Video concerning the ever increasing wealth disparty in the US

[sandorski]

Excellent video thanks.

I watched whole thing and it's true globalization and technology has replaced/displaced people and their wages and driven large portions of society into service economy thus collapsing those wages too visa vi supply and demand. This phenomena is world wide but nothing is being done policy wise to address this and we are still operating under old models widening the gap. Societal collapse or what he calls 'snap' won't happen as the government pays the bare necessities for the truly impoverished. The only question remains is how much longer can the government pay with growing underclass, shrinking middle and and operating under old paradigms of low taxes on the richest income e.g. cap gains. How much longer will foreigners lend us money to pay for the impoverished among other things. "snap" will happen when the protection money is no longer paid.

I think it's pretty clear that the US needs to develop a unique Industry in order to pull itself out of this mess. In the 80's that was the PC, the 90's had the Internet, so what's it going to be now?

Other First World Nations have problems for sure, but Trade Deficits for them are either non-existent or not nearly as colossal a the US Trade Deficit. The US Trade Deficit is too large to be corrected through $US depreciation alone. What's needed is an Export.

 

[Gonad the Barbarian]

Thank you Zebo, you remind me why I bothered posting these videos.

Ohh, sandorski's post makes me feel warm and fuzzy too.

 

[Zebo]

I think it's pretty clear that the US needs to develop a unique Industry in order to pull itself out of this mess. In the 80's that was the PC, the 90's had the Internet, so what's it going to be now?

Other First World Nations have problems for sure, but Trade Deficits for them are either non-existent or not nearly as colossal a the US Trade Deficit. The US Trade Deficit is too large to be corrected through $US depreciation alone. What's needed is an Export.

I would disagree with that in part. While those industries staved off total collapse the real industry has been incurring debt the last 30 years to ignore this gap and lack of new opportunity. We simply borrow and borrow and borrow while the rich laugh all the way to their bailed out bank collecting the interest. Instead of paying to address these inequalities now they are profiteering from it.

 

[sandorski]

I would disagree with that in part. While those industries staved off total collapse the real industry has been incurring debt the last 30 years to ignore this gap and lack of new opportunity. We simply borrow and borrow and borrow while the rich laugh all the way to their bailed out bank collecting the interest. Instead of paying to address these inequalities now they are profiteering from it.

That certainly might be the problem.

 

[Zebo]

When I say rich it's the same group Reich talk about - the 1% or about 3 million Americans who's net worth is above 18 million. They simply can't lose. They own congress. Collect on bad bets when loaning to people who obviously could not pay. Collect interest both by being large bond holders (12 trillion outstanding federal governmental debt and 9 trillion state and municipal debt they own) and owning these private institutions we borrow from (28 trillion outstanding personnel debt). The rest of us or at least 95% of us are slaves to this debt now. That's why there are so many taxes and fees on everything you do here.

If I had my way I would totally restructure all that debt, eliminate taxes the poorest Americans pay a lot of their income on to include sin taxes, property, utilities and SS under 10K. And go to the top for the rest to include uncapping SS and no exemptions based on income source and raise marginal rates 10% at the top, again regardless of incomes source no exemptions or exclusions. But that will never happen as congress is pwned by that top 1%.

 

[blackangst1]

I think it's pretty clear that the US needs to develop a unique Industry in order to pull itself out of this mess. In the 80's that was the PC, the 90's had the Internet, so what's it going to be now?

Other First World Nations have problems for sure, but Trade Deficits for them are either non-existent or not nearly as colossal a the US Trade Deficit. The US Trade Deficit is too large to be corrected through $US depreciation alone. What's needed is an Export.

Well, in all fairness, we are still leading the world in internet technologies. The three major backbone hardware providers, Cisco, Foundry, and Juniper, are all US companies. The leading backbone protocol MPLS was created by Cisco (tagged switching) here in the USA. And the majority of the internet throughout the world runs on that hardware over that protocol. I think as far as networking goes, there isnt a country that boasts what we have. And in today's marketplace, networking is EVERYTHING. Not to mention Microsoft, Apple, Dell, Gateway, AMD, and Intel.

 

[blackangst1]

When I say rich it's the same group Reich talk about - the 1% or about 3 million Americans who's net worth is above 18 million. They simply can't lose. They own congress. Collect on bad bets when loaning to people who obviously could not pay. Collect interest both by being large bond holders (12 trillion outstanding federal governmental debt and 9 trillion state and municipal debt they own) and owning these private institutions we borrow from (28 trillion outstanding personnel debt). The rest of us or at least 95% of us are slaves to this debt now. That's why there are so many taxes and fees on everything you do here.

