$677,000,000,000 Added To US National Debt in Three Months As BlackRock CEO Warns Situation ‘More Urgent Than I Can Ever Remember

[zsasz 369]

9 hours ago, BeachGuy23 said:

I'm not the one thinking of fleeing the US boyo.  So those questions are meaningless to me.

You however are due to, I assume, what you see as a declining US.

The kid backed a political party whose goal since Reagan was to destroy the working middle class in this country and now he wants to parachute out to Italy?  It would be awesome if the parachutes of scumbags like RLLD didn't open when they tried to jump out.  

[Hardcore troubadour 15,475]

1 minute ago, zsasz said:

The kid backed a political party whose goal since Reagan was to destroy the working middle class in this country and now he wants to parachute out to Italy?  It would be awesome if the parachutes of scumbags like RLLD didn't open when they tried to jump out.  

Clinton signed NAFTA, not Reagan. HTH. 

[double tour 90]

13 minutes ago, zsasz said:

The kid backed a political party whose goal since Reagan was to destroy the working middle class in this country and now he wants to parachute out to Italy?  It would be awesome if the parachutes of scumbags like RLLD didn't open when they tried to jump out.  

Are you for real? Or is this just another internet joke? 

[The Real timschochet 6,811]

1. Anyone who earns over $200,000 a year OR has a net worth of over 2 million dollars shouldn’t receive Social Security or Medicare or any state or federal pension.  I know they paid into it. I know it’s unfair. But this is the only way to cut it down. 
 

2. We need to cut defense spending by reducing outdated programs that are no longer viable. 
 

If you guys want to get serious about reducing the debt this is the way to do it. Don’t bother talking to me about foreign aid because that’s a drop in the bucket. 

[Hardcore troubadour 15,475]

Just now, The Real timschochet said:

1. Anyone who earns over $200,000 a year OR has a net worth of over 2 million dollars shouldn’t receive Social Security or Medicare or any state or federal pension.  I know they paid into it. I know it’s unfair. But this is the only way to cut it down. 
 

2. We need to cut defense spending by reducing outdated programs that are no longer viable. 
 

If you guys want to get serious about reducing the debt this is the way to do it. Don’t bother talking to me about foreign aid because that’s a drop in the bucket. 

That’s the only way? Really? Good luck with that. Are you guys going for zero votes? 

[The Real timschochet 6,811]

1 minute ago, Hardcore troubadour said:

That’s the only way? Really? Good luck with that. Are you guys going for zero votes? 

It’s not you guys. Dems will never dare to propose this. It’s my idea. But yeah I think there’s no other realistic way to reduce the debt significantly. 

[Hardcore troubadour 15,475]

Let’s see: Fund your 401k for 40 years, end up with a couple of million for retirement and thats it, no Medicare for you. Pay for that shitt yourself and let us know when you have less than two million. What a maroon. 

[The Real timschochet 6,811]

Just now, Hardcore troubadour said:

Let’s see: Fund your 401k for 40 years, end up with a couple of million for retirement and thats it, no Medicare for you. Pay for that shitt yourself and let us know when you have less than two million. What a maroon. 

Sorry. Like I said it’s totally unfair. Problem is I don’t have a better solution. Do you? 

[The Real timschochet 6,811]

FTR a net worth of 2 million represents a pretty low percentage of Americans: 

https://www.zippia.com/advice/millionaire-statistics/#:~:text=Here are some statistics about,of U.S. millionaires are women.

[double tour 90]

7 minutes ago, The Real timschochet said:

1. Anyone who earns over $200,000 a year OR has a net worth of over 2 million dollars shouldn’t receive Social Security or Medicare or any state or federal pension.  I know they paid into it. I know it’s unfair. But this is the only way to cut it down. 
 

Talk about incentivising being a failure in life...

[The Real timschochet 6,811]

1 minute ago, The Real timschochet said:

FTR a net worth of 2 million represents a pretty low percentage of Americans: 

https://www.zippia.com/advice/millionaire-statistics/#:~:text=Here are some statistics about,of U.S. millionaires are women.

