though our politicians tell us that the economy is supposedly recovering.

#14 At this point, one out of every four American workers has a job that pays $10 an hour or less.

#15 Today, the United States actually has a higher percentage of workers doing low wage work than any other major industrialized nation does.

#16 The U.S. economy continues to trade good paying jobs for low paying jobs.  60 percent of the jobs lost during the last recession were mid-wage jobs, but 58 percent of the jobs created since then have been low wage jobs.

#17 As I mentioned yesterday, the homeownership rate in America is now at its lowest level in nearly 18 years.

#18 The United States now ranks 93rd in the world in income inequality.

#19 Approximately one out of every five households in the United States is now on food stamps.

#20 The number of Americans on food stamps has grown from 17 million in the year 2000 to more than 47 million today.

#21 According to the U.S. Census Bureau, more than 146 million Americans are either "poor" or "low income".

#22 At this point, the poorest 50 percent of all Americans collectively own just 2.5% of all the wealth in the United States.

Even if your income just stays the same, you are still getting poorer because inflation is a tax that is constantly chipping away at the value of every single dollar that you own.  The cost of everything that we buy on a regular basis (food, gas, health insurance, etc.) is constantly going up, and if your income is not keeping pace that means that you are getting poorer.

That is just one reason why the Federal Reserve system is so insidious.  They are killing the middle class with inflation.  For much more on the Federal Reserve and why it should be abolished, please see this article: "10 Things That Every American Should Know About The Federal Reserve".

So if most Americans are getting poorer, then why aren't our politicians doing something to fix it?

Well, the sad truth of the matter is that the big corporations fund the campaigns of our corrupt politicians.  They know that the candidate that raises the most money almost always wins, and so it provides an incentive for our politicians to be very good to those that have the money.

Plus, many of our politicians are way too busy having a good time to be bothered with doing anything for us.  Take Barack Obama for example.  According to The Telegraph, Barack Obama has spent twice as much time playing golf and vacationing as he has on attending economic meetings...

In an analysis of the presidential diary and newspaper reports, the Government Accountability Institute found that Mr Obama has spent 976 hours since his January 2009 election on holiday and playing golf.

In contrast, he has only spent 474.4 hours in economic meetings.

"As a government watchdog group, we just tabulate the numbers and let others decide how to interpret them," said Peter Schweizer, president of GAI, which compiled the report.

But this is a problem that is not going away.  The bottom 90 percent of the country is systematically getting poorer, and if this continues it will inevitably result in massive social problems.  The video posted below does a great job of graphically illustrating the crisis that we are facing...

 

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Thu, 05/02/2013 - 23:26 | 3525236 LetThemEatRand
LetThemEatRand's picture

Only a fool or a saint would willingly give up what the Waltons have.   I don't believe in saints.

Thu, 05/02/2013 - 23:48 | 3525300 Angus McHugepenis
Angus McHugepenis's picture

You're not a Walton and never will be. You are certainly not a saint (if you believe in such nonsense). You are a simple man like the rest of us.

Fri, 05/03/2013 - 08:47 | 3526136 Chaos_Theory
Chaos_Theory's picture

I'm glad I don't have the Walton money.  I'd end up with every STD on the planet and live a (brief) life of debauchery.  I'm talking walking around in a Sun God robe with a retinue of midgets in gladiator outfits throwing rose petals on the ground in front of me everywhere I go.  I'd have a Don Rinkles-clone court jester with me to make fun of fatties.  I'd blow a billion to have a bunch of ex-NASA engineers build me a functioning Landspeeder and a real R2D2. F-ck, I'd toss in another billion for a lightsaber.

Fri, 05/03/2013 - 15:26 | 3528097 Voicefather
Voicefather's picture

So you would assume to project your own failings onto all of humanity? Try now to imagine a man like Archimedes, Nikola Tesla or Leonardo Da Vinci with a fortune like that in modern times. What dreams we would see! Some people seek only to create wonders.

Thu, 05/02/2013 - 22:25 | 3525049 mayhem_korner
mayhem_korner's picture

 

 

You contributed to Obama getting elected.  Voting for Paul on the second try doesn't undo the first.

You are "glad that most people don't have what I have"...what does that mean?

BTW...0 for 2 in actually answering the Q.  More evidence that you're a Lib.

Thu, 05/02/2013 - 22:28 | 3525065 LetThemEatRand
LetThemEatRand's picture

I was wrong.  I fell for the propaganda that a black guy who defeated a Clinton may actually do something different.  I will repeat.  I was wrong.

Thu, 05/02/2013 - 22:55 | 3525160 mayhem_korner
mayhem_korner's picture

 

 

Lest you forget...Obama's mother is as white as Hilary's.

Thu, 05/02/2013 - 23:27 | 3525241 LetThemEatRand
LetThemEatRand's picture

Okay.  Half black.  Still I was 100% wrong and I've learned from my mistake.

Thu, 05/02/2013 - 22:39 | 3525118 Harbanger
Harbanger's picture

"You are "glad that most people don't have what I have"...what does that mean?"

It means a Trust Fund.  Don't believe he voted for RP, he'll say anything, he's a closet progressive. 

Thu, 05/02/2013 - 23:22 | 3525226 LetThemEatRand
LetThemEatRand's picture

I wish.  Really.  But if attacking me and making assumptions about me that you could not possibly know and that I could not possibly disprove without giving personal information that only a fool would share on a public forum helps to avoid the actual issues, then that would be you.  Always attack the messenger when you can't attack the message, right husher?

Thu, 05/02/2013 - 23:42 | 3525289 Harbanger
Harbanger's picture

I can't disprove that you voted for RP.  But your comments and the screen name don't exactly make you sound like a Libertarian.  I'm not sure what your message is, it often contradicts.  I'm only going by what I see.

Thu, 05/02/2013 - 23:49 | 3525301 LetThemEatRand
LetThemEatRand's picture

I believe strongly in approx 50% of what Ron Paul believes.  That's 100% more than any other politician.  I strongly disagree with much of what Paul believes (e.g., pure free market), but he was by far the best candidate and I would rather live in his world if given the chance.  In a free society people would figure out that checks and balances on some things are good.  We don't live in a free society.

Fri, 05/03/2013 - 00:20 | 3525369 Harbanger
Harbanger's picture

Ok, so you're 1/2 way there.  But Paul is only a political candidate, libertarianism is a philosophy.  It's hard to 1/2 believe a philosophy, especially one regarding individual liberty.  That's why your message is confusing and some people call you a lib.  You can't have it both ways, you need to limit the power of govt. over our lives to have individual freedom.  There's no such thing as a small welfare state, it always leads to a totalitarian state and war.

