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Why In America It Pays To Be An Old, White, Widowed, Native-Born Female; Everyone Else Is Out Of Luck

Tyler Durden's picture




 

As the 2012 presidential candidates prepare their closing arguments to America’s middle class, they are courting a group that has endured a lost decade for economic well-being. Since 2000, the middle class has shrunk in size, fallen backward in income and wealth, and shed some—but by no means all—of its characteristic faith in the future. These stark assessments are based on findings from a new nationally representative Pew Research Center "Fewer, Poorer, Gloomier" study and we present the only two charts that matter now.

 

Fully 85% of self-described middle-class adults say it is more difficult now than it was a decade ago for middle-class people to maintain their standard of living. Of those who feel this way, 62% say “a lot” of the blame lies with Congress, while 54% say the same about banks and financial institutions, 47% about large corporations, 44% about the Bush administration, 39% about foreign competition and 34% about the Obama administration. Just 8% blame the middle class itself a lot.

 

The Pew Research analysis finds that upper-income households accounted for 46% of U.S. aggregate household income in 2010, compared with 29% in 1970. Middle-income households claimed 45% of aggregate income in 2010, compared with 62% in 1970. Lower-income households had 9% of aggregate income in 2010 and 10% in 1970.

 

Even as the share of Americans in the middle has declined, the income status has improved for some demographic groups and deteriorated for others.

 

 

 

Source: Pew Research Center

 

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Thu, 08/23/2012 - 14:26 | 2731174 malikai
malikai's picture

Stratification, bitchez!

Thu, 08/23/2012 - 14:27 | 2731179 Gully Foyle
Gully Foyle's picture

Native born? Indians?

I knew that casino money helped someone.

Thu, 08/23/2012 - 14:36 | 2731219 economics9698
economics9698's picture

Transfer payments, divorce laws, and government in general favor women and old farts.  Children do not vote so they get fucked.

 

Thu, 08/23/2012 - 14:51 | 2731288 HelluvaEngineer
HelluvaEngineer's picture

Right.  Granny will be sure to show up early to vote for that handsome young man.

Thu, 08/23/2012 - 14:56 | 2731302 Fukushima Sam
Fukushima Sam's picture

Uh, should energy costs be in that survey of blame?

Thu, 08/23/2012 - 15:33 | 2731444 A Nanny Moose
A Nanny Moose's picture

Symptom. I'll take currency debasement for the win, Alex.

Thu, 08/23/2012 - 15:41 | 2731465 Precious
Precious's picture

Payback for decades of unsolicited sex.

Thu, 08/23/2012 - 18:24 | 2731912 smiler03
smiler03's picture

No data on lesbians and gay men?

Thu, 08/23/2012 - 18:51 | 2731995 AldousHuxley
AldousHuxley's picture

in a population pyramid scheme, money flows to the top.

 

 

Fri, 08/24/2012 - 01:48 | 2732779 boiltherich
boiltherich's picture

Native born = at the very least a phoney birth certificate

Thu, 08/23/2012 - 15:39 | 2731463 GeezerGeek
GeezerGeek's picture

Born in America = Native American. QED. Screw the PC definitions.

Thu, 08/23/2012 - 18:03 | 2731842 cherokeepilot
cherokeepilot's picture

Born in America, part Native American (Cherokee) does that make me a Double Native American?

 

There is a hazard to being part injun, I went to a bar last night. After a few hours of drinking fire water, met good looking Cherokee lady with great body, invited her home.  Woke up to find that she had shape-shifted into large ugly woman.  Have to find medicine man to repair my eyes.

Fri, 08/24/2012 - 02:29 | 2732812 merizobeach
merizobeach's picture

"Have to find medicine man"  Whoever sold you that first few hours of fire-water ought to suffice again.

Fri, 08/24/2012 - 06:04 | 2732952 mobtown
mobtown's picture

Should've never bought that second tee-pee during the housing boom. You're problem is you're two tents.

Thu, 08/23/2012 - 17:31 | 2731756 chogopogo
chogopogo's picture

How nice, the native Americans are called "Indians", the native Australians are called "Aborigens", I guess that makes the genocide easier to process. 

Thu, 08/23/2012 - 18:06 | 2731850 cherokeepilot
cherokeepilot's picture

"native Americans are called "Indians".  Wrong, we prefer to be called "injuns", that seperates us from those born in India.

Thu, 08/23/2012 - 18:53 | 2732000 AldousHuxley
AldousHuxley's picture

feather indians being replaced with dot indians.

white men don't want farmland, white men want facebook

Thu, 08/23/2012 - 14:34 | 2731216 Unprepared
Unprepared's picture

Damn, I've got none of those categories right.

 

Can I try again, please?

Thu, 08/23/2012 - 14:51 | 2731291 kaiserhoff
kaiserhoff's picture

That sex change thing never quite works as advertised, but I hear Hillary has signed up for an addadicktome.

Thu, 08/23/2012 - 15:20 | 2731405 tmosley
tmosley's picture

Go to your local plastic surgery clinic and tell them you want the "Michael Jackson".

 

 

 

 

 

Too soon?

Thu, 08/23/2012 - 20:39 | 2732225 Moe Howard
Moe Howard's picture

Too late.

Thu, 08/23/2012 - 21:50 | 2732414 Slightly Insane
Slightly Insane's picture

I would love to see which groups voted for Obama, and which groups voted for McCain.  I have my suspicions.

Thu, 08/23/2012 - 14:26 | 2731175 iDealMeat
iDealMeat's picture

Bitches,  bitchez..

Thu, 08/23/2012 - 14:27 | 2731176 strongband
strongband's picture

bending stress diagram, bitchez

Thu, 08/23/2012 - 14:28 | 2731186 Bam_Man
Bam_Man's picture

Especially good for White Widows Over 65 whose husbands carried large life insurance policies.