Update: according to Quora, 2 million or more is less than 1%. I can’t verify that. 1 million or more is 8.8%- that figure is verified in the link. 

[Hardcore troubadour 15,475]

1 minute ago, The Real timschochet said:

Sorry. Like I said it’s totally unfair. Problem is I don’t have a better solution. Do you? 

Sure. Get rid of the ridiculous capital gains rates for starters. That should be taxed as income, or close to it, like my labor is. Raise the retirement age incrementally. Get rid of the fraud that is rampant in SSDI. We could start there. Also, how much do you think medical insurance for a 75 year old would cost per year? 

[The Real timschochet 6,811]

2 minutes ago, double tour said:

Talk about incentivising being a failure in life...

Not at all. If a significant percentage of folks had 2 million or more, say 25%, then yeah I would agree such a restriction would incentivize failure. But at 1% the argument becomes meaningless. Most people won’t get there anyhow. 

[Voltaire 5,317]

8 minutes ago, The Real timschochet said:

It’s not you guys. Dems will never dare to propose this. It’s my idea. But yeah I think there’s no other realistic way to reduce the debt significantly. 

People on the left and right can only talk like this if they aren't running for office. Politicians on the left and right on the other hand never will, they'd rather kick the can down the road and let Amerika 2040 deal with it.

[The Real timschochet 6,811]

2 minutes ago, Hardcore troubadour said:

Sure. Get rid of the ridiculous capital gains rates for starters. That should be taxed as income, or close to it, like my labor is. Raise the retirement age incrementally. Get rid of the fraud that is rampant in SSDI. We could start there. Also, how much do you think medical insurance for a 75 year old would cost per year? 

You sound like a leftist here. Taxing capital gains like labor would severely hurt economic growth and damage the economy. No thanks. 

[The Real timschochet 6,811]

2 minutes ago, Voltaire said:

People on the left and right can only talk like this if they aren't running for office. Politicians on the left and right on the other hand never will, they'd rather kick the can down the road and let Amerika 2040 deal with it.

Agreed. 
 

ETA- and that is why this issue, despite its absolute urgency, doesn’t motivate my vote one way or the other and it shouldn’t yours either. Vote on the issues in which you truly believe that the people you’re voting for will institute the changes you desire. This isn’t one of them. 

[Hardcore troubadour 15,475]

Just now, The Real timschochet said:

You sound like a leftist here. Taxing capital gains like labor would severely hurt economic growth and damage the economy. No thanks. 

Really? So all those guys on Wall Street will take up plumbing if they have to “pay their fair share” ? How else are they going to pay their fair share? Or is that just a stroke job? 

[Hardcore troubadour 15,475]

You can raise the income tax to 90 pct. So what? Mega rich people don’t pay income tax. If you’re not gonna raise the capital gains rate then please, stop with the fair share bullshitt.  

[The Real timschochet 6,811]

1 minute ago, Hardcore troubadour said:

Really? So all those guys on Wall Street will take up plumbing if they have to “pay their fair share” ? How else are they going to pay their fair share? Or is that just a stroke job? 

They won’t take up plumbing. They’ll simply stop investing in new stuff because it will be financially wiser to hold onto what they have. 

[The Real timschochet 6,811]

Just now, Hardcore troubadour said:

You can raise the income tax to 90 pct. So what? Mega rich people don’t pay income tax. If you’re not gonna raise the capital gains rate then please, stop with the fair share bullshitt.  

I don’t subscribe to fair share. Fairness is not an aspect of good governance IMO. 

[Hardcore troubadour 15,475]

Just now, The Real timschochet said:

They won’t take up plumbing. They’ll simply stop investing in new stuff because it will be financially wiser to hold onto what they have. 

They sit on it now. 

[The Real timschochet 6,811]

Just now, Hardcore troubadour said:

They sit on it now. 

They do? Not sure where you live but not in California. We’re building like crazy. 

[Hardcore troubadour 15,475]

1 minute ago, The Real timschochet said:

I don’t subscribe to fair share. Fairness is not an aspect of good governance IMO. 