Fri, 05/03/2013 - 00:35 | 3525396 LetThemEatRand
LetThemEatRand's picture

That is where you are wrong.   Liberty from tryants by definition requires common (collective) action.  Checks and balances.  

Fri, 05/03/2013 - 00:55 | 3525426 Harbanger
Harbanger's picture

We're closer to tyranny because we allowed politicians to disregard our Contitutional checks and balances.  You should take a few minutes to watch this video that was posted earlier.  They interview some old timers who talk about their youth in America.  You can see how we traded our liberties and personal responsibility, for a false sense of safety and fairness. 

http://www.youtube.com/watch?v=deuC8GPr31A

Fri, 05/03/2013 - 01:16 | 3525445 LetThemEatRand
LetThemEatRand's picture

I like AJ sometimes and he certainly called the police state.  Nonetheless, I have a feeling that much of my 50% disagree is your root belief, but that's okay.  I would LOVE it if we had a liberty candidate in the White House and we could spend our time debating the relative role (or lack thereof) of government in things like roads, schools, airports, etc.  Ron Paul would dismantle the crony capitalist police state in which we live, and we could have that debate.   How cool would it be if we could tell each other to fuck off in a public forum where the debate isn't whether we killed enough _______________ today.  That's all I ask.

Thu, 05/02/2013 - 20:27 | 3524655 knukles
knukles's picture

All joking aside... no humor...
During the 2008 election cycle, Michelle Obama said that; "Barack is gonna change your lives."
Just like the star-man who told the woman that; "They are friends of Earth"

Don't count your chickens.

We are constantly presented with a veritable panoply of blank canvasses with we fill in as we see fit to assuage our own biases... wrongly.

Thu, 05/02/2013 - 20:52 | 3524753 nmewn
nmewn's picture

"Barack is gonna change your lives."

She wasn't joking.

 

Thu, 05/02/2013 - 21:02 | 3524787 LetThemEatRand
LetThemEatRand's picture

Hasn't changed my life.  Just more of the same, which is the problem.  

Thu, 05/02/2013 - 21:09 | 3524827 nmewn
nmewn's picture

Buyers remorse can be a bitch, I take it you didn't keep the reciept for exchange or return?

Welcome to Walfascism!..lol.

Thu, 05/02/2013 - 21:13 | 3524842 LetThemEatRand
LetThemEatRand's picture

I voted for Obama in 2008 because McCain was such a tool.  Unlike you, I admit when I'm wrong.  I voted for Ron Paul in 2012.

Thu, 05/02/2013 - 21:22 | 3524872 Midas
Midas's picture

Are female wookies called bitches, or is it just dogs?

Thu, 05/02/2013 - 21:29 | 3524898 pods
pods's picture

Either way, don't beat them in space chess.

pods

Thu, 05/02/2013 - 21:30 | 3524903 mayhem_korner
mayhem_korner's picture

 

 

A female wookie is called a Snooki

Thu, 05/02/2013 - 21:44 | 3524945 LetThemEatRand
LetThemEatRand's picture

And B. Obama is Hand Solo.  She's a single mom, so.

Thu, 05/02/2013 - 21:57 | 3524989 CCanuck
CCanuck's picture

You forgot to mention You get Hope with your change!

Thu, 05/02/2013 - 23:28 | 3525244 mt paul
mt paul's picture

unless 'hope'

is a 24 yr old hard body

 

you can keep the change

Fri, 05/03/2013 - 00:05 | 3525341 Angus McHugepenis
Angus McHugepenis's picture

All refunds require a receipt. If you didn't get a receipt with your "hope & change" promise there's nothing we can do about it.

 

Signed: Barecrack & Ribeatenchelle

 

Now step off the curb and get back you fucking peon.

Thu, 05/02/2013 - 22:03 | 3525007 Angus McHugepenis
Angus McHugepenis's picture

You "owe" nothing. You are not responsible, nor are you required, to pay for the mistakes of others... unless you consent, of course.

Thu, 05/02/2013 - 20:20 | 3524626 pauhana
pauhana's picture

Well, the money has to come from somewhere!  Duh!   sarc/on

Thu, 05/02/2013 - 20:23 | 3524631 knukles
knukles's picture

If we only had more doing God's work all'd be copacetic.

Welcome to the New Versailles, peasants!

 

PS  And almost nobody's felt ALL of the new taxes kick in this year, which are absolutely stupendous in their breadth and reach....
And Harry Reid wants more to implement Obamadontcare so it don' become a clusterfuck, deluxe.

Thu, 05/02/2013 - 20:29 | 3524663 Tijuana Donkey Show
Tijuana Donkey Show's picture

Which God? Nailed to a Cross, Old Testement titties and gold calves, Camel riding underage carpet sellers, or cloven hoof smoke and brimstone? I pick the one where I get pork, liquor, and white women where I can see their face out of wedlock, so I'm with the cloven footed one.

Thu, 05/02/2013 - 20:32 | 3524682 knukles
knukles's picture

Whichever one claims Goldamn ....

Thu, 05/02/2013 - 23:33 | 3525267 Prometheus418
Prometheus418's picture

Knuckles,

Once again, you've proven yourself a gentleman and a scholor.

If we ever meet on the front, I owe you a drink.

Thu, 05/02/2013 - 20:21 | 3524634 reader2010
reader2010's picture

But, fatter.

Thu, 05/02/2013 - 20:23 | 3524638 ShrNfr
ShrNfr's picture

And then there is the Pareto distribution. The top 20% of any group own 80% of anything owned by the group. It also works within the top 20% of the 20% subgroup. Not that removing every other regulation and civil servant would not be a meritorious act, but such power law distributions always seem to occur in all fields of endevor.

Thu, 05/02/2013 - 20:26 | 3524654 LetThemEatRand
LetThemEatRand's picture

The problem is when the curve is parabolic, as it is now in the U.S.  400 individuals hold more wealth than 1/2 of the entire country combined.  That's not a distribution, it's a Kingdom.

Thu, 05/02/2013 - 20:24 | 3524641 Ban KKiller
Ban KKiller's picture

Eat the rich. Taste like chicken but greasier due to the high fat content. Chilled white wine....or hot beer. 

Thu, 05/02/2013 - 20:24 | 3524643 Yen Cross
Yen Cross's picture

  I read this earlier Tyler. I'm a "Rosetta Stone" person.

Thu, 05/02/2013 - 20:25 | 3524649 lolmao500
lolmao500's picture

The statists solution to all this : a communist utopia!