Thu, 08/23/2012 - 14:34 | 2731217 Gully Foyle
Gully Foyle's picture

Bam_Man

Dori Doreau from Sledgehammer made out like a bandit from her divorce. Amazing bit of luck for a limited talent actress.

http://www.imdb.com/name/nm0551926/bio

Martin's divorce settlement from Michael Crichton was 31 million dollars, all tax-free. She was also awarded various fine art including the Roy Lichtenstein sculpture "Day and Night", the Rene Magritte painting "L'Usage de la Parole", the Claes Oldenburd lithograph "Twirling Fork And Meatball" and the Robert Rauschenberg painting "Nest Egg" as well as a Jasper Johns monoprint and a lithograph.

As part of her divorce settlement, Martin also got seventeen horses located in New York, Hawaii, California, Germany and Iceland, as well as one pony owned by their daughter Taylor.

Thu, 08/23/2012 - 14:40 | 2731246 blunderdog
blunderdog's picture

Anyone who had to be married to that asshole deserves every penny.

Good writer, wretched person.

Fri, 08/24/2012 - 02:32 | 2732815 merizobeach
merizobeach's picture

It's irresponsible bureaucracy that marriage licences can be issued without pre-nups.

Thu, 08/23/2012 - 14:35 | 2731218 LeisureSmith
LeisureSmith's picture

The Dutch are serial killers of white widdows, they just cut them down and hang them up to dry. Sick bastards.

Thu, 08/23/2012 - 14:46 | 2731274 Abiotic Oil
Abiotic Oil's picture

I hear they do that to Big Bud and AK47 too?

Thu, 08/23/2012 - 14:30 | 2731194 Gully Foyle
Gully Foyle's picture

Seperated and divorced, I recall reading that after a marriage falls apart women lose something like 50% of their income.

 

Thu, 08/23/2012 - 14:37 | 2731229 JohnG
JohnG's picture

Not in my case.  Bitch got 50% of mine for 6 years even though I kept the kid.  That's over now, but I'm still bitter....can you tell?

Thu, 08/23/2012 - 15:07 | 2731345 Seer
Seer's picture

Bad attorney! :-(

Thu, 08/23/2012 - 15:12 | 2731364 krispkritter
krispkritter's picture

There are good ones? 

Thu, 08/23/2012 - 15:25 | 2731421 chistletoe
chistletoe's picture

No.

 

but if you find you have a bad one, you have to fire him and hire a real bastard.

Last time I got divorced, my ex- wife ended up paying me double my original request.

Thu, 08/23/2012 - 15:50 | 2731499 pazmaker
pazmaker's picture

Last time I got divorced

 

Wow you say that like you do it all the time!   hahaha

Thu, 08/23/2012 - 15:51 | 2731500 STP
STP's picture

"Last time I got divorced..."   LOL!  But who am I to laugh, I just dropped off a check to pay for Divorce #3!

Thu, 08/23/2012 - 15:44 | 2731480 WillyGroper
WillyGroper's picture

That door does swing in both directions. It's how well ur atty knows the judge & how much he pays him. No different than all of our branches of gummint.

Thu, 08/23/2012 - 16:09 | 2731541 10mm
10mm's picture

Marriage turned into a contract,a deal.Thats what it is,nothing more nothing less.

Thu, 08/23/2012 - 18:38 | 2731954 Things that go bump
Things that go bump's picture

First and foremost it is and has always been a financial arrangement.  Up until fairly recent times, marriages were arranged by the respective families with an eye to forging alliances and acquiring property.  Girls, in particular, had little say in the matter.  In some parts of the world, that is still the case.  Apparently, arranged marriages work out as well as love matches.  

Thu, 08/23/2012 - 16:57 | 2731671 AGuy
AGuy's picture

Let me guess... And she had an affair with someone with no job or makes next to nothing?

Thu, 08/23/2012 - 18:09 | 2731856 cherokeepilot
cherokeepilot's picture

Bitch got 50% of mine for 6 years

 

Mine got over 50% for 10 years,  worth every fucking penny.

Thu, 08/23/2012 - 14:47 | 2731277 NRGIsFree
NRGIsFree's picture


That was 50% of weight.

Thu, 08/23/2012 - 14:30 | 2731195 CommunityStandard
CommunityStandard's picture

I blame old people.  Though when the crash comes, you'll be the first to go.  Karma's a bitch.

Thu, 08/23/2012 - 14:37 | 2731228 Gully Foyle
Gully Foyle's picture

CommunityStandard

Dude, when the crash comes all those zero body fat assholes will be the first to go. They have no fat reserves to fall back on. Their bodies will start breaking down muscle making them weak, tired, then dead.

On the positive side it will be like living in white people India.

Thu, 08/23/2012 - 18:00 | 2731838 Sabibaby
Sabibaby's picture

Keep dreaming.... At least you're making the fatty's feel good about themself spouting nonsense like that!

Thu, 08/23/2012 - 14:38 | 2731237 economics9698
economics9698's picture

That's not cool.  In Germany in the 20s the old farts starved to death.

Thu, 08/23/2012 - 15:18 | 2731391 CommunityStandard
CommunityStandard's picture

They didn't have to send their kids off to try and take over France the decade before.  They didn't have to put their print-happy government in power.  You reap what you sow, and our turn is next.

Thu, 08/23/2012 - 18:13 | 2731866 cherokeepilot
cherokeepilot's picture

Karma is a bitch,  may you never get "old".  Perhaps you don't remember, some one of those "old " people raised you, asshole.

Thu, 08/23/2012 - 14:30 | 2731196 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So I should be looking for an old, white suger mama?

