Rich get richer

Report: Richest 7% got richer during recovery
Associated Press
Apr 24, 2013

 

The richest Americans got richer during the first two years of the economic recovery while average net worth declined for the other 93 percent of U.S. households, says a report released Tuesday.

The upper 7 percent of households owned 63 percent of the nation's total household wealth in 2011, up from 56 percent in 2009, said the report from the Pew Research Center, which analyzed new Census Bureau data released last month.

The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven't rebounded from the plunge in home values, the report said.

Tuesday's report is the latest to point up financial inequality that has been growing among Americans for decades, a development that helped fuel the Occupy Wall Street protests.

A September Census Bureau report on income found that the highest-earning 20 percent of households earned more than half of all income the previous year, the biggest share in records kept since 1967. A 2011 Congressional Budget Office report said incomes for the richest 1 percent soared 275 percent between 1979 and 2007 while increasing just under 40 percent for the middle 60 percent of Americans.

Other details of Tuesday's new report:

• Overall, the wealth of American households rose by $5 trillion, or 14 percent, during the period to $40.2 trillion in 2011 from $35.2 trillion in 2009. Household wealth is the sum of all assets such as a home, car and stocks, minus the sum of all debts.

• The average net worth of households in the upper 7 percent of the wealth distribution rose by an estimated 28 percent, while that of households in the lower 93 percent dropped by 4 percent. That is, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3.2 million from an estimated $2.5 million while that of the 111 million households in the less affluent group fell to roughly $134,000 from $140,000.

• The upper 7 percent were the households with a net worth above $836,033 and the 93 percent represented households whose worth was at or below that. Not all households among the 93 percent saw a decline in net worth, but the average amount declined for that group.

• On an individual household basis, the average wealth of households in the more affluent group was almost 24 times that of those in the less affluent group in 2011. At the start of the recovery in 2009, that ratio was less than 18 to 1.

• During the study period, Standard & Poor's 500 stock index rose by 34 percent, while the Standard & Poor's/Case-Shiller index for home prices fell by 5 percent.

___

Online:

Pew Research Center: www.pewresearch.org

 

Comments

Kimo

"Recovery" ?

Contango

@ Kimo:

Where are you gettin' any ROI?

I've been dollar cost avg. into (EFT) - check it out.

http://finance.yahoo.com/q?s=eft...

IMO, ya need to look at some alternatives.

Licorice Schtick

Early on, Wall Street was calling it a "jobless recovery."

Recovery for them.

THEY DON'T CARE about the rest of us. And they don't just whine if you want them to pay their fair share of taxes - they pay off congress and state legislators with "campaign contributions," all nice and legal-like, to keep pushing the tax burden down to the middle and lador classes.

Like Kasich's sales tax increase.

Raoul Duke

Of course they did. The swine always have mud to roll in.

Contango

"A Rise in Wealth for the Wealthy; Declines for the Lower 93%

An Uneven Recovery, 2009-2011":

http://www.pewsocialtrends.org/2...

Thank the "Bernank's" policies of QE and ZIRP which is helping to push up the price of riskier assets.

If the U.S. economy was REALLY healthy, do you really think that the Fed. Resv. would be buyin' $85 billion monthly ($1 trillion annually) in Treasuries and mortgage-backed (Fannie and Freddie) securities?

I'm betting that Mr. Bernanke takes an exit in 2014. He doesn't want the next financial crash to occur on his watch.

Really are you ...

Now this article, however true it may be, is why our economy had tanked and is not recovering that much at all. How is someone buying stocks and other financial holdings actually increasing the United States Gross Domestic Product? It does not consist of any physical productive value strengthening or rebuilding our economy on their part. They are creating their money piggy-backing off of someone else's sweat labor. They should start up a piggy-backing tax and modify NAFTA. NAFTA needs to be changed from free trade to fair trade, otherwise we are only strangling ourselves.

Contango

Pretty simple:

No capital = no business = no jobs.

See: Cyprus, Greece, et al.

Licorice Schtick

Pretty simple:

rising produtivity + give all those gains to the rich

= little demand for labor + growing underclass

Contango

Licorice Schtick writes:

"rising produtivity + give all those gains to the rich"

What the h*ll is "produtivity"? :)

Regardless, your "equation" is economic mishegas.

coasterfan

Hilarious! Contango agrees that the disparity between the haves and have nots - which are created and fostered by Republican economic policies - indeed does exist...

arnmcrmn

Obama is president. Rich gettin much richer under him. Go blame him for once.

shucks

Licorice Schtick 10
Clowntango 0

Really are you ...

.

Kimo

How many people in the gun business are in that 7% ????

Kimo

JobsOhio gave tax breaks to companies to add jobs. Those "jobs" are minimum wage jobs and the employees end up on Medicaid.

Wendys goi a $3.9 million tax break for "promising" to add 223 jobs.

Bob Evens got $5.5 million and has more than 5,000 employees on Medicaid.

Why do you think Kasich wants the federal money for Medicaid?
He gave away the farm and needs some way to CYA or in his case CMA.

Julie R.

Of course the rich get richer. It's the way the system is set up. Make the rich ~ including the lawyers ~ richer. It's present right here in Erie County.