So the democrats saying that forever is just bullshitt then, right? Bidens been yapping it since he voted to tax social security 40 years ago. Another great example of middle class Joe looking out for the working man. Question, why is SS taxed as income and not as a capital gain? 

[double tour 90]

21 minutes ago, The Real timschochet said:

Not at all. If a significant percentage of folks had 2 million or more, say 25%, then yeah I would agree such a restriction would incentivize failure. But at 1% the argument becomes meaningless. Most people won’t get there anyhow. 

Wrong. But carry on. I don't think anyone is buying what you are selling anyway. 

[The Real timschochet 6,811]

12 minutes ago, Hardcore troubadour said:

So the democrats saying that forever is just bullshitt then, right? Bidens been yapping it since he voted to tax social security 40 years ago. Another great example of middle class Joe looking out for the working man. Question, why is SS taxed as income and not as a capital gain? 

It’s not BS. They believe in it. I don’t. 
 

I vote Democrat mainly because of social issues (I’m pretty woke) and because I completely reject Trump and MAGA. But I don’t think Democrats have great economic ideas. Far from it. I voted for Republicans most of my life. If Ronald Reagan rose from the grave I’d vote for him right now. 

[The Real timschochet 6,811]

1 minute ago, double tour said:

Wrong. But carry on. I don't think anyone is buying what you are selling anyway. 

Well you’re probably right about that. 

[Hardcore troubadour 15,475]

2 minutes ago, The Real timschochet said:

It’s not BS. They believe in it. I don’t. 
 

I vote Democrat mainly because of social issues (I’m pretty woke) and because I completely reject Trump and MAGA. But I don’t think Democrats have great economic ideas. Far from it. I voted for Republicans most of my life. If Ronald Reagan rose from the grave I’d vote for him right now. 

But Reagan was a racist. 

[Hardcore troubadour 15,475]

4 minutes ago, The Real timschochet said:

It’s not BS. They believe in it. I don’t. 
 

I vote Democrat mainly because of social issues (I’m pretty woke) and because I completely reject Trump and MAGA. But I don’t think Democrats have great economic ideas. Far from it. I voted for Republicans most of my life. If Ronald Reagan rose from the grave I’d vote for him right now. 

The tax act of 1986 treated capital gains as ordinary income but capped the tax at 28 pct. If you like Reagan’s economic policy so much let’s go with that. 

[Maximum Overkill 2,001]

9 hours ago, The Real timschochet said:

Anyone who earns over $200,000 a year OR has a net worth of over 2 million dollars shouldn’t receive Social Security or Medicare or any state or federal pension.

Why? Especially if we've been paying into it our whole lives. Then refund me every penny. 

And BTW, it's not 1970. 

200,000 a year is not a lot of money today, nor is a 2 million dollar net worth. 

Get with the times. 

[MDC 7,466]

1 hour ago, Maximum Overkill said:

Why? Especially if we've been paying into it our whole lives. Then refund me every penny. 

And BTW, it's not 1970. 

200,000 a year is not a lot of money today, nor is a 2 million dollar net worth. 

Get with the times. 

Around 10% of US households earn $200k or more a year and around 2% have $2m+ net worth. 

[Maximum Overkill 2,001]

1 minute ago, MDC said:

Around 10% of US households earn $200k or more a year and around 2% have $2m+ net worth. 

Wait, I thought Biden's economy was great?

[MDC 7,466]

1 minute ago, Maximum Overkill said:

Wait, I thought Biden's economy was great?

You also thought $2m net worth isn’t a lot of money.  

[Maximum Overkill 2,001]

Just now, MDC said:

You also thought $2m net worth isn’t a lot of money.  

It's not a lot nowadays. Just because you have a net worth of $2m today doesn't mean you'll have a net worth of $2m tomorrow. 

My money is tied up in real estate, that can go sideways at anytime. 

[RLLD 4,237]

11 minutes ago, Maximum Overkill said:

Wait, I thought Biden's economy was great?

It is....if you are affluent.....if you are lower middle or lower class, its the worst economy you have ever seen....