[shutters]

Thu, 08/23/2012 - 14:32 | 2731209 ArrestBobRubin
ArrestBobRubin's picture

Shutters go over your windows in a storm. Shudders go down your spine. Yeesh...

Thu, 08/23/2012 - 14:37 | 2731227 Clueless Economist
Clueless Economist's picture

...and if you are Chris Mathews, a tingle goes up your leg into your crotch when Obama speaks.

Thu, 08/23/2012 - 14:38 | 2731235 Gully Foyle
Gully Foyle's picture

ArrestBobRubin

And udders go on the chest.

The bigger the udders the more money they earn stripping.

Thu, 08/23/2012 - 14:44 | 2731265 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Great post.  Glad to see such insight on ZH.  Please keep posting.  We will need more posts like yours in the future.

Thu, 08/23/2012 - 15:22 | 2731411 tmosley
tmosley's picture

He's closing the shutters.  Don't want the neighbors seeing what he's about to do.

Thu, 08/23/2012 - 14:37 | 2731222 buzzsaw99
buzzsaw99's picture

<--- be your own sugar daddy

<--- time to rub the bunions ---->>>

http://www.spike.com/video-clips/a10r4w/commercial-ad-etrade-dot-com-johnny

Thu, 08/23/2012 - 14:41 | 2731248 ParkAveFlasher
ParkAveFlasher's picture

Follow the money!

Fri, 08/24/2012 - 01:47 | 2732778 AgShaman
AgShaman's picture

I don't think bankers are a category on that list...

Perhaps they didn't want to incite a mass outbreak of "manbites"

Thu, 08/23/2012 - 15:39 | 2731462 A Nanny Moose
A Nanny Moose's picture

removable teeth.

Thu, 08/23/2012 - 15:48 | 2731492 WillyGroper
WillyGroper's picture

Sorry, just couldn't help myself, but it'd probably help if you could spell "sugar" when applied to mama.

Shutters------she'd probably dig it.

Thu, 08/23/2012 - 21:31 | 2732367 Miffed Microbio...
Miffed Microbiologist's picture

Good luck with that. My comfortably well off widowed mother-in-law's motto is "don't be a nurse or a purse". God help the poor sap trying to pry any money out of her, she didn't get where she is writing checks. Maybe that's they are the only demographic with money.

Miffed:-)

Thu, 08/23/2012 - 14:30 | 2731201 TrumpXVI
TrumpXVI's picture

Soooo, what is one supposed to do?  Add up one's total score?

I total out with a -8.4; .......and a feel good moment:(

But in truth, I'm an outlier; not doing all that bad.

Thu, 08/23/2012 - 14:38 | 2731238 Clueless Economist
Clueless Economist's picture

-0.3 here...

Thu, 08/23/2012 - 14:56 | 2731304 Dr. Richard Head
Dr. Richard Head's picture

+1.9 according to PEW, but my personal experience has been a net change of +314 over that time span.  Then again I was but 23 back in '01.

Thu, 08/23/2012 - 14:59 | 2731312 sdmjake
sdmjake's picture

Funny, i added mine up too...got +0.5.

But, between my stacking tendencies and my inability to drive the fishing boat w/o an accident, i'm feeling slightly ahead of the curve...

Thu, 08/23/2012 - 15:48 | 2731491 Sauk Leader
Sauk Leader's picture

HS dropouts doing better than Graduates. I assume many of those graduates dropped out of college and took on a little student loan debt.

Thu, 08/23/2012 - 18:12 | 2731861 odatruf
odatruf's picture

-7.4. I'm going to get a t-shirt made...

Thu, 08/23/2012 - 14:31 | 2731202 ArrestBobRubin
ArrestBobRubin's picture

Oh, well then I guess my 79 year old widowed Mom has been making all those financial issues up. What a bitch.

Thu, 08/23/2012 - 14:31 | 2731203 e-man
e-man's picture

Nana is the 1%...she's been the puppet master behind this crumbling economy all along!!!

Thu, 08/23/2012 - 15:37 | 2731453 GeezerGeek
GeezerGeek's picture

And talking to neighbors, Nana isn't going to vote for the handsome young man who slashed Medicare by $716 billion. More than a few are irate. May not bode well for Sen. Nelson here in Florida, either. Time will tell.

Thu, 08/23/2012 - 14:31 | 2731204 Gully Foyle
Gully Foyle's picture

I'm not seeing Homosexuals listed. They tend to have higher income than their Heterosexual counterparts.

Thu, 08/23/2012 - 14:40 | 2731242 Disenchanted
Disenchanted's picture

 

 

 

Yeah but they die younger.

 

Not a judgment, just sayin...

Thu, 08/23/2012 - 15:01 | 2731322 blunderdog
blunderdog's picture

Maybe the males, but not so much on the female side.  It might be a wash.

Thu, 08/23/2012 - 15:11 | 2731358 Seer
Seer's picture

Fuck, you mean the money's in hairdressing?

Thu, 08/23/2012 - 16:01 | 2731523 Umh
Umh's picture

The money is in not having divorces & children.

Thu, 08/23/2012 - 14:33 | 2731207 Mercury
Thu, 08/23/2012 - 14:32 | 2731210 Hohum
Hohum's picture

So, the middle class does not blame itself for its predicament.  What a surprise!  Seems most of them are part of the skittles and rainbows crowd.

Thu, 08/23/2012 - 16:04 | 2731531 GeezerGeek
GeezerGeek's picture

Based on the trends shown in the first chart, eventually the middle class will disappear and the wealthy and poor will each comprise 50% or so of the population. Choose which half you want to be in now, because tomorrow will be too late.

