In Entitlement America, The Head Of A Household Of Four Making Minimum Wage Has More Disposable Income Than A Family Making $60,000 A Year Submitted by Tyler Durden on 11/21/2010 23:18 Tonight's stunning financial piece de resistance comes from Wyatt Emerich of The Cleveland Current. In what is sure to inspire some serious ire among all those who once believed Ronald Reagan that it was the USSR that was the "Evil Empire", Emmerich analyzes disposable income and economic benefits among several key income classes and comes to the stunning (and verifiable) conclusion that "a one-parent family of three making $14,500 a year (minimum wage) has more disposable income than a family making $60,000 a year." And that excludes benefits from Supplemental Security Income disability checks. America is now a country which punishes those middle-class people who not only try to work hard, but avoid scamming the system. Not surprisingly, it is not only the richest and most audacious thieves that prosper - it is also the penny scammers at the very bottom of the economic ladder that rip off the middle class each and every day, courtesy of the world's most generous entitlement system. Perhaps if Reagan were alive today, he would wish to modify the object of his once legendary remark. continued: http://www.zerohedge.com/article/en...um-wage-has-more-disposable-income-family-mak
http://www.bloomberg.com/news/2010-...abc-rich-people-should-pay-more-in-taxes.html The Bafoon Buffet wants to help. I'm against Tax Hikes. However, it was the Middle Class that got themselves in over their head with Spending....they took on massive debt for their Mc Mansions, Hummers, trying to be rock stars....ETC. I have no sympothy for the Majority of the Middle Class. They are finished. The article is bullshit as it does not address the reality of what the Majority of the Middle Class did, destroy themselves. However, those in the middle class that did not extend their habits, cash in on their house, try to live as if they were wealthy..they will be ok...they will make it and we are all going to pay more taxes.. Fuck the rest of the middle class..
Everyone is punished with the same force, its the middle class that feels it more due to the size of the wallet.
its the middle class that feels it more due to the size of the wallet: ---------------------------------------------------------------------------- No, due to the size of their DEBT! We are not in the 80s anymore, stop thinking in the past. Wake Up, new dynamics started after the bubble of 99. The cheap money by Greenspan.....easy credit by banks, and GREED by the MIDDLE CLASS who allowed materialism to take over their senses. It is pure bullshit to think the Middle Class on the WHOLE is not responsible for their own Demise! I did not go out and by a house 6x my net work, I did not go out and by a car I could not afford, I did not go out and run up credit cards to an average of 20K for "Things". I was lower middle class at the time the the Dot.com bubble started. I was trading for a living. I became middle class in 03, and still did not follow the lemmings. In 05 I broke a quarter and have been working my way up to 7 zeros since and I still have not followed the lemmings. Wake Up. Everyone has lost buying power, dollar is far less than it was in 99. It comes down to DEBT to INCOME ratio. There are the smart middle class, and then the majority of Johnny Paycks who thought they could ROLL on credit. End of Story.
I agree with most of the point(s) you're making, especially the specifics of debt to income ratio. However, we cannot dimiss the fact that wages for the working class have been surpressed for three decades. The price of a home greatly out paced income, and the games began. Like everything else we do in this country, we took credit to it's most absurd extreme until we eventually got to NINJA loans. Basicly if you could sign, you got the loan. The question is, was this just the inevitable evolution of capitalism, or was it orchastrated by those that stood to gain the most, however it played out? Me thinks it's the later.
Well you wouldn't have holes in your wallet if you were smart "middle class" You know what the real problem is "Education system and its quality"
I think you are trying to make a counterpoint but you are just reinforcing the first point. The middle class are destroying themselves by spending too much money. It doesn't matter if wages are stagnant, stop spending. Home prices only went up because the middle class were willing to put themselves in more debt. The middle class think they are entitled to a cell phone. They are not and cell phones didn't even exist in the mainstream until 12 years ago. The middle class think they are entitled to cable tv. They are not. The middle class thinks its low class to buy vodka from a plastic container. So they buy goose for $60. Idiotic The middle class think they need two new cars in the driveway. They do not. etc.. Go out and get "Stop acting rich: and live like a real millionaire". It will show how the middle class destroyed themselves.
but it seems like the middle class are the only ones spending dough... wut will happen 2 the economy if the middle class destroys itself?
Welfare, as the article discusses. The Welfare state will/is the new middle class. Now look at them yo-yo's, that's the way you do it You play the guitar on the M.T.V. That ain't working, that's the way you do it Money for nothing and your chicks for free