deedsker Posted December 22, 2020 Share Posted December 22, 2020 10 hours ago, BlitzFirst said: https://www.vox.com/the-goods/22166381/hollow-middle-class-american-dream There are structural issues at play, but a good portion of their examples are pretty ridiculous. At $160,000 household income, they are in the 75th percentile for New Jersey alone. Half of all households in New Jersey bring in just over half that. Credit card debt and vacations? Everyone needs some special things that makes them happy, but stop with the everyone else is doing it crap. I want to be "normal" will kill you every time. That article is a little too far out there and should have reigned in some of there examples. Grab a teacher 5 years in making entry level pay to show the issues, not someone who can't get out of their own way because of FOMO. https://dqydj.com/income-percentile-by-state-calculator/ 1 Link to comment
Archy1221 Posted December 22, 2020 Share Posted December 22, 2020 21 minutes ago, BlitzFirst said: I think the point they made using 160k was valid because a lot of people don't come close to making that. It makes them see that even those above them are struggling...and it's not FOMO. I don't spend frivolously, yet my house payment is almost 2 thousand per month because cost of living is high where I live and I have medical debt in the hundreds of thousands from 3 surgeries over the past 10 years. I'm in the camp that has combined household income around that mark. I'm struggling to save money for retirement and I'm over 40. I live in Florida. Things are expensive here...if I could get a job working wherever I wanted to, I'm sure I could move somewhere where my dollar would stretch further...but I can't and I don't. I tell you all this because the article caught my attention because that combined household income was above my combined household income and I could understand that there is a real struggle. I don't dismiss the article just because some people want to be normal and also because I know I struggle without credit card debt and vacations. Figured others might see themselves in this article as well. I can see where it is tough and how an income can disappear pretty fast even though someone is on upper half of the scale because of housing and child care expenses. 1 Link to comment
deedsker Posted December 22, 2020 Share Posted December 22, 2020 52 minutes ago, BlitzFirst said: I think the point they made using 160k was valid because a lot of people don't come close to making that. It makes them see that even those above them are struggling...and it's not FOMO. I don't spend frivolously, yet my house payment is almost 2 thousand per month because cost of living is high where I live and I have medical debt in the hundreds of thousands from 3 surgeries over the past 10 years. I'm in the camp that has combined household income around that mark. I'm struggling to save money for retirement and I'm over 40. I live in Florida. Things are expensive here...if I could get a job working wherever I wanted to, I'm sure I could move somewhere where my dollar would stretch further...but I can't and I don't. I tell you all this because the article caught my attention because that combined household income was above my combined household income and I could understand that there is a real struggle. I don't dismiss the article just because some people want to be normal and also because I know I struggle without credit card debt and vacations. Figured others might see themselves in this article as well. I get medical debt. Healthcare system is totally messed up, but they decided to pick the people they picked. They are complaining about how it is hard to pay credit card debt and vacations. That is a lifestyle choice, not a structural issue. I am sure we can grab a CEO of a fortune 500 company and see them complain about how expensive private academy for their children and how hard it is to keep up with Buffett and Bezos. Everyone has complaints in life, some just have a little more merit to society as a whole. Link to comment
SECHusker Posted April 5, 2021 Share Posted April 5, 2021 Great vid by economist Robert Reich on how to tax the wealthy and raise $6T over 10 years. 1 Link to comment
teachercd Posted May 21, 2021 Share Posted May 21, 2021 Oh that is cooler than the old one I used in class! Thanks 1 Link to comment
RedDenver Posted May 21, 2021 Share Posted May 21, 2021 6 minutes ago, teachercd said: Oh that is cooler than the old one I used in class! Thanks Good link buried in that enormous graphic: The Paper Billionaire Argument Quote The most common argument against closing the wealth gap is what I've come to call "the paper billionaire" argument. The argument basically goes "these people aren't really that wealthy, because there's no way to liquidate this much wealth." It's an interesting and provocative argument, worthy of serious discussion. But it is, ultimately, incorrect. EDIT: Another gem in that graphic: Quote Based on the cost of vaccines and the cost of delivery, it would take around $200 billion to vaccinate every person on earth, which is about 6% of the wealth currently controlled by 400 Americans. After paying for this vaccination program, these individuals would still be $40 billion richer than they were before the pandemic. 1 Link to comment
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