Thu, 05/02/2013 - 20:31 | 3524676 LetThemEatRand
LetThemEatRand's picture

Yes, there are only binary solutions to all problems.

Thu, 05/02/2013 - 21:58 | 3524991 Angus McHugepenis
Angus McHugepenis's picture

Binary Bitcoin? Sorry, wrong thread. My mistake.

Thu, 05/02/2013 - 20:26 | 3524653 1C3-N1N3
1C3-N1N3's picture

I'm far from wealthy, but I don't bitch. It's my own responsibility to produce.

As long as I put in my best efforts to make stuff, move stuff, fix stuff, teach stuff, and/or guard stuff, I expect to fare better than those who don't do those things.

Thu, 05/02/2013 - 20:33 | 3524687 LetThemEatRand
LetThemEatRand's picture

I'm sure that they teach the same thing in North Korea.  The game is rigged.  Even in Vegas [and in North Korea] there are winners.  But perhaps there is a better way.

Thu, 05/02/2013 - 20:37 | 3524699 1C3-N1N3
1C3-N1N3's picture

Unlike North Korea, I get to decide what happens to the things I produce.

The game is rigged. I'll give you that. I'll live to see the end of this game and the beginning of the next.

In the meantime I stack silver and abilities.

Thu, 05/02/2013 - 20:43 | 3524726 LetThemEatRand
LetThemEatRand's picture

You mistake me for someone who is bitter at my own situation.  Not the case.  But I would be doing even better were it not for the rigged system, and I don't personally want to see my fellow humans suffer needlessly simply because I have risen above the average. 

Thu, 05/02/2013 - 20:54 | 3524760 1C3-N1N3
1C3-N1N3's picture

.

But I would be doing even better were it not for the rigged system

You and nearly everyone else. Which brings me back to my original point. I don't bitch about it, much less call for limiting the amount of wealth that can be passed down to one's progeny. That could be you or me someday, through ethical business practices, and I hope that does come to pass.

They can only maintain their status in a corrupt system. This system will pass. And when that happens, I expect their progeny will be unable to compete further without their corrupt system in place any longer. I expect their day of reckoning is coming as it is.

Thu, 05/02/2013 - 21:06 | 3524803 LetThemEatRand
LetThemEatRand's picture

Throughout history, accumulation of wealth by a few through birthright has been the primary model of society.  Occasionally, the system fails and there is revolution and change.  Today, "they" have nukes, F-22s, microwave heat emitting crowd control vehicles, FEMA camps, TV, billions of rounds of ammunition, heat seeking missiles, submarines, drones, etc.  We're in new territory and I don't think it ends well if our collective answer is "it will work itself out."

Thu, 05/02/2013 - 21:16 | 3524849 1C3-N1N3
1C3-N1N3's picture

.

Today, "they" have nukes, F-22s, microwave heat emitting crowd control vehicles, FEMA camps, TV, billions of rounds of ammunition, heat seeking missiles, submarines, drones, etc.

Let me make one minor addition to that.

Today, "they" have bankrupted themselves with nukes, F-22s, microwave heat emitting crowd control vehicles, FEMA camps, TV, billions of rounds of ammunition, heat seeking missiles, submarines, drones, etc.

It'll work itself out.

[edit: Not your junker, I never junk.]

Thu, 05/02/2013 - 21:25 | 3524885 LetThemEatRand
LetThemEatRand's picture

I junk Newman, but few others.

They have bankrupted us, not themselves.

Thu, 05/02/2013 - 20:34 | 3524693 Antifederalist
Antifederalist's picture

Correct thinking. But you are still getting fucked by fiat.

Thu, 05/02/2013 - 22:15 | 3525035 CH1
CH1's picture

As long as I put in my best efforts to make stuff, move stuff, fix stuff, teach stuff, and/or guard stuff, I expect to fare better than those who don't do those things.

Will you ever say no to the gang that takes half your earnings every year?

Thu, 05/02/2013 - 22:47 | 3525084 1C3-N1N3
1C3-N1N3's picture

CH1, I always get a boost from your posts and your attitude.

I would love to say no, but so far I have failed to be clever enough to make it work.

I think about this shit every day. It'll come to me.

[edit: I'm also running into the "problem" where nothing in the black markets is currently anything I'm particularly passionate about, though I would embrace the day that changes...]

Thu, 05/02/2013 - 23:25 | 3525235 MeBizarro
MeBizarro's picture

That is a ridiculously simplistic and I would argue naive/foolish outlook to have on life.  Not the way power dynamics function at all within an organization let alone as you try to climb higher up. 

Thu, 05/02/2013 - 23:30 | 3525253 1C3-N1N3
1C3-N1N3's picture

All the more reason to start my own organization, yes?

Or is entrepreneurship a naive endeavor also?

(I'm legitimately, terribly afraid that the answer to the latter may be "yes" these days...but it won't stop me from trying.)

Thu, 05/02/2013 - 20:27 | 3524659 pragmatic hobo
pragmatic hobo's picture

... in addition to getting poorer the middle-class, and the poor, is getting poisoned by corporate food industry with US government turning blind. The proliferation of GMO ingredients in food in grocery stores makes it near impossible to escape the poison without paying double the price for organic foods. Even fruits and vegetables that are not marked as organic are in many cases tainted by GMO. Of course the hormone infused milk and dairy products are widely known as well. Things are really getting evil.

Thu, 05/02/2013 - 20:32 | 3524681 Antifederalist
Antifederalist's picture

Wow. Good video. Kleptocracy pays.

Shuffling fiat is lucrative .

What portion of that 1% actually add value?

Let me borrow money for free and gamble with inside information and I too will become part of the one percent like a Goldman Sachs Partner.

My prop trading desk will be profitable on 99 out of 100 days.

If I fuck up, the Government will bail me out.

What could go wrong?

Long rope and lamp posts.

Thu, 05/02/2013 - 20:52 | 3524749 laomei
laomei's picture

Hell, they're basically being paid to borrow money at this point.

Thu, 05/02/2013 - 21:52 | 3524972 CCanuck
CCanuck's picture

Long Lamp posts and short ropes will git the job done.

 

Thu, 05/02/2013 - 20:33 | 3524689 Osmium
Osmium's picture

The social unrest will start when the middle class can no longer afford the newest gadget.

Thu, 05/02/2013 - 21:00 | 3524782 smartstrike
smartstrike's picture

F the middle class and the horse she rode.  The middle class in US has watched and presided over the destruction of the bottom 50%.

