U.S. Economic Expansion: Rich Get Richer

[Pavel + 384]

Welcome to the longest U.S. economic expansion in history, one perhaps best characterized by the excesses of extreme wealth and an ever-widening chasm between the unfathomably rich and everyone else. Indeed, as the expansion entered its record-setting 121st month on Monday, signs of a new Gilded Age are all over. Big-money deals are getting bigger, from corporate mergers and acquisitions, to individuals buying luxury penthouses, sports teams, yachts and all-frills pilgrimages to the ends of the earth. And while these deals grab headlines, there is a deeper trend at work. The number of billionaires in the United States has more than doubled in the last decade, from 267 in 2008 to 607 last year, according to UBS.
“The rich have gotten richer and they’ve gotten richer faster,” said John Mathews, Head of Private Wealth Management and Ultra High Net Worth at UBS (UBSG.S) Global Wealth Management. “The drive or the desire for consumption has just gone upscale.” But there are also signs of struggle and stagnation at lower-income levels. The wealthiest fifth of Americans hold 88% of the country’s wealth, a share that has grown since before the crisis, Federal Reserve data through 2016 shows. Meanwhile, the number of people receiving federal food stamps tops 39 million, below the peak in 2013 but still up 40% from 2008 even though the country’s population has only grown about 8%...

[pinto + 293]

Rich get richer - It's Corporate all about money and greed.

[50 shades of black + 254]

Rich people would say "but not rich enough"....

[francoba + 93]

This is a big part of the harsh reality...

[ThunderBlade + 231]

U.S. home prices were near their lowest levels of affordability since 2008, research by ATTOM Data Solutions shows. Something is rotten...

[damirUSBiH + 327]

The U.S. wealth gap is deplorable. And too big ...

[rainman + 263]

Why isn’t monetary policy a bigger part of the income inequality / wealth disparity discussion? Maybe, because fiscal policy is the problem and the solution. Too much for military, too little for health and education...

[JoMack + 549]

Total Medicaid spending as of June, 2019, $557 billion dollars.  The VA is $220 billion requested for 2020.   Both disasters, both running out of money, both inadequate especially for our Veterans.  The budget for the DOD is $694 billion.  The specific mandate under the Constitution is that the government protect its citizens.  Income inequality, with wealth distribution is the stuff of dreams made by Socialists.

[fozzir + 68]

Pretty much at some point, I don't know when, we the 99%ers are doomed. 

[Ward Smith + 6,615]

9 hours ago, Pavel said:

Welcome to the longest U.S. economic expansion in history, one perhaps best characterized by the excesses of extreme wealth and an ever-widening chasm between the unfathomably rich and everyone else. Indeed, as the expansion entered its record-setting 121st month on Monday, signs of a new Gilded Age are all over. Big-money deals are getting bigger, from corporate mergers and acquisitions, to individuals buying luxury penthouses, sports teams, yachts and all-frills pilgrimages to the ends of the earth. And while these deals grab headlines, there is a deeper trend at work. The number of billionaires in the United States has more than doubled in the last decade, from 267 in 2008 to 607 last year, according to UBS.
“The rich have gotten richer and they’ve gotten richer faster,” said John Mathews, Head of Private Wealth Management and Ultra High Net Worth at UBS (UBSG.S) Global Wealth Management. “The drive or the desire for consumption has just gone upscale.” But there are also signs of struggle and stagnation at lower-income levels. The wealthiest fifth of Americans hold 88% of the country’s wealth, a share that has grown since before the crisis, Federal Reserve data through 2016 shows. Meanwhile, the number of people receiving federal food stamps tops 39 million, below the peak in 2013 but still up 40% from 2008 even though the country’s population has only grown about 8%...

A lot of those "rich" are Trusts. Not even individuals, but filling tax returns as if they were. And of course, being trusts, they don't worry about paying taxes, merely deferring to a reckoning that may not occur. And then there's the foundations. 

Do you believe the Bill and Melinda Gates foundation is ever going to pay a dime in taxes? Of course not, nor the Clinton foundation and hundreds of others. All while giving away the minimum they can get away with, and growing exponentially on tax free income, unlike thee and me. 

[Enthalpic + 1,496]

2 hours ago, Ward Smith said:

A lot of those "rich" are Trusts. Not even individuals, but filling tax returns as if they were. And of course, being trusts, they don't worry about paying taxes, merely deferring to a reckoning that may not occur. And then there's the foundations. 

Do you believe the Bill and Melinda Gates foundation is ever going to pay a dime in taxes? Of course not, nor the Clinton foundation and hundreds of others. All while giving away the minimum they can get away with, and growing exponentially on tax free income, unlike thee and me. 

The Gates foundation does good work - it's not a scam.  The Gates have also pledged to give away at least half of their money. https://en.wikipedia.org/wiki/The_Giving_Pledge

 

[Ward Smith + 6,615]

53 minutes ago, Enthalpic said:

The Gates foundation does good work - it's not a scam.  The Gates have also pledged to give away at least half of their money. https://en.wikipedia.org/wiki/The_Giving_Pledge

Your article proves nothing about "good work". It just proves they've protected a TRILLION DOLLARS from the taxman. Thanks for playing. 