 

Thu, 08/23/2012 - 16:24 | 2731580 Totentänzerlied
Totentänzerlied's picture

50/50? Try 80/20, it's a hell of a lot closer to the historical norm - how fortunate for the 20% that the 80% rise up so very (incredibly) infrequently.

Thu, 08/23/2012 - 14:37 | 2731224 pashley1411
pashley1411's picture

My Mom, unfortuantely, is a living example.  82, war widow, grew up in California so deceased relatives were middle class but had California property ($mil estates), retired nurse (VA).    Pension and entitlement account take home is north of $7,000/month, and she certainly doesn't need it.

What you see all over that pension and benefits program is government, government, government, including restricting real estate development.   I would like to say we'll never see those days again, but, in fact, government administrators retire every day and get much much better.   They have everything from the Middle Ages except the title (oops, sorry Senator).

Thu, 08/23/2012 - 15:13 | 2731372 Seer
Seer's picture

"I would like to say we'll never see those days again, but, in fact, government administrators retire every day and get much much better. "

Well, if that's what you think then I'd do some serious review of the direction that things are going...

That which cannot continue forever, won't.  Demographics say that the door is closing...

Thu, 08/23/2012 - 14:36 | 2731225 Disenchanted
Disenchanted's picture

 

 

GILFs FTW!

 

Long well aged cougars...

Thu, 08/23/2012 - 14:37 | 2731233 TheLooza
TheLooza's picture

jesus. my mom is kicking ass.  me, not so much.

Thu, 08/23/2012 - 15:00 | 2731316 Ness.
Ness.'s picture

I like turtles too...

 

 

Great avatar ;)

Thu, 08/23/2012 - 14:38 | 2731236 Dr. No
Dr. No's picture

Its propaganda and I cant figure out why you posted it.  This is to help the argument "You didnt build that".  They are setting people up to justify why it is okay to tax/cut/default those people at the top in order to give to those on the bottom.

Thu, 08/23/2012 - 15:44 | 2731479 JR
JR's picture

Was this mysterious old, white woman married to a former Goldman Sach's executive? Otherwise, it's rather puzzling when one looks at the winner groups, namely the bankers, crony capitalists in big pharma/government, etc., and the vast wave of non-producers who are knee deep in the public trough.

It’s a poisoned poll: it doesn't pay to be an old, white, widowed, native-born female; but it sure pays to use her in the target audience for cutting Social Security and transferring her wealth to more deserving minority groups, such as bankers and welfare families.

Law professor, Robert Hardaway nailed it in July in The War on Baby Boomers:

Consider the hard working and frugal worker who, over a working lifetime of forty-five years, scrimps and saves and somehow manages to save a million dollars for retirement

In 1981, during the Reagan administration, a retiring worker could put that sum into US short term treasuries yielding a guaranteed and safe annualized return of $160,300 ($13,000 a month), or into either 10 or 30 year treasuries yielding in excess of $150,000 a year (over $12,000 month), with the principal left untouched and available to leave to family upon his death.

Now fast forward to 2012 pursuant to government policies designed to punish those who scrimp and save in order to subsidize those who do not. 

A retiring baby boomer who somehow manages to set aside that same million dollars for retirement and invests in the same risk-free US short term treasuries can expect his or her retirement savings to yield a grand total of  $65 a month, or, if willing to risk considerable reduction in principal if interest rates rise, $1,300 a month in 10 year treasuries.

For a retiree today investing in short term treasuries to earn the same amount as retirees earned in 1981, he would need a nest egg in excess of $200 million dollars. Which is fine for those who have a quarter billion or so to invest in short term treasuries, but not so great for the rest of us.

While the treasury yields in 1981 and 2012 obviously represent the ends of the retirement yield spectrum over the past 40 years, and yields have fluctuated considerably in the intervening  years, it should be noted that as recently as five years ago that even short-term treasuries yielded over $4,000 a month in guaranteed retirement income.

http://www.foxnews.com/opinion/2012/07/08/war-on-baby-boomers/

As Jim Quinn says: “Only a banker would bask in the glory of absconding with hundreds of billions from senior citizen savers and handing it over to criminal bankers.” According to Quinn: Interest income paid to senior citizens and savers has declined by $400 billion (29% decline) since September of 2008 due to Ben Bernanke’s ZIRP.

Following the Pew release, since one can't argue with figures, there's been a huge wave of sadness on Wall Street finally realizing the bad news as to how unlucky they've been in Bernanke's throw of the dice. Better luck next time, maybe they can hook up with this nasty, old white woman before she konks.

Thu, 08/23/2012 - 16:07 | 2731535 blunderdog
blunderdog's picture

    Now fast forward to 2012 pursuant to government policies designed to punish those who scrimp and save in order to subsidize those who do not.

Who exactly is this "non-saving" group that's being subsidized?  You mean like the health-insurance industry?  Big Oil? 

The biggest payouts are going to old folks TODAY.  SocSec and Medicare is about 40% of the budget.  Just a few years back there was a MASSIVE expansion in Medicare spending to give even more money to the old folks.

But those old folks get Medicare regardless of whether they saved or not.

Thu, 08/23/2012 - 17:02 | 2731684 JR
JR's picture

“Payouts” as you call them and subsidies, of course, are different things. Social Security and Medicare for most are returns for money paid in. And in terms of the “non-saving” group, boy, payouts really do apply, because the takers of government money (and one might assume that they are non-savers) are legion.

Unemployment payments, SNAP, housing subsidies, free healthcare, stimulus in all its forms, and the list goes on until these “non-savers” out-number not only the savers but every single solitary producer.