Thu, 05/02/2013 - 21:38 | 3524928 pods
pods's picture

Sorry, but it is the system that caused this, not any group of subslaves.

The bottom gets hit the hardest because inflation hits them the hardest.  And they do not have a buffer against it.

That is just how it goes.  At least the bottom gets some cheddar from Uncle Sugar.

But we could argue about this group and that group all damn day.

Wait, that keeps us arguing amongst ourselves while things get worse.

Almost like it is planned that way?

Some smart motherfuckers on top of this pyramid.

pods

Thu, 05/02/2013 - 23:39 | 3525283 Prometheus418
Prometheus418's picture

Attaboy, pods.

Thu, 05/02/2013 - 20:34 | 3524691 reader2010
reader2010's picture

The study has shown even monkeys demand equality.

 

here is the video: http://youtu.be/meiU6TxysCg

Thu, 05/02/2013 - 20:37 | 3524701 lotsoffun
lotsoffun's picture

i don't know about all this 'poverty' stuff.  i'm getting old and i remember when the section 8 and poverty housing didn't all have flat panel tv's and walk in fridges and air conditioners and at least 2 suv's parked outside.  and everybody is certainly plumper.  'baby, don't gimme that shit, can't you tell i ain't starving'!

now if you show me some statistics on education - i'm sure those i will believe as being declining (in skills).  but poverty?  nah.  just a bunch of people gaming the system that's set up to give hand outs so big bad bama gets votes.

 

 

Thu, 05/02/2013 - 21:43 | 3524942 pods
pods's picture

Really?  Now ZH is populated with simple "hit the fat kid with the dodgeball" class warfare?
Fuckin Obama, he like, sucks and stuff!

If my guy won, we would be in Jet Cars and have robot servants.

It is a debt based money system where any stop in expansion leads to disaster.

The only ones that stay above that are the ones closest to the money spigot.

pods 

Thu, 05/02/2013 - 20:40 | 3524709 deerhunter
deerhunter's picture

just caught a 17 inch smallmouth bass with a crawdad jig,  about 3 lbs,  enjoy the simple things folks cause I have a feeling when it comes we will be stepping back 100 years not just 30.  Hunt, fish,  laugh,  stay aware, stay ready,  keep your head up, know your neighbors, love your family,  and live it an hour at a time because we may cherish those hours much more in the near future.  The shift that is coming is going to rattle and shake everything loose that has no foundation.  Make your foundation secure then come what may,  you will be as ready as you can. 

Thu, 05/02/2013 - 21:32 | 3524908 therover
therover's picture

Smallies...my favorite fish to catch ( and release ). 

 

Good for you and thanks for posting that. Gotta get the boat ready and take my son out on the river to hook up some smallies myself. Orange 1/16 oz jig head and 1/2 night crawler works for where we go. 

 

 

Thu, 05/02/2013 - 21:45 | 3524948 pods
pods's picture

Nice, one thing I miss about up north is the smallmouth.  And muskies.

Used to use Slug-gos on topwater in the river. They loved em.  

pods

Thu, 05/02/2013 - 23:29 | 3525248 MeBizarro
MeBizarro's picture

Still one of my favorite things to do when the sun is just starting to rise on the lake at 4:45 or 5 and the fish are really starting to bite.  Just don't nearly have as many chances as I would like to get out and do it now with so many responsbilities.

 

Thu, 05/02/2013 - 20:43 | 3524724 Cmatt
Cmatt's picture

We're all just jealous we weren't born wealthy enough to need a liberal government to protect us from the poor in society.

Thu, 05/02/2013 - 20:52 | 3524727 buzzsaw99
buzzsaw99's picture

it isn't just slave wages. it is lack of worker safety concern, environmental destruction and every other thing they've been allowed to offshore. The working class is a non-scarce commodity which is declining rapidly in value. Automation, industrialization, competition, financialization, along with rampant cronyism and fascism make it a race to the bottom of the cliff. add to it the kleptocrat raping of pension funds and shit gets real quickly. it all comes down with a thundering thud when the clownbux fail to have any value so wtf difference does it make.

Thu, 05/02/2013 - 23:16 | 3525210 RaceToTheBottom
RaceToTheBottom's picture

We are close to the place where only the star trek solution will work.  Humanity needs it, humanity deserves it

Thu, 05/02/2013 - 21:01 | 3524785 MMcmillan
MMcmillan's picture

The Fend is giving tens of trillions of free loans to a chosen few on Wall Street (according to Bloomberg, the loans that they were able to identify as of April 2011 was $14 trillion). These loans are then leveraged at least 10 to one and more money is created. Since these loans are given only to a chosen few, they can continue to buy assets and the rest of the country gets few crumbs. Trust me, i m benefitting hugely from those loans, I know. I also know that in an economy consisting of 70% of consuption, this equation does not work for the long-term. 

Ask your Representative why the FED loans are only available to a chosen few on Wall Street? Which Lobby benefits most from Wall Street?

Thu, 05/02/2013 - 21:02 | 3524788 Spastica Rex
Spastica Rex's picture

The top 25% or so in my neck of the woods are doing great. I live next door to the one of the nation's dirtiest Superfund sites (Hanford Site, WA State).

HUGE gov bucks flow into the area and trickle down to the nuclear engineers, but they also trickle down to lawyers, medical doctors, and RE developers. The recession never happened here for the nuclear-bourgeoisie.

Thu, 05/02/2013 - 21:27 | 3524892 Midas
Midas's picture

You forgot about spudnuts.

Thu, 05/02/2013 - 21:34 | 3524910 Angus McHugepenis
Angus McHugepenis's picture

Great post Mr. Rex (may I call you Spastica?). By the way, if we should ever meet, please whip out your geiger counter before we shake hands.

I appreciate the work Michael Snyder does with the blog and the latest top 20 reasons... but frankly I don't give a shit anymore. If it's not apparent and "in your face" right now, then... well... you're fucked worse than awake people!

That is my rant, that is all.

Thu, 05/02/2013 - 21:02 | 3524791 venturen
venturen's picture

FIX THE TAX CODE!!!! The tax code which is around 100 years old....is destroying the little guy. I paid a lower percent of taxes making one million than making 200k....THE TRUTH! The loopholes are enormous! Deferred income, 401k allowing the sheltering of $50k whereas the regualar guy can only protect $5k. Goldman Sach makes billions a month and pays almost ZERO! We need a flat tax that taxes capital gain yearly and at the same rate as the little guy. A guy like Romney or Buffet might not pay taxes on gains for DECADES! Maybe an asset taxes....low..but fair. Instead you get people now have big gains...their local investment banker can get their money out taxfree with a derivative.  A penalty to offshore money! Sorry buy assets moving off or onshore should have low healthy tax. Instead you have Apple with $150 Billion of untaxed money. And I don't want you writing off you million dollar houses or a Cat charity with my money. FLAT TAX...you pay on what you make...it is your business what you want to spend it on.

