Rich getting poorer

[DrLeftover]

From a certified non-disgusting and non-hating media outlet.

The Falling Fortunes of the One Percent





The presidential election has given us two myths about the rich. First, that their incomes, and income inequality, are at all-time highs. Second, that the wealthy pay less in taxes than ever, and lower taxes than the rest of us.

A recent report from the Congressional Budget Office, however, suggests that both may be false.

http://www.cnbc.com/id/48257611

 

[Temerit]

​

[font=Verdana, Arial, Helvetica, sans-serif]Facing sagging jobs numbers, President Barack Obama sought to recast the November election as a fight over tax fairness on Monday, urging tax cut extensions for all families earning less than $250,000 but denying them to households making more than that.​

​

[font=Verdana, Arial, Helvetica, sans-serif]Wrong, wrong, wrong, wrong. Families making more than $250,000 will get tax cut extensions on all of their income below the $250,000 mark.​

[font=Verdana, Arial, Helvetica, sans-serif]---​

[font=Verdana, Arial, Helvetica, sans-serif]Aside from that the rest of the article was obvious.​

[font=Verdana, Arial, Helvetica, sans-serif]Oh boo hoo, the 1% lost 30% of their income. Meanwhile middle class families lost their jobs, their homes, and the average net worth of the average American family fell by over 40%. ​

[font=Verdana, Arial, Helvetica, sans-serif]There are 19 vacant homes in this country for every homeless person. ​

 

[DrLeftover]

Wait a minute!



An NBC network got something wrong?



damn

 

[Temerit]

Actually every single media outlet is making that mistake at the moment.



On the wealth and inequality note:





£13 trillion ($21trillion) revealed of wealth offshore - inequality and capital flight



A new report:



http://www.taxjustic...t.php?idcat=148



It's ongoing, but this report should further illuminate the deepening crisis - private banks, offshore wealth, tax havens, income inequality et al.

 

[DrLeftover]

How's this for reality?

Seventy-five percent of Americans nearing retirement age in 2010 had less than $30,000 in their retirement accounts. The specter of downward mobility in retirement is a looming reality for both middle- and higher-income workers. Almost half of middle-class workers, 49 percent, will be poor or near poor in retirement, living on a food budget of about $5 a day.





...dying early is not the basis of a retirement plan.

http://www.nytimes.com/2012/07/22/opinion/sunday/our-ridiculous-approach-to-retirement.html

 

[DrLeftover]

Just as a footnote to the thread:

Spanish royals take pay cut amid austerity protests





(Reuters) - Spanish King Juan Carlos and his family will take a pay cut, shaving up to 100,000 euros off the palace's 8.3 million euro budget for this year, after a new austerity package sparked anger and protests across the country.

http://www.reuters.com/article/2012/07/17/us-spain-royals-paycut-idUSBRE86G0TV20120717





you know times are tough when the King has to take a pay cut!

 

[Temerit]

A 1.2% paycut.

 

[DrLeftover]

But still.



That 1.2% is roughly equal to my yearly take home pay.

 

[DrLeftover]

Ralph Nader:

During the 2008 campaign, presidential candidate Barack Obama made a pledge to raise the minimum wage to $9.50 per hour by 2011. Promises like this one inspired a generation of young voters, excited long-neglected progressive voters and gave hope to millions of his supporters across the country.



President Obama ran a campaign of soaring rhetoric and uplifting ideas. Amidst two unpopular wars, a rapidly deteriorating financial crisis and the wildly unpopular presidency of George W. Bush, Americans were desperate for a change. He was viewed as a “transformational” candidate, a president who would turn the page on the stagnant politics of Washington.



It is now four years later, and there has been no increase to the minimum wage. There has been no congressional vote, much less a whisper from the White House on the minimum wage.

http://blogs.reuters.com/great-debate/2012/07/24/where-is-obamas-promised-minimum-wage-hike/

 

[Temerit]

Damn, leftover is pulling in 120k? Solid.

 

[DrLeftover]

hardly.

The king will take about 20,900 euros less from his state payout this year,

1 USD = 0.8248 EUR +0.00231 (0.280%)

Jul 26, 10:00AM GMT

https://www.google.com/finance?hl=e...=X&ei=zBARUMzYNITh0QHk_oHABQ&ved=0CIUBEOUGMAA

 

[Temerit]

Damn, I read it as 100,000 euros.



So it's more like a 0.25% paycut.