That said, across all demographic groups, Americans 65 and older sustained the largest increases in poverty under the revised  poverty formula — nearly doubling to 16.1 percent, according to the AP using the report of a new measure of poverty in the U.S., based on the 2010 census. And never mind that President Lyndon Johnson transferred SS trust funds to the General Fund where Congress spent them and that President Jim Carter added immigrants 65+ to SS who had not paid a cent into the fund.

http://page-of-finance-area.blogspot.com/2012/06/ap-census-estimates-suggest-1-in-6.html

The Socialist trick is lumping contract entitlements for people who have paid into forced “savings” such as Social Security with giveaway welfare programs  such as Medicaid, food stamps, 3% down mortgages,  and IRS earned income tax credit (EITC) benefits up to $5891 designed to help low-income families even if they don’t have earnings or pay taxes; these tax credit can also be larger than the amount of tax paid in through withholding.  Eligilbility for EIC?  Both earned income and adjusted gross income (AGI) must each be less than the following amounts for 2012: $45,060 ($50,270 married filing jointly) with 3 or more qualifying children…

http://taxes.about.com/od/deductionscredits/qt/earnedincome.htm

Thu, 08/23/2012 - 18:33 | 2731937 Disenchanted
Disenchanted's picture

 

"The Socialist trick is lumping contract entitlements for people who have paid into forced “savings” such as Social Security with giveaway welfare programs  such as Medicaid, food stamps, 3% down mortgages,  and IRS earned income tax credit (EITC) benefits up to $5891 designed to help low-income families even if they don’t have earnings or pay taxes"


What you laid out there JR must just be really hard to understand for some people...JFC!

Thu, 08/23/2012 - 19:03 | 2732024 blunderdog
blunderdog's picture

So you're saying Social Security and Medicare aren't "socialist," eh?

That's pretty wild, dude.  Can't really argue the point--you're operating from a dearly held set of personal definitions, but it is important to keep in mind that FICA dollars all go to general revenue and get spent on stuff like fighter planes and Congressional salaries and aid to Israel, just like all the other money collected as "taxes."

You don't want to call FICA a tax?  More power to ya.

Personally, I say if it's collected like a tax, it's a tax.  I'd call you a socialist for wanting to maintain those specific wealth-redistribution programs. 

We can agree to disagree, but that's not going to change the fact that the demographics are going to kill your beloved entitlements.  Maybe you'll be lucky enough to get your dough before that happens.

Fri, 08/24/2012 - 05:46 | 2732941 Disenchanted
Disenchanted's picture

 

 

"FICA dollars all go to general revenue and get spent on stuff like fighter planes and Congressional salaries and aid to Israel, just like all the other money collected as "taxes.""

 

This is the point I've been trying to make all along, and it's why we're now being told SS is broke and we can't afford it. Because the FICA monies were blown on special interest's pet projects. That is what pisses me off the most.

 

I know goddamn well FICA is a tax, a tax that I was never given a choice about paying or not paying. I've already posted here several times that if I could get a check for what has been taken from my past income plus the amounts my employers were forced to pay on my behalf, then let me opt out and all present and future FICA deductions be stopped, you and the rest of the taxpayers would never hear from my 'entitled' ass again. I don't see my simple request as socialism in any way shape or form. I do not want to maintain in this wealth redistribution program that's taking my 'wealth' and redistributing it to those who have not contributed or to the special interest agendas mentioned previously. Capiche?

Fri, 08/24/2012 - 09:15 | 2733384 blunderdog
blunderdog's picture

I was talking to JR.  He thinks he has a contract for his "entitlements," and he has some spectacular mental gymnastics which allow him to call unemployment insurance "socialism" while still being justified in demanding young people to pay old folks for being alive.

He's nuts.

Thu, 08/23/2012 - 16:21 | 2731568 GeezerGeek
GeezerGeek's picture

I rather doubt that any middle class boomer, working from say 1970 to 2010, could have accumulated a million simply by scrimping and saving. Some good investments along the way would have been needed. Remember, back around 1970 earning $10K made for a very comfortable life for a single guy. It would be hard to have saved an average $25K per year over 40 years and still raised a family. Having a million saved in 1981 was even less likely for a middle class worker.

That said, the real losers may turn out to be the boomers' children. If boomers have to spend what they saved rather than spend the earnings on the savings, there goes the inheritance.

Thu, 08/23/2012 - 17:22 | 2731733 JR
JR's picture

Right, and many of those retirees who had only $200,000 or $300,000, or less, saved for their retirement to supplement SS already have lost a hefty portion of their principal through ZIRP, when interest earnings were lowered from approximately 5% in August 2007 to effectively zero by December 2008. Couple that with a CPI that in no way tracks the rising cost of living and it's been devastating for America's older population.

Faced with the alternative of losing it, of course, was to move to extremely high risk. It turns out that in a representative government there’s been a frightening lack of representation.

Thu, 08/23/2012 - 17:47 | 2731794 TheKinski
TheKinski's picture

Geezer-

"That said, the real losers may turn out to be the boomers' children. If boomers have to spend what they saved rather than spend the earnings on the savings, there goes the inheritance."

There goes the inheritence!?  There goes the inheritence!?  Like the Boomers were ever going to leave an inheritence to their progeny, regardless of economic conditions.

Greedy.  Narcisisstic.  Selfish.  Boomers.

 

Thu, 08/23/2012 - 18:33 | 2731928 cherokeepilot
cherokeepilot's picture

Well Geezer, I think that we may be from a similar era, and you certainly are correct about that $10k income in 1970.  Seems that after taxes and living expenses along with raising a couple or more kids, there wasn't much left to bank, certainly not enough to average $25k per year.  Fortuneately for my kids, I was able to stay out of debt and they will get some of my money, unless I upgrade my airplane.

Thu, 08/23/2012 - 16:04 | 2731530 WillyGroper
WillyGroper's picture

CNBS just said the reason the middle class is shrinking is because they're moving up a rung. 