 

 

Thu, 05/02/2013 - 23:32 | 3525262 MeBizarro
MeBizarro's picture

Flat tax is highly regressive too but the only reason i would support it or something like it (say 3 brackets of 10%, 15%, and 25% with a decent-sized individual credit) is because it removes all of the nonsense and gaming of the system.  Whenever you hear someone raging about the upper tax rate or that they pay '60% in taxes' that person is either an idealogue and/or an idiot.  No one pays anything close to an effective tax rate of 60% in the US is the effective tax rate is the only thing that matters. 

Thu, 05/02/2013 - 23:50 | 3525307 Prometheus418
Prometheus418's picture

Don't know what you call an "effective tax rate," but one year not so long ago, I calculated all taxes I paid at 65%.  I was a single male who made $40,000, and had purchased clothing, food, shelter and two vehicles for five people.  (I was supporting a family before I married my wife, and did not get the tax credit.  Sure, my income tax was 35%- but I believe you're forgetting the sales tax, property taxes, vehicle registration, power taxes, phone taxes, and all the other hidden taxes and fees in everything you do, use or own.

It wasn't ideology, it was just math.  Real value of all taxes paid/gross income was easily higher than 60%.  If you don't believe it, I can't convince you- but I can ask you to do the math for yourself with a clear eye and see what comes of it.

Thu, 05/02/2013 - 21:03 | 3524795 Ih8u
Ih8u's picture

WE HAVE REACHED TOTAL FAILURE OF THE TALMUD "RULE OF LAW" System. The end game where all the laws are used solely for the benefit of lawyers and the largest payers of lawyers.

We will now replace the EVIL/GOOD Talmud LAw with the RULE OF GOOD

LAW IS DEAD LONG LIVE GOOD

Thu, 05/02/2013 - 21:03 | 3524796 Ih8u
Ih8u's picture

WE HAVE REACHED TOTAL FAILURE OF THE TALMUD "RULE OF LAW" System. The end game where all the laws are used solely for the benefit of lawyers and the largest payers of lawyers.

We will now replace the EVIL/GOOD Talmud LAw with the RULE OF GOOD

LAW IS DEAD LONG LIVE GOOD

Thu, 05/02/2013 - 21:03 | 3524797 Conax
Conax's picture

Say we tried to redistribute wealth some way..

Poor man gets caught speeding, he pays $400, which stings quite a bit.  Bill Gates gets a ticket, pays $400, where's the justice?

The fix might be that when the top 1% get caught jaywalking, the fine shall be $300,000,000.  All fines could be means adjusted.  The wino jaywalks, $20.

Publish the new fine levels for a time before they are enacted, everyone should hear there are new rules.

Proceeds could be used to research new strategies to bring manufacturing back here, develop new tech and products to market, send bright kids to engineering school, raise pay / cut income taxes among the bottom 90% to better reflect inflation, and so forth.  I'm not against the rich, but the tiny minority of super-rich.

Call me a commie, but this place may collapse into a nightmare if something isn't done.  Plus, it will stick it to those untouchables for once.

Actually- if this was done, they would all emigrate to whatever country has the best deal for them, or just buy more judges.  You can't fix a corrupt system, you have to tear it all out and start over,  I guess.

 

Thu, 05/02/2013 - 21:26 | 3524890 Freddie
Freddie's picture

Finland does this. Rich guys in Finland have gotten insane speeding tickets.  It is based on your networth and the cops have access to that data in the field.

Thu, 05/02/2013 - 21:48 | 3524961 therover
therover's picture

How about just the fines on Wall Street...and don't mean adjust. Raise that fucker up 10 fold.

 These fuckers rob a billion and only get 'fined' 300 million. What if I told you that you could rob any amount of money, and if you get caught, would not go to jail, but only pay 30% of the what you robbed ?  Bet you would rob every day  (assuming you think like a scumbag banker or Wall Street whore).  My apologizes for putting you in that category in this example. 

 

These fuckers, if they are too big to jail, should at least be fined 10 times the amout they rob. 

Thu, 05/02/2013 - 21:03 | 3524798 DrDinkus
DrDinkus's picture

key to the highway 

http://www.youtube.com/watch?v=eK9E6-Eu3-Y

 

its bernacks world...we're just livin in it

Thu, 05/02/2013 - 21:04 | 3524799 robertocarlos
robertocarlos's picture

You can still buy 24 boxes of Mac and Cheese for 15 bucks. I'm gonna need plenty of ketchup.

Thu, 05/02/2013 - 21:16 | 3524804 The Second Rule
The Second Rule's picture

I used to have a sticker on my construction ladder that read "EAT THE RICH.*" Maybe a liver with some fava beans, and a nice Chianti is the answer.

*EAT THE CORPORATOCRATS

Thu, 05/02/2013 - 21:07 | 3524813 Cable Guy
Cable Guy's picture

The "new poor" ain't that poor.  "Poor" people are buying bags of groceries, watching cable TV, shopping at malls, making cell phone calls, sufing the internet, etc.  My 98 grandmother will tell you about "poor".  We aren't even close.  And I don't thikn we get there any time soon.  The "rulers" know what the minimum standards are.  They will make sure those standards are met so the natives don't get restless......

Fri, 05/03/2013 - 00:13 | 3525353 Prometheus418
Prometheus418's picture

Easy to say if you're still middle-class or have been beaten into the food-stamp crowd.

Much harder to defend if you earn something in the 35-55k/year range.  That's enough to see the bottom of a boot if you want help, and not enough to have most of the things you list.

I haven't had a cell-phone in over six months, we don't have cable TV, and groceries are a hit-or-miss proposition at best.  My next paycheck, with eight hours or overtime, will be precisely enough to pay the mortgage and the utility bill, and nothing else.  I will have to intentionally overdraw my checking account just to purchase gas to drive to work- please explain to me how that is not "poor"?

And yes, we do have internet access- with no other money available, it is the entire entertainment and communication budget for a family of five.  We have MagicJack and Skype for the phone service, and BitTorrent for television and movies.  No meals out, no movie nights, no bowling or rollerskating rinks for the kids.  We've got a firepit and a cheap basketball hoop in the backyard, but beyond that, the most common form of distraction in my household is simmering rage and resentment.