Figured out buffering compounds yet? 

[Enthalpic + 1,496]

 

22 minutes ago, Ward Smith said:

Your article proves nothing about "good work". It just proves they've protected a TRILLION DOLLARS from the taxman. Thanks for playing. 

Figured out buffering compounds yet? 

So have churches, heck even the scientology cult was tax exempt for a bit.

Let the NaCl thing go man... but I'll argue chem with you any day if you want; because it's fun.

[ronwagn + 6,290]

14 hours ago, Pavel said:

Welcome to the longest U.S. economic expansion in history, one perhaps best characterized by the excesses of extreme wealth and an ever-widening chasm between the unfathomably rich and everyone else. Indeed, as the expansion entered its record-setting 121st month on Monday, signs of a new Gilded Age are all over. Big-money deals are getting bigger, from corporate mergers and acquisitions, to individuals buying luxury penthouses, sports teams, yachts and all-frills pilgrimages to the ends of the earth. And while these deals grab headlines, there is a deeper trend at work. The number of billionaires in the United States has more than doubled in the last decade, from 267 in 2008 to 607 last year, according to UBS.
“The rich have gotten richer and they’ve gotten richer faster,” said John Mathews, Head of Private Wealth Management and Ultra High Net Worth at UBS (UBSG.S) Global Wealth Management. “The drive or the desire for consumption has just gone upscale.” But there are also signs of struggle and stagnation at lower-income levels. The wealthiest fifth of Americans hold 88% of the country’s wealth, a share that has grown since before the crisis, Federal Reserve data through 2016 shows. Meanwhile, the number of people receiving federal food stamps tops 39 million, below the peak in 2013 but still up 40% from 2008 even though the country’s population has only grown about 8%...

Black and Latino employment is at record highs. The worst enemies of our middle class are illegal aliens and those who perpetuate their ability to enter and stay in America. The National Chamber of Commerce and its cohorts are at the center of all this. The middle class needs to learn to save and invest money or most will end up poor. They will pay for those who did not work hard also. Almost all will live better than those in totalitarian countries like Russia though. Corporatism is a problem that needs to be dealt with however. We must also fight globalists who seek to enslave us to their rules and indirect taxation. 

[ronwagn + 6,290]

14 hours ago, ThunderBlade said:

U.S. home prices were near their lowest levels of affordability since 2008, research by ATTOM Data Solutions shows. Something is rotten...

That depends on where you live. Rural, small town, or fringe suburbs are better IMHO.

[GSXRblur + 18]

22 hours ago, damirUSBiH said:

The U.S. wealth gap is deplorable. And too big ...

We budget and the only debt we have is our home which should be paid off in 5 or 6 years.  We have good jobs and work hard.  Why should I be asked to redistribute our savings or "wealth" to people who struggle financially for whatever reason? (lazy, drug addicts, poor decision makers, illegals, etc.)  People constantly pushing the globalist wealth redistribution agenda are misguided and rely too much on governments.

[Enthalpic + 1,496]

6 hours ago, GSXRblur said:

We budget and the only debt we have is our home which should be paid off in 5 or 6 years.  We have good jobs and work hard.  Why should I be asked to redistribute our savings or "wealth" to people who struggle financially for whatever reason? (lazy, drug addicts, poor decision makers, illegals, etc.)  People constantly pushing the globalist wealth redistribution agenda are misguided and rely too much on governments.

Don't worry - you are part of the poor group.

[ronwagn + 6,290]

9 hours ago, GSXRblur said:

We budget and the only debt we have is our home which should be paid off in 5 or 6 years.  We have good jobs and work hard.  Why should I be asked to redistribute our savings or "wealth" to people who struggle financially for whatever reason? (lazy, drug addicts, poor decision makers, illegals, etc.)  People constantly pushing the globalist wealth redistribution agenda are misguided and rely too much on governments.

We should not support socialist professors and their programs. We should only support science, engineering, agriculture, medicine, nursing, and other practical programs. Junior colleges should receive more funds for vocational programs. All nursing programs should be fully funded for two year Associate Degrees. We have a real shortage of nurses.  

[Enthalpic + 1,496]

1 hour ago, ronwagn said:

We should not support socialist professors and their programs. We should only support science, engineering, agriculture, medicine, nursing, and other practical programs. Junior colleges should receive more funds for vocational programs. All nursing programs should be fully funded for two year Associate Degrees. We have a real shortage of nurses.  

Define socialist professors? Philosophy I guess, but English, History, Art?  The practice of Law requires superb literacy and knowledge of history.

I imagine you would get a lot of people trained in nursing who just refuse to do it - it's not for everyone.

[JUAN 0]

What I do not understand of US people, being almost all good educated (now I´m doubting), is that you don´t understand that this situation is due a big corruption under the table where the big boys make business between them with the super money (richer gets more richer), is like the small countries where the big companies crearte more business that are given to their families not allowing the surrounding capable individuals get riche or richer also. Here the big companies or groups or whatever you want to call them, forget the rules of the market (read, us, the common people), we the market allow them to get rich. Without us, they CAN NOT EXIST. Is obvious, this kind of situation (private corruption) is wide existent in USA.

Edited July 15, 2019 by JUAN
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