Can't remember when I've laughed harder!

Thu, 08/23/2012 - 14:41 | 2731249 technicalanarchy
technicalanarchy's picture

Is that -3.4 for each divorce? If so I'm around -22.

Thu, 08/23/2012 - 14:43 | 2731256 Dr. No
Dr. No's picture

Depends upon which side you are on.  It could be +3.4.

Thu, 08/23/2012 - 14:45 | 2731270 Clueless Economist
Clueless Economist's picture

you have been divorced 6.47 times?

Thu, 08/23/2012 - 14:55 | 2731300 Bam_Man
Bam_Man's picture

The seventh marriage is almost halfway along in the process of failing.

Thu, 08/23/2012 - 15:32 | 2731442 technicalanarchy
technicalanarchy's picture

No, that was after my other deductions too. Only divorced 3.37 times and didn't add for being currently married (didn't see it on my phone browser) 

I just noticed that according to the chart, if you leave the one you are with and get a divorce (-3.4) for the greener grass and marry that (3.6) you get a .2 gain!

Long on the pump and dump and dump and pump

Thu, 08/23/2012 - 14:44 | 2731252 rwe2late
rwe2late's picture

What's the supposed point?

The generalities about what age or ethnic group it "pays" to belong is false. It is false because, in actuality, for MOST individuals the cited groups their economic standing has more likely gone down, despite the AVERAGE of the group.

Change in income status doesn't indicte how big a change, or if it is inflation adjusted. A 65 year old widow living on SocSec has had upward adjustments 2001-2011, but ...

Ages 65 and older doesn't indicate the distribution of income increase. A few in that age group could have raised income substantially, while others stagnated.

etc.

Thu, 08/23/2012 - 14:44 | 2731264 Dr. No
Dr. No's picture

As I stated above, the point is to show why it is okay to stiff the ones on top.  There is a propaganda machine in operation which is trying to convince people "they didnt build that".

Thu, 08/23/2012 - 15:21 | 2731407 Seer
Seer's picture

Yeah, I agree, it's kind of dumb...   I worry that this is just more fodder for people like Fruitless Freddie, more priming of the smokescreen that TPTB is flashing in order to distract from their getaway.

But... if someone starts at zero is there really a big relief when they've risen a couple percentage points?  Conversely, if starts well above zero and drops a couple percentage points is that really a disaster?

I'm making much less than I once did, but I'm actually in a much better situation now (even including a divorce!: the ex is now reporting higher income because she's having to now work!).

Thu, 08/23/2012 - 14:43 | 2731258 Yen Cross
Yen Cross's picture

 Looks like the Night Walkers and the Day Walkers are about to have a go at it! Everything in between will get "vaporized", in the process... Ref; 1st chart.

Thu, 08/23/2012 - 14:45 | 2731271 Disenchanted
Disenchanted's picture

 

 

Ironically the Grandma(s) and her now dead white husband(s) are most likely the ones who've paid the most into the 'entitlement' programs like SS and Medicare through their FICA taxes(and their employer's matching amounts).

 

Now lets listen to the young bucks begrudge Grandma for getting any of that back.

Thu, 08/23/2012 - 15:03 | 2731332 exi1ed0ne
exi1ed0ne's picture

They also didn't raise holy hell against the politicians that raided those funds so they could be enjoyed by said Grandma and Grandpas in the form of increased services, lower taxes, bread, circus, etc.

They already got it back the moment they let their treasure get spent. Expecting the youth of the country to now make up the difference and mortgage future generations to keep the entitlements is morally reprehensible.

I've paid into the system for 30 years, and I fully expect to get stiffed on the multiple thousands of dollars. Not just by not seeing any during "retirement", but also the opportunity cost of said dollars when they were ripped from my wallet.

This is right up there with "It's for the kids".

Thu, 08/23/2012 - 15:22 | 2731388 Disenchanted
Disenchanted's picture

 

 

"They also didn't raise holy hell against the politicians that raided those funds so they could be enjoyed by said Grandma and Grandpas in the form of going abroad searching for monsters(wars, MIC), bailouts and subsidies for banksters, crony capitalists and corporations, massive waste within govt., increased services, lower taxes, bread, circus, etc."

 

I'll give you your examples if you'll also accept the ones I've added...but you're right, none of us raised enough holy hell.

Thu, 08/23/2012 - 16:38 | 2731628 GeezerGeek
GeezerGeek's picture

There was a lot of noise and fury in the late '60s, and eventually that did stop the Vietnam misadventure. Then some boomers got in positions of power and discovered how much fun it is to exert power around the world. I'll never forget hearing a Clinton crony say, upon Clinton's initial inauguration and referring to USAF jets flying overhead, "They're our planes now." So we got a boomer president who said he "oathed the military" when of draft age and then discovered the joys of dropping bombs (Bosnia) and lobbing cruise missiles (Afghanistan). Subsequent boomer presidents have been worse in this respect.

I'm one of them, and I can't wait to see them all forcibly retired.

Thu, 08/23/2012 - 19:57 | 2732141 blunderdog
blunderdog's picture

Vietnam didn't end because of the protests.  It ended because it was no longer profitable.

Nixon didn't give a fraction of a fuck about what the doves had to say.  If he had, he could've pulled out pretty quickly, claiming that the escalation was a Democrat mistake.

Thu, 08/23/2012 - 16:53 | 2731657 exi1ed0ne
exi1ed0ne's picture

You are right that SS is a massive till skimming operation. My point is that passing cost of diligence failures of past generations on to future ones it ethically and morally bankrupt.