I know you believe what you are saying, but just wait until it happens to you- and it will.  "Adjusting" to abject poverty by the standards of those around you hurts just as much as starvation- and even though you don't think it happens, real starvation comes clawing sooner than you think.

Let me know the first time you skip a few meals so your kids don't end up stunted and retarded, and we'll revisit the topic of how easy the "new poor" have it.  And in case you missed it, we're not talking the minimum-wage retail crowd who collects SNAP benefits, mortgage/rent assistance and energy assistance here.  We're talking about the so-called "middle class" that earns just enough to be denied .gov help, and is forced to bear the full weight of the tax code.

Thu, 05/02/2013 - 21:07 | 3524817 lolmao500
lolmao500's picture

Those facts aren't a surprise when you know that the real economic system of the US is not capitalism but fascism...

Thu, 05/02/2013 - 21:08 | 3524820 Yen Cross
Yen Cross's picture

   Blahh-Blahh.  Almost everyone of the posts on this thread are VALID.

 It sickens me to see a beautiful country implode.  Now I see why the original Indians medicated.

Thu, 05/02/2013 - 21:18 | 3524859 The Second Rule
The Second Rule's picture

It sort of reminds me of the old man in Clockwork Orange beaten by Alex's druges. The blows are coming at you fast and furious from so many angles you can't respond to any of them.

Thu, 05/02/2013 - 21:31 | 3524905 Yen Cross
Yen Cross's picture

 Vikings, Indians, Africans, ( same shit different color)...

Thu, 05/02/2013 - 21:09 | 3524826 ghostfaceinvestah
ghostfaceinvestah's picture

Fact 1: The Federal Reserve is still in existence.

That's all you really need to know.

Thu, 05/02/2013 - 21:12 | 3524836 lolmao500
lolmao500's picture

Fact 2 : the law doesn't apply to rich and well connected people.

Fact 3 : the US hasn't even BEGUN to reach the bottom of the barrel.

(this looks more and more like Europe in the early 30s you know what happened...)

Thu, 05/02/2013 - 21:22 | 3524870 The Second Rule
The Second Rule's picture

"The poor would eat the rich, if it weren't for religion."

--Napoleon

Thu, 05/02/2013 - 21:40 | 3524934 lolmao500
lolmao500's picture

Organized religion, the greatest scam in history... bigger than banking.

Thu, 05/02/2013 - 21:45 | 3524949 The Second Rule
The Second Rule's picture

You don't even want to get me started...

Thu, 05/02/2013 - 21:49 | 3524966 therover
therover's picture

Amen !

 

-sarc

Thu, 05/02/2013 - 22:19 | 3525046 Cmatt
Cmatt's picture

Praise The Lloyd

Thu, 05/02/2013 - 22:10 | 3525028 CH1
CH1's picture

The poor would eat the rich, if it weren't for religion.

Are you saying that atheists are beasts?

Thu, 05/02/2013 - 22:30 | 3525080 The Second Rule
The Second Rule's picture

No. Vegans.

Thu, 05/02/2013 - 21:29 | 3524900 Cmatt
Cmatt's picture

The Fed supports Wall Street and large banks.

Wall Street and large banks support the Government.

Government supports the Fed.

 

The rest of us are on our own, and at their mercy.

Any questions?

Thu, 05/02/2013 - 21:35 | 3524914 therover
therover's picture

Numbers 8 and 9 tell a lot. Take home wages are decreasing. Combine that with higher unemployement and less manufacturing jobs and it's a recipe for disaster. 

 

The income disparity will never change, but what needs to change is the fact that the common folk continue to get bled to death from multiple orafices. 

Thu, 05/02/2013 - 21:42 | 3524938 lolmao500
lolmao500's picture

Fact 23 : California’s Actual Debt At Least $848B; Could Pass $1T

http://sacramento.cbslocal.com/2013/05/01/report-californias-actual-debt...

Thu, 05/02/2013 - 21:50 | 3524954 dolph9
dolph9's picture

America is a country that punishes anybody with functioning brain cells.  If you have a brain in America, you are ostracized.  If, on the other hand, you only have a sponge in your cranium, and absorb the official propaganda and keep believing that "tomorrow" will be better, that you will be younger and richer tomorrow, and your kids will grow up to be billionaires, you are rewarded and promoted. You are a positive thinker!  A real American hero!

The net result is that the people who ascend hierarchies in America are the people with no brains.

I can think of only a few other countries with this level of propaganda...North Korea perhaps.

Thu, 05/02/2013 - 21:47 | 3524959 Bob Sacamano
Bob Sacamano's picture

Defining "poor" and "poverty" on a relative basis requires redistribution as the only solution.  Which fits well with the majority in the US -- who are now redistributionist collectivists. 

So what is the fix??  Who decides what is the "correct" income distribution and how will they determine what is the "correct" income distribution??

Thu, 05/02/2013 - 22:16 | 3524985 Cmatt
Cmatt's picture

That's what markets are suppose to decide.

Too bad we no longer have one of those.

 

Free markets usually end when the wealthy use the government to

control the outcome, because they already have theirs and do not intend for anyone to take it from them. No matter what they deserve.

 

You think Buffett and Soros are Liberal because of their good hearts?

Hell no, they're liberal because they want protection from anyone who

would do exactly what they have done to get wealthy and take from

them or their heirs.

The old "I did what it takes to get mine, but no one else should be allowed to do to me, what I did to others."

Fri, 05/03/2013 - 03:06 | 3525602 AnAnonymous
AnAnonymous's picture

Which fits well with the majority in the US -- who are now redistributionist collectivists.
___________________________

Oh? Only now? Some columbian barons could think that after ingraining racism as an institution among man kind, 'americans' had earned their collectivist badge a long time ago and that after redistributing entire continents to its citizenry, 'americans' also earned their badge in redistributionism.

But, hey, something must have changed in 'americanism' down the road, else the world wont be in this situation so one can guess that 'americans' require a fabled past in order to keep their 'american' mantra go on.

Fri, 05/03/2013 - 04:46 | 3525685 Angus McHugepenis
Angus McHugepenis's picture

Some commie bastard just peeled off a huge fart.

akak and fourthstooge, get the fuck in here and investigate...

Fri, 05/03/2013 - 06:18 | 3525735 TheFourthStooge-ing
TheFourthStooge-ing's picture

Don't be confused: the bottom line is that this ranter is and foremost a Chinese citizenism citizen and then duplicitous. Don't expect honest when you can't get it.

Fri, 05/03/2013 - 03:09 | 3525606 AnAnonymous
AnAnonymous's picture

Defining "poor" and "poverty" on a relative basis requires redistribution as the only solution.
_____________________

Does it mean that wealth and rich must also be defined on an absolute basis?

