How The Rich Are Winning

[jackace]

http://finance.yahoo.com/family-hom...love_money&sec=topStories&pos=4&asset=&ccode=

And according to an analysis by the Central Intelligence Agency, the U.S. has one of the most unequal income distributions in the world. In this field, most of the developed world is pretty much in line -- Japan, Italy, Australia, Canada, Norway, Great Britain.

The U.S.? Our income distribution is more in line with Zimbabwe, Argentina, and El Salvador. We think of Russia as the land of oligarchs, but America's inequality is actually slightly greater than Russia's.

Maybe we should all be investing in luxury goods companies, and launching overpriced "designer" labels targeted at oligarchs with more money than sense. As for all those millions out of work: Maybe they can get jobs as servants.

Some on these boards and in this country think we should just let this inequality continue. It seems apparent to me that to continue on this path will result in the majority of us becoming economic slaves for those with the money.

If you read the article you will also see that the top 1% of Americans paid an average federal income rate of 19% and the top 5% paid an average of 18%. Both of those rates are significantly less than your average American household paid. The rich are getting richer and the rest of us tread water or fall behind.

The truth is, this is a great time and place in which to be rich. The average Fortune 500 chief executive pocketed $10.5 million in 2008, the last year for which data are yet available. That's more than 300 times the average worker's pay. Back in the Dark Ages -- the 1940s through 1980 -- the ratio was typically about 40 times. From 1979 through 2007, says the CBO, the top 1% saw their average household income skyrocket from $346,000 to $1.3 million in constant, 2007 dollars. That's after taxes. Meanwhile the average middle-class family saw their income rise from $44,000 to $55,000.

This part is very disturbing. Yes, the average middle-class family went up but how many more families sent the mother into the work place in 2007 compared to 1979?

Here is a final quote that just sticks it to us "average" Americans even more.

As for socialism: The Federal Reserve reports that the private sector is doing so badly that corporate profits just, um, rocketed to a new record high. The after-tax profits of corporate America rocketed 43% in the first quarter.

 

[JS80]

There's no inequality. Everyone has the same opportunity here to become as rich as they want or make choices in life to be as poor as they want. Try being born in those other countries to poor parents - it's infinitely harder to "make it."

A dumb God believing right winger born from poor immigrants like me can make six figures by the age of 25, why can't anyone else? If I were born in JAP/AUS/EUR I'd probably be poor.

Cliffs: America is great because of the wide income distribution. It means the cap on earnings is higher.

 

[spidey07]

That's what make America so great. If you want to become rich and successful you can do it here thanks to our free market economy. All it takes is hard work and some ingenuity. We don't want to be like those other nations that force equality of outcome like you apparently do. But that is just your jealousy speaking. Projections of an inability to succeed forces you to blame somebody else.

America is about equal opportunity, not equal outcome. This is the land of the great where you can achieve whatever you want.

 

[child of wonder]

A dumb God believing right winger born from poor immigrants like me can make six figures by the age of 25, why can't anyone else?

If only it were that simple.

Unfortunately, success is as much about luck as it is hard work and talent.

 

[bamacre]

thanks to our free market economy.

LOL what?

OP, the shrinking of the middle class is a problem, but one that cannot be solved until we understand its cause.

 

[highland145]

There's no inequality. Everyone has the same opportunity here to become as rich as they want or make choices in life to be as poor as they want. Try being born in those other countries to poor parents - it's infinitely harder to "make it."

A dumb God believing right winger born from poor immigrants like me can make six figures by the age of 25, why can't anyone else? If I were born in JAP/AUS/EUR I'd probably be poor.

Cliffs: America is great because of the wide income distribution. It means the cap on earnings is higher.

We were born lower middle income. If we wanted nice things other that food, basic clothing, roof etc., WE WORKED.

My bro, with a 10th grade ed, has been plumbing for +30 years, $250K/yr
My sis owns 2 jewelry stores.
I, the late bloomer, have been self employed for 5 years.

 

[spidey07]

If only it were that simple.

Unfortunately, success is as much about luck as it is hard work and talent.

Bullshit. What you call luck we call managing our career and professional networking to find and forsee opportunities and growth others expect to fall in their lap.

 

[highland145]

If only it were that simple.

Unfortunately, success is as much about luck as it is hard work and talent.

Agree partially. With the latter 2 , you can "increase" the first. Dependant on the industry/area of expertise.

 

[JS80]

If only it were that simple.

Unfortunately, success is as much about luck as it is hard work and talent.

Luck is irrelevant in the long run. You make your own luck.

 

[JS80]

We were born lower middle income. If we wanted nice things other that food, basic clothing, roof etc., WE WORKED.

My bro, with a 10th grade ed, has been plumbing for +30 years, $250K/yr
My sis owns 2 jewelry stores.
I, the late bloomer, have been self employed for 5 years.

Obviously, you guys are successful because you're white!

 

[child of wonder]

Bullshit. What you call luck we call managing our career and professional networking to find and forsee opportunities and growth others expect to fall in their lap.

BULLSHIT.

Planning and networking are very important if one wants a successful career, however to deny luck plays a large hand in things is naive and narcissistic.

Preparation, hard work, and networking are how one takes advantage of the opportunities presented and can help to create opportunities but one has no control over when a company decides to hire, when someone quits and creates a job opening, etc.

