Do the bottom 80% have a chance?

[spinn]

This was written in 2007, frightening insights.

"Ine of my main arguments has been with the explosion of home equity withdrawals the past half decade, people who are otherwise struggling, have been able to maintain their living standards and mask their growing expenses (growing at far higher rate than government 'reports'). Most of America *is* falling behind. And with the first nationwide decrease (ever) in home values, the gig is up. If income inequality is good or bad can be debated for days, but facts are facts."

http://www.fundmymutualfund.com/2007/12/do-bottom-80-of-americans-stand-chance.html

Kind of crazy that $350k puts you in the top 1%.

 

[Renegen]

Not many people get over $350k a year. In fact, 1 in 100 do! Not even some doctors get that much, it's pretty exclusive company.

It's a scary post, like how it says that the income of the bottom 90% fell that year!

I saw a video of a couple that tried running a coffee shop in NY, only to fail and remain with huge debts. They said they tried everything, they worked really hard to make it work, but in the end, they noticed that it wasn't *them*, it was the economy. I think many are in denial and still see their failure as personal. They don't have a chance, but believe they do.

 

[otcstockfund]

actually 350k is not top 1%...366,400 is the top 10% which kind of surprised me i thought 350k would be top 5% or something

http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1

 

[jeb9999]

Quote from otcstockfund:

actually 350k is not top 1%...366,400 is the top 10% which kind of surprised me i thought 350k would be top 5% or something

http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1

That Yahoo/AP story has the top 1% and top 10% confused.

For 2007 the top 10% made $113,018 and over.

http://www.ntu.org/tax-basics/who-pays-income-taxes.html

 

[lrm21]

bottom 80% have never had a chance.

But they continue to live better than ever in history, materially, mentally they are just as bitter and unsatisfied as ever.

So it all good.

The mass of men lead lives of quiet desperation - HDT

 

[tmarket]

Quote from lrm21:
.

The mass of men lead lives of quiet desperation - HDT

"A living dog is better than a dead lion. Shall a man go and hang himself because he belongs to the race of pygmies, and not be the biggest pygmy that he can? Let every one mind his own business, and endeavor to be what he was made. Why should we be in such desperate haste to succeed and in such desperate enterprises? If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away."

 

[maxpi]

Quote from tmarket:

"A living dog is better than a dead lion. Shall a man go and hang himself because he belongs to the race of pygmies, and not be the biggest pygmy that he can? Let every one mind his own business, and endeavor to be what he was made. Why should we be in such desperate haste to succeed and in such desperate enterprises? If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music which he hears, however measured or far away."

I volunteered as security in a warming shelter for homeless folk last night. It puts things in perspective....

 

[hippie]

Quote from maxpi:

I volunteered as security in a warming shelter for homeless folk last night. It puts things in perspective....

Good for you.

 

[coolweb]

Quote from maxpi:

I volunteered as security in a warming shelter for homeless folk last night. It puts things in perspective....

banged a really cute 18 year old 2 hours ago after lunch,
not too much perspective on it though, felt good I guess.