Fri, 05/03/2013 - 04:43 | 3525684 Angus McHugepenis
Angus McHugepenis's picture

Defining road side shitting needs no introduction.

Fri, 05/03/2013 - 06:23 | 3525738 TheFourthStooge-ing
TheFourthStooge-ing's picture

'AnAnonymists' reign supreme in certain departments.

Fri, 05/03/2013 - 13:19 | 3527532 Bob Sacamano
Bob Sacamano's picture

Correct.  Poverty and wealth should be defined on an absolute basis. 

Thu, 05/02/2013 - 22:10 | 3525022 brettd
brettd's picture

Cut govt salaries not jobs.  

If govt workers don't like the reduced income, they can quit.

There's plenty of people looking for work!

For 600 billion, we should have had new roads and bridges from coast to coast.

Fri, 05/03/2013 - 04:29 | 3525676 Kirk2NCC1701
Kirk2NCC1701's picture

Yes, but, cut, cut!  And give the savings to the job creators -- the 1%.

Look to the Pharaohs of Egypt... the 1% solution worked even back then, and look at what amazing job creattors they were!

Thu, 05/02/2013 - 22:09 | 3525025 alien-IQ
alien-IQ's picture

i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal i must not go postal...oh god please keep me from going postal.

Thu, 05/02/2013 - 22:47 | 3525140 Tombstone
Tombstone's picture

The Dictator has implemented his brand of maximum socialism.  Soon you will know what it was like living in 1960's Russia...we are getting so much closer.  That pressure you feel on your neck is the boot of Marx, worn by his scumbag drone, Obummer.

Thu, 05/02/2013 - 23:00 | 3525171 alien-IQ
alien-IQ's picture

In the future, you might want to consider actually READING THE FUCKING ARTICLE BEFORE POSTING.

Fri, 05/03/2013 - 08:30 | 3526011 Henry Hub
Henry Hub's picture

Socialism is all about an attempt at equitable wealth distribution. Considering  the vast wealth disparity in this country(read the article and watch the video), whoever is implementing this "Maximum Socialism" is doing an incredibly piss poor job.

Thu, 05/02/2013 - 23:01 | 3525176 RaceToTheBottom
RaceToTheBottom's picture

Corporations are not people.  I know I tried to beat the hell out of one and hurt my hands hitting brick

Thu, 05/02/2013 - 23:01 | 3525177 Jack Burton
Jack Burton's picture

What would Ayn Rand say about this state of affairs?

She would say to the complaining and lazy 90% that they are failures in the market place. So naturally they lose income. Should they be rewared for failure? No, clearly not. The market is rewarding the job creators and wealth creators. This is as MS Rand would wish it to be. I don't think anyone could argue with MS Rand that the market is working in this case.

Fri, 05/03/2013 - 03:44 | 3525642 Hengist
Hengist's picture

She would also point out that the 10% at the top are facist kleptocrats that have gamed the system to screw the 90% and line their own pockets at the expense of the economy and the future of the country.  She really only cared about the 0.1% of true entrepeneurs and people who really got things done even in government.

Fri, 05/03/2013 - 08:33 | 3526025 Henry Hub
Henry Hub's picture

Ann Rand would actually say: "Why the fuck is my Social Security check late again?"

Sun, 05/05/2013 - 17:21 | 3532730 GoingLoonie
GoingLoonie's picture

Hey Jack-

Getting free money from the Government does not make you a job or wealth creator.

That is the problem with you people.

Thu, 05/02/2013 - 23:12 | 3525199 RaceToTheBottom
RaceToTheBottom's picture

Well, I for one am planning my escape.

Thu, 05/02/2013 - 23:49 | 3525305 MeBizarro
MeBizarro's picture

What was needed was a cleaning of the Aegean Stables like we had in the early 30s but that only came about after we had real economic collaspe and hardship.  Bankers learned from their mistakes and pulled out every stop in '08 to prevent that kind of economic fallout though.  You can argue strongly either way that doing so was justified/not justified.  I do think in the longer run we would have been better off but that is largely pointless speculation too.   

Always amazed at how glib some people on here about what a true economic collapse would mean especally for a country now that is the most heterogenous, heavily armed, and heavily medicated place on the planet.  If you want to live in a place where there is a lot of killing and violence, be my guest.  Travel enough to Mexico, India, and Venezuela and I like be able to move around fairly freely withouth armed escort and a lot of areas simply off limits entirely or during dark/close to dark.  Most Americans generally have no idea how free (even today) they are compared to most of the rest of the planet.        

Now we are in basically in economic and political limbo I bet through most of the rest of this decade until the magic number waivers at the Fed and US Treasury run out of magic tricks as demographics and other issues push in the house of cards.  Til then I 'hope for the best, prepare for the worst' (within reason) and try to enjoy life daily when I get a moment or two to do so. 

Fri, 05/03/2013 - 03:36 | 3525632 Hengist
Hengist's picture

Come visit Da Hud in my city after dark I'm sure you would very saferish sortof maybe.

Thu, 05/02/2013 - 23:59 | 3525331 ak_khanna
ak_khanna's picture

The incomes of the middle class are falling because the politicians elected by them make rules for the benefit of and work for the real rulers of the world, the top richest 1% of the population and the major contributors to their election fund. They bail out the bankers and the rich corporatio­­­­­­­­­ns (who should not be in business because of their incompetence­) without even changing their previous management because they fund the election campaigns and also place them in their organisati­­­­­­­­­on­s at exorbitant salaries once they leave office. This class along with the rich individual­­­­­­­­­s pay the minimum amount of tax while getting the maximum benefit of the tax collected from the rest of the population in the form of bailouts.

http://www.marketoracle.co.uk/Article40231.html

Fri, 05/17/2013 - 01:14 | 3525471 GoldIsMoney
GoldIsMoney's picture

Well you still have the FED you still have the worthless paper money USD. And realyl everyone should know that those who get their hand on the fresh money first, do profite the most from it. If it trickles through to the last it's not the "same dollar" as before. 

All states have decided to get welfare states. Welfare states to not raise welfare but poverty. It's inevitable. The base for wellfare is not "surviving" but taking part in the "normal run of thiings." Which mean if a mobile phone is standard there will be a "kind" of right for evey looter to get on from the state, if you live on state expenses. 

And so the demands are getting higher and higher and the number of productives go down. Capitalism can stand and "survive" a lot of looters, and defrauders, but there's some natural end to it.