If I had my way I would totally restructure all that debt, eliminate taxes the poorest Americans pay a lot of their income on to include sin taxes, property, utilities and SS under 10K. And go to the top for the rest to include uncapping SS and no exemptions based on income source and raise marginal rates 10% at the top, again regardless of incomes source no exemptions or exclusions. But that will never happen as congress is pwned by that top 1%.

What taxes that the poorest Americans pay now would you eliminate? Sales tax? FICA? Social security?

 

[Patranus]

The fact of the matter is that even the poor in the USA have a standard of living that is the envy of 99% of the world.

 

[Zebo]

What taxes that the poorest Americans pay now would you eliminate? Sales tax? FICA? Social security?

Most of them - you certainly shouldn't be paying taxes making $7 an hour ..someone like that is paying more in taxes as a percentage of their income than just about anyone else. I employee a few and am shocked when I see the pay stubs that come from accountant with all the deductions. Then they still have to buy stuff which is all taxed and live somewhere which is taxed. There is little incentive to keep working and many don't and simply quit and move in with their baby momma who has a free ride. Turnover is biggest problem I have had and I can see why.

Another thing - I as business owner buy a new truck - 100% tax deduction i.e. I pay no taxes on income earned to buy that truck and better yet I don;t even have to depreciate it for some trucks. They buy an old rotted out beater for $1000 to get to work. They have to earn over $1000 to buy that truck since taxes reduce their earnings. How is that fair?

Just inflate that example to the really rich with lear jets and you paying tons of coach taxes on your travel one can quickly see how even the tax code benefits those who have.

 

[blackangst1]

Most of them - you certainly shouldn't be paying taxes making $7 an hour ..someone like that is paying more in taxes as a percentage of their income than just about anyone else. I employee a few and am shocked when I see the pay stubs that come from accountant with all the deductions. Then they still have to buy stuff which is all taxed and live somewhere which is taxed. There is little incentive to keep working and many don't and simply quit and move in with their baby momma who has a free ride. Turnover is biggest problem I have had and I can see why.

Thats bullshit. Sales tax, for example, is the same no matter what your income. FICA is 7.65% regardless of income. Medicare 1.45. Income tax? The poorest pay none. Sure the more money you have the more assets you have. The more assets you have the more opportunity for deduction. But everyone pays the same in those cases.

 

[blackangst1]

The fact of the matter is that even the poor in the USA have a standard of living that is the envy of 99% of the world.

Thats true in the 13 countries Ive been to. Our "poor" are squarely middle class in much of the rest of the world. I guess alot of people in this country dont think its good enough.

 

[Zebo]

Thats bullshit. Sales tax, for example, is the same no matter what your income. FICA is 7.65% regardless of income. Medicare 1.45. Income tax? The poorest pay none. Sure the more money you have the more assets you have. The more assets you have the more opportunity for deduction. But everyone pays the same in those cases.

Sales tax is a regressive tax since you have to buy necessities and the poor pay a disproportionate share of income on them. By definition they have no disposable or investment income which is not subject to sales tax.

FICA is highly regressive stopping at 90 some K and not even counting some income like oil and gas well checks I get each month.

Medicare is also regressive despite it's flat intentions since it does not include all form of income.

Income tax is the only progressive tax I know of but then again categorizes income and taxes some at a reduced rate.

I forgot about unemployment tax which in my state I pay it - 2% state 2% federal. Not on me cuz I don't make any earned income, but on employees I do, but many states make employees share in this tax. Another regressive tax since again investment income is not counted and there is a cap on it for high paid w2 employees.

I learned a long time ago TPTB fuck you hard if you're a wage earner and want no part of that.

 

[piasabird]

Gets too long winded. If it is so bad then give up now.

 

[jackace]

Gets too long winded. If it is so bad then give up now.

Many people actually do. Why do you think we have so many people living off the system?

Working for $7-$9 an hour you aren't progressing, you are just existing. Then, if you have 1 or more children you have to put in day care you are most likely better off staying home and collecting welfare then going to work and putting your child in day care. One of the big problems with our current system is once you make a certain amount all the benefits just stop. There is no real gradual decrease in benefits as you make more money. Many people just can't make enough over that minimum to cover day care, health care, etc expenses so they just stay home and stay on welfare.