Most people I've talked to who live on SS find absolutely nothing wrong with lowering future generations standard of living to compensate for falling a sleep at the switch. The richest generation of Americans to ever walk the earth gobbling the future to pay for the sins of the past.

I feel some pity for what is going to happen to them in the next decade, but it pales to the rage I feel for the willful taking from future generations.

Thu, 08/23/2012 - 19:27 | 2732083 Disenchanted
Disenchanted's picture

 

 

I don't live on SS and I doubt that I'll ever see it...I'm 53. But when you say this: "willful taking from future generations," I don't think most of the honest hardworking people who've worked all their lives, while having FICA taken out of their income without a real say in the matter, look at it that way. I'd say the majority of that group look at it as WTF happened to all the money we've paid in...as do I. The majority probably also believe/d the SS Trust fund/lockbox bullshit...which I don't. But then they don't think like the criminals who've been absconding with that money all these years. I'm not sure where you and younger folks are getting the idea that we older people just want to rape the younger generation's asses, hell we have kids of our own that that kind of mindset would affect. Whomever is pushing that idea is employing the divide and conquer method. (I'm also still not sure what "increased services" I've received that you referred to earlier??)

That being said I'm sure their are some boomers out there who do have that mindset.

Btw I'm one of the tail end of the boomers and being a blue collar working man who bought my first home in the Reagan years, when interest rates were north of 10%, it was assholes and elbows for me just trying to get my feet on the ground and raise my family. I had zero time for figuring out what was happening in the political world. It wasn't until the mid to late 1990s before I did have the time. Looking back now I'd say it was already too late then to tame the beast. I'm also now of the opinion that some our biggest problem's origins were long before the boomers came around. Who gained control of the nation's money/currency and when(1913) being the primary problem and the very root of many of the others.

 

But that's just my .02 ... fwiw.

Thu, 08/23/2012 - 15:29 | 2731434 Disenchanted
Disenchanted's picture

 

 

 

but this one I don't know: "increased services"

 

Apparently I haven't yet received the memo...where do I sign up for those?

I collected six months of unemployment back in 1979, was that it?

Thu, 08/23/2012 - 15:16 | 2731383 LMAOLORI
LMAOLORI's picture

 

+1

Pretty amusing to hear the whiner's out of one side of their mouth's they want to prosecute or kill the bankster's and out of the other they want to steal from the boomers who btw were not even around when Social Security was put into place. I don't think they even understand how that makes them no different then those they condemn.

Thu, 08/23/2012 - 15:23 | 2731413 Seer
Seer's picture

"white husband(s)"  And there you have it, this is WHY income has dropped for middle-class white men (income goes to shit when you die [so, don't do it!]!)

Thu, 08/23/2012 - 14:47 | 2731275 tweake
tweake's picture

Things aren't as bad as it seems. Most (60%) of the displaced middle income are now higher income.

Of course not likely high enough to account for real ( Williams) inflation.

Thu, 08/23/2012 - 15:18 | 2731392 adr
adr's picture

My father made $125k in the '90s. Right now he makes $75k. He's stil considered middle class but he's not a whole lot beter off and certaintly didn't get displaced into the higher income bracket.

Most of his friends are in the same boat. One just sold off his company after 32 years because he couldn't make a profit.

Thu, 08/23/2012 - 14:47 | 2731279 caimen garou
caimen garou's picture

so leprechaun would be old and white but not widowed

Thu, 08/23/2012 - 16:09 | 2731542 Seer
Seer's picture

Back to the clover fields for you!

Thu, 08/23/2012 - 14:50 | 2731283 kevinearick
kevinearick's picture

and the reservoir of nonperforming legacy reflects...old lady johnson and her reit holdings, masquerading as non-profit hobby farms, emulated by the middle class agents surrounding her. ever stand back and look at the bipolar world of vermont and upstate ny?

Thu, 08/23/2012 - 14:51 | 2731290 Piranhanoia
Piranhanoia's picture

long gigalos

Thu, 08/23/2012 - 14:53 | 2731295 Bam_Man
Bam_Man's picture

I am a combined -4.9 according to those stats.

Shiiiiiiiiiiiit! And I thought I was doing OK.

Thu, 08/23/2012 - 14:59 | 2731308 LouisDega
LouisDega's picture

Youre fine

Thu, 08/23/2012 - 14:54 | 2731297 LouisDega
LouisDega's picture

"Look, Im just happy to be here today"

 Thurman Munson

Thu, 08/23/2012 - 15:19 | 2731394 Bam_Man
Bam_Man's picture

Then he said "Now excuse me - I've gotta go take a flight lesson in my new airplane."

Thu, 08/23/2012 - 15:05 | 2731337 MeBizarro
MeBizarro's picture

These are the kinds of things where you need to read about the data sources, methodology, and to see if anything stands out or was handled in an usual way that was not necessary. 

Thu, 08/23/2012 - 15:06 | 2731342 youngman
youngman's picture

Tax the white Bitches....

Thu, 08/23/2012 - 15:13 | 2731370 adr
adr's picture

I was in the grocery store yesterday and saw a mid-fifties woman pul out an EBT card to pay for her groceries. He was well dressed and I noticed about four credit cards in her wallet, a Costco card and a Sam's card.

The cashier who also looked to be in her upper 50s asked how she got the card. The woman said it wasn't easy and she had to fill out a lot of paperwork for her father, who was in a nursing home in his 90s.

The cashier said that she was afraid the process would be too hard and take too long for her to get an EBT card. The woman said, it takes a long time but it is worth it.

I paid for my $20 worth of milk, cereal, and lunchmeat and got out in time to see the bitch in front of me in line, loading her cart in a brand new Toyota Venza, of course parked in a handicapped spot with a blue placard hanging from her mirror.

The moral hazard has already passed. The time of shooting the moochers has begun.