You do not have to believe me about that, but if you like check out

The conquest of poverty from Hazlitt.

The problem for all is that we do not live under capitalism but mercantilism. And that's what is and will be a bad thing always.

Fri, 05/03/2013 - 03:01 | 3525596 AnAnonymous
AnAnonymous's picture

'Americans', masters at granularity. Kings at averaging.

World is divided in two or three categories. Group is all and stuff.

Since when 90pc of the population constitutes the 'american' middle class?

Two things, among others, are happening:

-the poor are getting poorer. But the poorer are not middle class.

-part of the middle class must be thrown under the bus to save the other part. As so, those thrown under the bus are no longer part of the middle class. They are pushed into the lower/poor class.

But lumping all those people together, one expected conclusion: the middle class is getting poorer.

Now best, in a declining environment, by lumping all people together, you'll get that every one gets poorer, including the top 10.

All this to conceal the fact that the 'american' middle class is doing well.
Poors are getting poorer, it is expected in an 'american' economy.
Former middle class members clinging to their former status as they cling to their guns, their god... is also expected: the 'american' entitlement mind is legendary.

That stated, all this is white noise and can be easily filtered out to see the thing:

the 'american' middle class fares well.

Fri, 05/03/2013 - 06:33 | 3525748 TheFourthStooge-ing
TheFourthStooge-ing's picture

Truth and Chinese citizenism citizens. Like matter and anti-matter.

It is why Chinese citizenism citizens can not bear equality. They loathe the idea others can behave the way they do.

Well done. Such a failure.

Fri, 05/03/2013 - 06:43 | 3525755 Bearwagon
Bearwagon's picture

The fact that you are referring to a so called "middle class" demonstrates very clearly, that you don't have the slightest clue what you are talking about. There ain't any "middle class", just serfs and masters. Guess what it'll be for you ...

Fri, 05/03/2013 - 03:33 | 3525629 q99x2
q99x2's picture

Well then we don't have to do anything more than arrest the top 400 individuals, re-distribute their stolen wealth and send them into exhile. That's a hell of a lot more reasonable than chancing WWIII. They can go to Saudi Arabia and take their government over. At a little less than a million against 1 our chances are good.

Fri, 05/03/2013 - 03:48 | 3525646 dunce
dunce's picture

I believe the ratio of CEO pay to the average is the result of massive mutual funds, pension funds, ETFs, and to some extent private equity. Every year share holders are asked to approve management incentive pay packages and the  funds rubber stamp them. Individual share holders, i believe, are a minority. There has always been immoral greedy people but there has not always been  this large fund ownership. the fund managers make huge money anyway,  the huge corporate pay packages really comes out of the customers pocket.

Fri, 05/03/2013 - 04:25 | 3525672 Kirk2NCC1701
Kirk2NCC1701's picture

But, but... as Libertarians, we should leave them alone and NOT tax these entrepreneurs and hard-working job-creators, these pillars of capitalism and free enterprise.  ;-)

Why, it proves what a Commie and Socialist Obama is, is he wants to tax them so unjustly.  We need to have some of these billionaires (Koch bros) fund anti-taxation think tanks -- like the Kato institute!

 

Fri, 05/03/2013 - 04:57 | 3525688 Aurora Ex Machina
Aurora Ex Machina's picture

There's 7 billion people on the planet; the problem is global.

 

Got your decoder ring?

Fri, 05/03/2013 - 07:07 | 3525798 Troy Ounce
Troy Ounce's picture

 

 

Suppose you are right and nobody gives a fuck is everyone still getting poorer?

Fri, 05/03/2013 - 07:44 | 3525872 gasmiinder
gasmiinder's picture

Of your list of facts only #2 supports your statement "the bottom 90% of Americans are systematically getting poorer" much less "proving" it. The rest may be facts but they do not support your statement.

I'm betting you're a graduate of a union run school system.

Fri, 05/03/2013 - 08:44 | 3526117 Angelo Misterioso
Angelo Misterioso's picture

Hey Letthemeatrand - you can try to basterdize the meaning of her book all you want but that wasn't her meaning at all - and I know you know it -

Fri, 05/03/2013 - 08:52 | 3526176 GreatUncle
GreatUncle's picture

The mechanism exposed...

In any country that uses some form of Keynes the poorest get poorer in relative terms why?

A century ago the economic system was already struggling under capitalism and industrialisation was increasing everywhere meaning far fewer hours for people to work. Now an individual came up with this idea of borrowing and deflating the borrowed money away while the problem still existed.

This inflating the values of things, slow at first as the newer technologies were not even there then. Provided this rate was not too excessive nobody really noticed because what you earned in a lifetime DID NOT BECME 0 UNTIL AFTER YOU DIED.

If such a system stalls economically then the only game knowing the underlying problem whatever monetary policy you decide to implement will only be one way underneath. INFLATE THE VALUES UPWARDS there is nothing else. Today people are being devalued at a far faster rate that many cannot earn enough in their lifetime to support themselves while they grow old.

How does it work, if you have alot of value you can reinvest it into the current mechanism allowing you to keep up and maybe increase it. If your value = 0 then you are stuffed and being unable to create enough wealth YOU WILL BE DEVALUED TO NOTHING. That is the mechanism and even all those commenting will be subjected to it in the end.

The mechanism is a socialist one (Capitalist hypocrites using a socialist tool)! The thing is capitalists are using it for their own ends now because THEY ARE TOO AFRAID OF THE MOTHER OF ALL WARS WHERE PEOPLE WOULD CARVE OUT A LIVING KILLING OTHERS and that would be true capitalism.

Only one more bit to add, this rate as explained is contagious for all economies using Keynes and they all are now. To trade with any nation utilising this method then if it has not yet started it will, slow at first but will eventually catch up. Even India is using it and though they pretend not to the Chinese are too. It is able to transfer through free trade, it is part of the free trade deal. You may not directly call it Keynes, just creating funny money to pump into the system and pray the game allows you to pay it back.

Game changer people do not realise on the last bit.

The subtle killer blow but not noticed was Bernake going all in on QE forever. Japan is going there now driven by the need to overcome the supa-dupah efficiency they achieved before everybody else. The UK will be all in soon enough with the arrival of Mr Carney and the EZ not admitting if it is not already all in will be also. This increasing rate will transfer to other developing countries by forcing them to adopt the same.

 

Fri, 05/03/2013 - 09:48 | 3526479 Agstacker
Agstacker's picture

It's never going to change.

 

Proverbs 22:7

King James Version (KJV)

The rich ruleth over the poor, and the borrower is servant to the lender.

 


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