[BeachGuy23 642]

51 minutes ago, RLLD said:

It is....if you are affluent.....if you are lower middle or lower class, its the worst economy you have ever seen....

So the lower middle and lower class have seen their wage surge over the last 3 years, everyone has jobs, employers compete like never before, markets at time highs, but it's teh worst economy you have ever seen?

You have to be a child.

DId you not live through 2020?   How about 2008 - 2010?  How about 2000?

No one on this board should take anything you say seriously.

You're just a moronic republican shill.

Worst economy you've ever seen?  Are you not aware that not having and not being able to get a job are the barometers for worst anything in one's life?

SMH...SMH

[edjr 6,602]

4 minutes ago, BeachGuy23 said:

wage surge over the last 3 years, everyone has jobs,

    talk about a shill. c'mon man. 

 

https://www.cnbc.com/2024/03/27/how-much-credit-card-debt-americans-have-by-age-.html

Average credit card debt in the U.S.

By generation

The horizontal bar chart shows the average credit card debt in the U.S., broken down by generation, in Q3 2023, Q3 2022 and Q3 2021.

	Q3 2023	Q3 2022	Q3 2021
Gen Z18–26	$3,262 $3,262	$2,854 $2,854	$2,282 $2,282
Millennials27–42	$6,521 $6,521	$5,649 $5,649	$4,576 $4,576
Gen X43–58	$9,123 $9,123	$8,134 $8,134	$7,070 $7,070
Baby boomers59–77	$6,642 $6,642	$6,245 $6,245	$5,804 $5,804
Silent Generation78+	$3,412 $3,412	$3,316 $3,316	$3,177 $3,177

 

Any idea why it is going up and not down?

[BeachGuy23 642]

Just now, edjr said:

    talk about a shill. c'mon man. 

 

https://www.cnbc.com/2024/03/27/how-much-credit-card-debt-americans-have-by-age-.html

Average credit card debt in the U.S.

By generation

The horizontal bar chart shows the average credit card debt in the U.S., broken down by generation, in Q3 2023, Q3 2022 and Q3 2021.

Table with 4 columns and 5 rows.

	Q3 2023	Q3 2022	Q3 2021
Gen Z18–26	$3,262 $3,262	$2,854 $2,854	$2,282 $2,282
Millennials27–42	$6,521 $6,521	$5,649 $5,649	$4,576 $4,576
Gen X43–58	$9,123 $9,123	$8,134 $8,134	$7,070 $7,070
Baby boomers59–77	$6,642 $6,642	$6,245 $6,245	$5,804 $5,804
Silent Generation78+	$3,412 $3,412	$3,316 $3,316	$3,177 $3,177

 

Wait, people put money on their credit cards during bad economies?

Weird, it's actually the opposite.

Cultist...SMH

And how does this disprove what I posted about wages boyo?  Are you saying wages are not up BIGLY for the lower class the last 3 years?

[RLLD 4,237]

5 minutes ago, BeachGuy23 said:

So the lower middle and lower class have seen their wage surge over the last 3 years, everyone has jobs, employers compete like never before, markets at time highs, but it's teh worst economy you have ever seen?

You have to be a child.

DId you not live through 2020?   How about 2008 - 2010?  How about 2000?

No one on this board should take anything you say seriously.

You're just a moronic republican shill.

Worst economy you've ever seen?  Are you not aware that not having and not being able to get a job are the barometers for worst anything in one's life?

SMH...SMH

The lower middle and lower classes are being ravaged by this economy, hence their clear tilting away from Biden. 

The lived experiences of people are what they are, no matter how much we might try to convince them otherwise.

[BeachGuy23 642]

Just now, RLLD said:

The lower middle and lower classes are being ravaged by this economy, hence their clear tilting away from Biden. 

The lived experiences of people are what they are, no matter how much we might try to convince them otherwise.

Worst economy ever?  Let's see some stats to back that up friend.

Those are your words, worst economy ever. 

[edjr 6,602]

2 minutes ago, BeachGuy23 said:

Wait, people put money on their credit cards during bad economies?

 

Admits bad economy.  What are we even discussing?