Thu, 08/23/2012 - 19:53 | 2732136 WillyGroper
WillyGroper's picture

ur shootin from the hip adr. 1st - u said a mid 50's woman. Then u said HE was well dressed. Which is it? Or a is it a he/she?

As far as her car with the HC placard---chances are she got that to cart her father around. Are you aware that you can be in rehab for 3 weeks in a nursing home for say a broken hip?  You've condemed them on what you eaves dropped on & I seriously doubt if you asked any probing questions to get the whole story. Since you were takin care of her business by probing what was in her wallet, then you call her a bitch--------may I ask who's takin care of yours?

I don't like moochers any more than anyone on this blog. It's just that things aren't always so black & white. You sound like ur in ur 20's. God help you if you ever get sandwiched between kids & elderly parents. You'll pop ur cork.

Thu, 08/23/2012 - 15:20 | 2731400 ptoemmes
ptoemmes's picture

Don't let my wife see this...she's got 4 - wait no 3 doh - out of 5 in the bag.

Thu, 08/23/2012 - 15:27 | 2731429 Obnoxio
Obnoxio's picture

I'm at -10 and I'm white/native born. My income did peak in 2000, it is ~34% less now and that is not even counting inflation. I think pension plans went out of style right before I started working except for government jobs.

Thu, 08/23/2012 - 15:31 | 2731433 Monedas
Monedas's picture

Barack Obama .... The Obesity Of Hope .... his black welfare mamas ! 

Thu, 08/23/2012 - 15:30 | 2731436 Venerability
Venerability's picture

In the markets, as we all know, the only Anointed Ones are ill-educated young males under 30.

At least, they've been the ones permitted to run the HFTs and the BotNets - up until this point.

But their power is fast waning.

And when the markets are back in the hands of older, experienced, well-educated, and sophisticated human beings - of both sexes and all nationalities - it will once again be a fairer, more balanced, more neutral market, where those without the deepest pockets and the darkest pools behind them can have a chance to succeed.

Thu, 08/23/2012 - 15:36 | 2731443 Monedas
Monedas's picture

Veneral Banality        Nothing more disgusting than old Socialists bitches who rescue loser dogs and who have learned little of life !

Thu, 08/23/2012 - 16:03 | 2731528 Venerability
Venerability's picture

As everyone knows, I'm a lifelong Centrist Republican who wants my party back in the hands of sane people.

And I am not "old." I am a Baby Boomer - as are most people in power in this country and this world.

In the US, we make up one-third of the population and probably more than half of activist voters.

We are also the vast majority of shareholders and - believe it or not - the majority of active traders.

The only two "seats of power" we do not control - yet - are the HFTs and the Botnets. Oh - and various Organized Crime groups. Organized Crime is still very much the province of young males - as, of course, is terrorism, financial and otherwise. 

Thu, 08/23/2012 - 16:19 | 2731553 Monedas
Monedas's picture

I wasn't picking on YOU so much .... I was just feeling mean .... and you just happened to be the first bitch I came across !    These PM prices are feeding the vanity bonfire of my ego and I'm just acting out !  We can still be friends !

Thu, 08/23/2012 - 16:31 | 2731605 Seer
Seer's picture

According to the rest of humanity you're WAY outnumbered.  NOTE: the majority of humans on the planet live on $3/day or less...  Go ahead, feel special, because you are :-)

Thu, 08/23/2012 - 16:46 | 2731638 Getting Old Sucks
Getting Old Sucks's picture

I will admit that in the past I gave you an arrow down, but gave you an arrow up on this.  When you're right, you're right. 

Thu, 08/23/2012 - 16:49 | 2731642 falak pema
falak pema's picture

don't let Lynbee hear you say that!

Not only are you fascist but also sexist in your bent, boomeranged pee wee leanings.

She or her kind are liable to take a chopper and do a "psycho" on you!

Don't take any showers on your own from now on! 

Comedy fascist sexist jihad of looney crackpot. 

Thu, 08/23/2012 - 19:56 | 2732138 WillyGroper
WillyGroper's picture

>>>>>>it will once again be a fairer, more balanced, more neutral market, where those without the deepest pockets and the darkest pools behind them can have a chance to succeed.

Work for Faux Noise?

Thu, 08/23/2012 - 15:38 | 2731456 CPL
CPL's picture

The secret curtain pulled back to reveal the illuminati is....IS!!!

...Really my mother and her friends from bridge night.

Would not have guessed in a million years.

Thu, 08/23/2012 - 16:18 | 2731555 foodstampbarry
foodstampbarry's picture

Bring out your dead! Bring out your dead!

Monty Python - The meaning of Life

Thu, 08/23/2012 - 16:32 | 2731610 sandhillexit
sandhillexit's picture

Most expensive gasoline in the country at the gas station reserved for Hewlett Packard widows.  CVX has them in the pricing algorithm.  

Thu, 08/23/2012 - 17:24 | 2731744 Gimp
Gimp's picture

Bridge Club...I knew it...world domination

Thu, 08/23/2012 - 18:40 | 2731958 dolph9
dolph9's picture

Don't believe everything you are told.

Jews are counted as whites, for example.

Jews know this, though.  Every Jew grows up with the essential awareness that they are not white.

Thu, 08/23/2012 - 21:51 | 2732416 blunderdog
blunderdog's picture

How do you have to define "white" so that it only applies to "good guys" in your world?

Fri, 08/24/2012 - 04:08 | 2732896 Grand Supercycle
Grand Supercycle's picture

SPX / DOW / NASDAQ / DAX / FTSE choppy daily charts are still breaking down.

http://www.zerohedge.com/news/2012-12-24/market-analysis

Do NOT follow this link or you will be banned from the site!