My short career has been very successful but I'm also humble enough to acknowledge that had I been dealt a slightly different hand over the years, things would be much different.

 

[spidey07]

Luck is irrelevant in the long run. You make your own luck.

You can always tell who is successful. You can tell by the attitude. This is the correct attitude to success.

The incorrect one is - it's somebody else's fault, this person makes too much, we should cap salaries, those evil rich are bad people, you have to be lucky and I'm not lucky, etc. That is the attitude of mediocrity and object failure.

 

[Moonbeam]

Actually America is a profoundly poor country. Millions of Americans will have wasted their lives seeking acquiring or coveting wealth in the form of money. We will die having never lived.

 

[desy]

Of course luck plays a part, my granparents lost a farm due to crop failure just after they bought new machinery in order to grow. Half my family became millionaires being farmers the other half get by.
You can be a success in Britain Norway Canada, many billionaires in those countries too

 

[child of wonder]

Luck is irrelevant in the long run. You make your own luck.

Luck matters.

However, without ambition, preparation, and hard work needed to cultivate luck you get nowhere fast.

Conversely, ambition, preparation, and hard work can "create" luck, as you described, but random, unforeseen opportunities can often be where big advancements lie.

 

[highland145]

Obviously, you guys are successful because you're white!

Wut? Oh,sh*t. Don't tell my ma. She'd flip out.
http://www.thesun.co.uk/sol/homepage/news/3060907/Black-parents-give-birth-to-white-baby.html

 

[flexy]

You are arguing what the OP posted is proof that "America is the land of opportunity" and everyone (supposedly) can become rich ?!

And according to an analysis by the Central Intelligence Agency, the U.S. has one of the most unequal income distributions in the world. In this field, most of the developed world is pretty much in line -- Japan, Italy, Australia, Canada, Norway, Great Britain.

Ironically, i see the quoted stats rather as PROOF that it obviously cannot be that easy...otherwise there wouldn't be such a small number of rich people.

Really cant follow your logic.

In my almost one decade living in the states i PERSONALLY learned (and think) that there are circumstances which make it harder to "become rich" as opposed to some EU countries where people get much more support, eg. if they want to start a business. Plus health care costs etc..etc..

I DO however agree that "everyone can become rich" and the keyword here is hard work and motivation and whatever is needed to do this...but BY ALL MEANS the numbers quoted can not be taken as PROOF how wonderful easy it is. This is 100% ABSURD logic.

Everyone has the same opportunity here to become as rich as they want or make choices in life to be as poor as they want.

I tend to agree to a certain extent since i had (somewhat) success in establishing myself and i am now self-employed entrepreneur, although far from "rich". I am glad i dont need government money and i am glad i m not working for someone else.

Many "average" americans are hard working, forced into some 9-5 job and getting pretty shitty wage - to top this off OFTEN without any health insurance. So..you are literally "trapped" into a job which has no future...and there is no "opportunity" since you dont have the energy/time to jump on an opportunity BESIDES your shitty job. But you have to keep your job since you have bills, rent etc..etc..

By all means, its NOT as easy. (and i don't count lucky people who are "born" rich ... )


I personally admire the super rich like Billy Gates, Google founders, facebook founders etc..who had an idea and pulled it through and made BILLIONS...but this is hardly the norm.

 

[cubby1223]

OP, the shrinking of the middle class is a problem, but one that cannot be solved until we understand its cause.

The middle class is shrinking because we do everything we can to prop up the poor.

The government can only take so much from "the rich", the rest comes from the middle class, to hand out to the poor.

Take a rich billionaire and redistribute all his wealth. His billion dollars translates into $3 for each person. Big whoop.

 

[highland145]

Is brown nosing part of the luck equation?

 

[spidey07]

Is brown nosing part of the luck equation?

No. That's a special skill one needs to learn and acquire. Being dead serious.

 

[child of wonder]

The middle class is shrinking because we do everything we can to prop up the poor.

The government can only take so much from "the rich", the rest comes from the middle class, to hand out to the poor.

Take a rich billionaire and redistribute all his wealth. His billion dollars translates into $3 for each person. Big whoop.

But if we take ALL the rich people's moneys.... hmm.... you're onto something.

 

[child of wonder]

No. That's a special skill one needs to learn and acquire. Being dead serious.

Exactly.

It's called abandoning your dignity.

 

[Schadenfroh]

Unfortunately, success is as much about luck as it is hard work and talent.

Somewhat true, Machiavelli wrote on this:

http://www.constitution.org/mac/prince06.htm

in examining their actions and lives one cannot see that they owed anything to fortune beyond opportunity, which brought them the material to mould into the form which seemed best to them. Without that opportunity their powers of mind would have been extinguished, and without those powers the opportunity would have come in vain.

 

[bamacre]

The middle class is shrinking because we do everything we can to prop up the poor.

The government can only take so much from "the rich", the rest comes from the middle class, to hand out to the poor.

Take a rich billionaire and redistribute all his wealth. His billion dollars translates into $3 for each person. Big whoop.

Welfare for the poor is certainly not the main cause. Welfare for the rich is a more likely answer.

 

[child of wonder]

Somewhat true, Machiavelli wrote on this:

http://www.constitution.org/mac/prince06.htm

I would agree with that.

Others, however, seem to be of the mind that "all opportunities are a result of me."