Baby Boomers aka the Worst Generation

[jem]

yes... we can agree. I like data and I like charts. let us see if we can learn things.


your chart is an after tax chart...
First of all... does you chart take out inflation with reasonable multiplier... otherwise its not really showing us much. income has gone up after taxes more for wealth. That is because inflation destroys those who do not have assets that can keep pace.



Remember the bottom 50 percent don't even pay Federal income tax and millions of them are new americans and receive assistance.

I note... right after the 1986 Reagan tax cuts the red line hooked down a bit.

now... I would also bet that the wealth's pre tax income has also gone up.
I am interested to see the other percentages if they can subtract out new americans and inflation.

 

[UsualName]

yes... we can agree. I like data and I like charts. let us see if we can learn things.


your chart is an after tax chart...
First of all... does you chart take out inflation with reasonable multiplier... otherwise its not really showing us much. income has gone up after taxes more for wealth. That is because inflation destroys those who do not have assets that can keep pace.



Remember the bottom 50 percent don't even pay Federal income tax and millions of them are new americans and receive assistance.

I note... right after the 1986 Reagan tax cuts the red line hooked down a bit.

now... I would also bet that the wealth's pre tax income has also gone up.
I am interested to see the other percentages if they can subtract out new americans and inflation.

Great. Now can we agree our economy is consumer based?

 

[jem]

Please give a link to your charts... I would like to see what assumptions are being built in.
For instance we have been told for decades we are a consumption based economy. Great... you chart does seem to show that. but... I would like to see the underlying data and choices.

But... for now... lets accept you chart is accurate.... what is the point you are seeking to show and how does that impact whether Reagans tax cuts significantly hurt our income inequality or more important hurt the standard of living of our different income brackets?

 

[Nine_Ender]

All of our money is debt based. Saying new debt based money is redundant, if anything.

We are not told government spending does not create inflation, nor are we told it does not either. Borrowing can go either way as well.

What you are failing to account for is borrowing during times of economic expansion is inflationary. If we were recessing I would support some kind of stimulus to fight deflation and get the economy moving. But stimulus of any kind during expansion is inflationary. It will overheat the economy and create an economic condition where the fed is working against the governments fiscal policy and Vice versa.

Trying to reason with "Jem" on almost any topic, especially economics, is essentially pointless. The man is lost in his conspiracy theories and really wacky ideas on economics. For example, he thinks the US can eliminate personal income taxes and the budget will magically balance within a few years. He also thinks the key to good health is drinking diet colas and intermittent fasting but we don't need to go there except note his tendency to grab onto irrational theories or themes when his reality confuses him.

Pointing out why his ideas are irrational will only result in him declaring you a "leftist" or similar regardless of your stated political beliefs or actions. He does it so often it's become comical.

 

[UsualName]

Please give a link to your charts... I would like to see what assumptions are being built in.
For instance we have been told for decades we are a consumption based economy. Great... you chart does seem to show that. but... I would like to see the underlying data and choices.

But... for now... lets accept you chart is accurate.... what is the point you are seeking to show and how does that impact whether Reagans tax cuts significantly hurt our income inequality or more important hurt the standard of living of our different income brackets?

We are almost there. Now which households do the majority of the consumption, the upper income or middle and working class?

 

[Arnie]

I’m actually impressed you have a pay stub from 1969. Good for you.

We don’t have an age dependent minimum wage today so comparing that minimum wage to today doesn’t make sense. All official reporting of minimum wage from 1969 report it at $1.60, or $11.11 in today’s money.

https://www.dol.gov/whd/minwage/chart.htm

There is some talk of making the minimum wage age dependent again but I think don’t think that is going anywhere.

As to calling me an idiot. I don’t mind some going back and forth but I do not suffer insults. Call me an idiot again and you’re going on ignore.

You called me an idiot first in post #11.

Please put me on ignore.

 

[LacesOut]

You called me an idiot first in post #11.

Please put me on ignore.

Sounds like UsualName is just a usualLib

 

[wildchild]

All of that Ayn Rand, Ronald Reagan yuppie culture, self centered nonsense has taken its toll on the country and on the generations that have come after and they know it.

The baby boomers inherited a unionized workforce with high wages and a high standard of living. As they exit they are leaving a huge income gap between workers and the wealthy, a declining standard of living, and massive debts both in the government and on the millennials.

These are the results of Reaganomics and the fallacy of tax cuts for the wealthy benefit the working people. The country is weak and the only benefit was to a very few people who were already wealthy.

https://www.axios.com/51-of-millenn...witter&utm_medium=social&utm_campaign=organic

View attachment 185142

Here is a bit of life of advice for millenials, "THE WORLD OWES YOU NOTHING!"

Stop blaming everyone else. Your days of receiving participation trophies are long over.

 

[jem]

typical straw man lies from a neo commie.

I have stated if you hold fed money creation constant and cap spending... we will come into balance via and expanded economy causing and increase in tax revenues or or via inflation.

so... go ahead milton explain why that statement is incorrect.
Why do lefties always have lie about the other sides arguments?

Trying to reason with "Jem" on almost any topic, especially economics, is essentially pointless. The man is lost in his conspiracy theories and really wacky ideas on economics. For example, he thinks the US can eliminate personal income taxes and the budget will magically balance within a few years. He also thinks the key to good health is drinking diet colas and intermittent fasting but we don't need to go there except note his tendency to grab onto irrational theories or themes when his reality confuses him.

Pointing out why his ideas are irrational will only result in him declaring you a "leftist" or similar regardless of your stated political beliefs or actions. He does it so often it's become comical.

 

[jem]

usual name...
please do tell us...
and then explain how Reagans tax cuts hurt the 50 percent of Americans who don't pay Federal income tax more that the 99.5 percent who still pay income tax?

any ration person would say that if the wealth is being concentrated into the to .5 percent or so...
you should eliminate the taxes on the others...( my preferred solution)

or or tax that upper half percent more. taxing the 99.5 of workers causes more disparity.