We vote for people like that because those are our only options. But I dont think politicians are responsible for the rich get richer trend. People who are smarter get better jobs. People who have better jobs make more money. People who make more money have money to save. Saved money earns more money. I have the amount of money I have due to hard work and ambition. If I was smarter I would have more money. It has almost nothing to do with who sits in office. I say almost nothing because I pay slightly less in taxes with Trump. Not enough to change my life tho.
Economic Impact of COVID19
- Thread starter HawkGold
- Start date
HawkGold
Well-Known Member
If you are taxed at about 35% and the guy with a whooole bunch more money gets taxed at 25%, who has the advantage?
If an income-producing property comes up for sale and you can't buy it but the guy with the already huge tax advantage bids against you, who has the advantage.
Not saying that your points are valid, but only to a point.
What really builds wealth in this nation is owning assets, mostly in the form of property. Here is an example that Iowans can get.
Used to be that inheritance taxes were much higher. Now they are really quite low and financial vehicles have been legalized to help protect assets. Sounds good. But, a certain amount of farmland used to be sold in order to pay inheritance taxes. Now it is really not needed. As a result far fewer farm acres come up for sale. The market is priced out of most everyone's ability to buy farmland except for.....those who already own sizeable amounts farmland, those the owners are bigger and bigger in size of ownership. I know plenty of hard-working farmers that in no way can buy land. The young guys have to only rent on very low margins. With the current slide in corn and bean prices, who is going to get clobbered? Those who mostly rent or those who managed through hard work to scrape enough together to successfully compete with the big boys who likely also have a lower income tax/business tax bill.
Go back to WW2. Mennonite communities are quite big in a few Iowa communities. While many non Menno young men were fighting wars, Menno's had more labor available and bought up land in these areas'.
Politics/politicians do have a lot to do with wealth.
To the extreme you likely hear about this:https://fortune.com/2020/03/20/sena...tock-coronavirus-threat-briefings-in-january/
Who has the advantage in this?
Not just the senators, but DONORS. You think these senators would also pass laws to help real donors? maybe.
It's just human nature. Not Dem/Repub.
HawkGold
Well-Known Member
Put another way PC. Here is Chase Stock value the past month. 50% of stocks are owned by the so called 1%. Most would be owned by top 20 percent. Stocks don't just go up and down without a seller and a buyer. Who is selling the bank stock? Don't know, but the largest individual shareholders are James Crown, who is a member of the board of directors, and Chief Executive Officer (CEO) James "Jamie" Dimon. This is common. So, who is selling their shares with information that no one else has? This isn't about hard work, it's position and wealth coupled with Govt policy. If the Govt decides not to prosecute...
Who went to jail in the Great recession? Martha Stewart types. Bernie Madoff. Not the top dogs on ownership.
BTW, Chase is actually doing well compared to some. Ya think Jamie has information you don't have?
Northside Hawk
Well-Known Member
We have been told to watch for porch pirates, which makes sense because we are at holiday peak level volume anyway.
Sure enough a customer was robbed yesterday and one of our drivers was pulled over by a state trooper and questioned.
Sure enough a customer was robbed yesterday and one of our drivers was pulled over by a state trooper and questioned.
I think we pretty much agree on this. Your last sentence pretty much sums up my first one from that post. It's not about who's in office. It's just the way the world work. Everyone in office wants the rich to get richer because they are all rich.
EstronHawkKing
Well-Known Member
Wouldn't be surprised in the up coming weeks if we see our military on street corners in bigger cities.
tksirius
HN's Love Doctor
That's already happening in the largest metropolitan areas in the country.
New York is gunna get rocked.
Northside Hawk
Well-Known Member
Martial law is not out of the question.
A FedEx package pilfered by a porch pirate in freaking Mount Carroll, Illinois, population about the same size as Cascade or Belle Plaine
tksirius
HN's Love Doctor
The closer we get to martial law, the closer we get to no return. The economy can only take so much damage.
EstronHawkKing
Well-Known Member
the porch pirate thing has been going on for years now, especially at Christmas time.
Northside Hawk
Well-Known Member
Im sure big boys like Vegas, Disney, etc., have money socked away in tax shelters or somewhere just for sure emergencies like this. Things the little guy or aveage Joe don't have. When those are in danger, that's when the government will say we miraculously got ahead of this, things are going to start returning, thank you to American citizens for their patience and sacrifice.
Capitalism is light years better than socialism, and this country hasn't forgotten everything about how it was built.
Northside Hawk
Well-Known Member
We are at holiday peak level volume and may get even busier. Many drivers are running full Saturdays.
At least we have more daylight than we would have in December, and nicer weather.
tksirius
HN's Love Doctor
You knew it was coming.
https://www.rollingstone.com/politi...end-constitutional-rights-coronavirus-970935/
https://www.rollingstone.com/politi...end-constitutional-rights-coronavirus-970935/
Not sure if I believe that or not considering they are letting some prisoners out right now.
HawkGold
Well-Known Member
From Market Watch which is associated with the Dow and WSJ. High reliability with a political bent.
https://www.marketwatch.com/story/d...loyment-could-hit-30-2020-03-22?mod=home-page
Dow futures plunge the 5% limit as coronavirus slams market, Fed official warns unemployment could hit 30%
On top of that, Federal Reserve Bank of St. Louis President James Bullard told Bloomberg News during a Sunday interview that he is forecasting the U.S. unemployment rate to hit 30% in the coming months as the world continues to grapple with the coronavirus pandemic. “This is a planned, organized partial shutdown of the U.S. economy in the second quarter,” he said.
Bullard also said he expects an unprecedented 50% plunge in gross domestic product.
https://www.marketwatch.com/story/d...loyment-could-hit-30-2020-03-22?mod=home-page
Dow futures plunge the 5% limit as coronavirus slams market, Fed official warns unemployment could hit 30%
On top of that, Federal Reserve Bank of St. Louis President James Bullard told Bloomberg News during a Sunday interview that he is forecasting the U.S. unemployment rate to hit 30% in the coming months as the world continues to grapple with the coronavirus pandemic. “This is a planned, organized partial shutdown of the U.S. economy in the second quarter,” he said.
Bullard also said he expects an unprecedented 50% plunge in gross domestic product.
HawkPrdatr40
Well-Known Member
Trust me Trump will open this country back up with some limitations and guidelines over it being continually crushed by these limitations. Just no way I can see us continuing to allow this to happen!
HawkGold
Well-Known Member
There is a huge Federal v States fight brewing in both sides of equation.
Northside Hawk
Well-Known Member
Illinois governor Pritzker is bashing Trump at every opportunity, basically trying to make a folk hero out of himself.
That's a battle he can't win.