Yesterday's paper told how the 6th Disrict Court of Appeals ruled that Cedar Fair must give Jack Falfas his job back, as well as giving him an estimated $2 million in back pay. Falfas's lawyer is Rich Panza, from the big prestigious Lorain County law firm of Wickens, Herza, Panza, Cooke & Batista Co. who merged with a small Sandusky law firm about 5 years ago. Cedar Fair's lawyer is a Murray.

Now notice how quick the Erie County courts were to address and resolve that case in a TIMELY MANNER --- yet they sure don't show that courtesy and respect to the average citizens. My mother passed away in 2002. After years of one illegal scam after another those jokes at the courthouse were STILL playing their unprofessional high-school thug games in 2011. STILL refusing to address legitimate complaints that were filed not to mention STILL sitting on the money from that illegal scam sheriff sale of property that they pulled off in 2007.

Of course the rich get richer. Sure don't see the Erie County courts pulling off their well-known legal abuse on the rich non-average citizens and their big-shot lawyers like they do the average citizens.

Fromthe419

The biggest reason the bottom 93 percent are not keeping up with the upper 7 percent goes all the way back to the early 70's when Nixon broke the Bretton Woods agreement and took the US off of the gold standard. Back then you had very little inflation and a very stable dollar. Once we became a fiat currency prices rose and there was no way to keep getting the kind of raises to keep up with inflation. In the 70's you could buy a new car and take a 36 month loan to pay it off, today you take a 60, 72 and even 84 month loans to buy a new car. The best way advice I have is to use the fiat currency daily, stop using debit and credit cards which the banks make billions of dollars off their use. Stop feeding the financial beast that is destroying the nation. Get out of debt and pay everything in cash, get your money out of the banks and put it somewhere else and stop the fractional reserved banking system that is expanding the money supply and devaluing the dollar everyday. Our government lies about the inflation rate, they do not include energy and food...the stuff you use everyday. Don't think what happened in Cyprus can not happen here, a precedent has been set.

Contango

@ Fromthe419:

"Fed Governor Stein Warns When A TBTF Bank Fails, Depositors Will Be Cyprus'ed":

http://www.zerohedge.com/news/20...

Dodd-Frank said: No more taxpayer funded bail-outs!

-------------------------------

Consider this:

In 1964, a Roosevelt dime could buy a loaf of bread.

In 2013, the "meltdown value" of a 1964 Roosevelt dime can still buy a loaf of bread.

A dime minted in 2013 has the purchasing power of ten cents.

http://seekingalpha.com/article/...

shucks

Rubbish, Fromthe419, read the article.

Fromthe419

4shizzle, I guess I didn't put in the part that I wanted to say. While us lower 93 percent are buried with debt for car payments, credit card payments, etc those that have money are investing in stocks and other assets. That is why I stated to get out of debt and not use credit cards for daily purchases. But I stand behind that fact that removing our currency from the gold standard and becoming a fiat currency began the downfall of the American way of life.

shucks

You've been listening to clowntango too much. Find a qualified, responsible expert.

http://screen.yahoo.com/12-misgu...

Fromthe419

Good info 4shizzle. Actually a lot of that video makes sense, but in defense of gold buyers it has never been worth nothing and fiat currencies have collapsed in modern history, ie Germany 1923 and Zimbabwe from 2008-2009. I worry that with all of the QE and huge national debt that at some point the dollar will lose it's world reserve status. I'm sure you can agree that the national debt is a problem and I ain't blaming Obama this started back after JFK was killed. Every President since Kennedy has doubled what his predecessor did. This really isn't a democrat or republican problem, it's a politician problem...both are equally to blame.

Contango

"Find a qualified, responsible expert."

Five day old info, off the web and has no investible assets.

Yea, follow that "commenter" and you'll get RICH! ROFLMAO!!!

shucks

Got gold ?

Centauri

Has anyone noticed how food has gone up in price and the weight of the food in containers has decreased. Take for example coffee which used to come in 3 pound cans (48 ounces) and down to 39 or 34 ounces and now down to 30.6 ounces. The inflation index is not accurate.

Don't allow the rich and powerful to start a new war based on lies. It sickens me to see young Americans go off to war as cannon fodder so that the rich can become richer.

deertracker

I have and it is not only with coffee. Lots of the same products you have always bought are now higher in price and the recipe has changed and the weight has decreased!

shucks

"Don't allow the rich and powerful to start a new war based on lies"

Start? It's been ongoing. It's called the GOP.

arnmcrmn

Obama is president. People are getting richer like never before. How ironic.

bullydogs1971

Gerald Celente talks about gold, China and is there a huge case of the "Stockholm Syndrome"?
http://www.youtube.com/watch?v=y...

bullydogs1971

Every week Max Keiser looks at all the scandal behind the financial news headlines.
http://rt.com/shows/keiser-repor...

VOTENO

Thanks Obama.

WiseManOnceSaid

hahah Thanks Obama. Haha. Blaming the economy on him. HAHAHAH. Funny stuff

sandtown born a...

Same old thing blame the democrats for all that fails or slips further into trouble and somehow discredit any accomplishments.

shucks

Since the Repubs couldn't keep him from being re-elected with their hate, lies, and obstructions, they'll try to destroy his legacy.

coasterfan

Try as Republicans might, they can't erase the stunning economic collapse of 2007-2008 that happened under Bush's watch, and which happened as a direct result of his policies of increasing spending while cutting incoming revenue. In their warped world, everything was fine until Jan. 2009. Luckily, a majority of Americans do remember what happened, and when it happened. Which is why Obama got re-elected.

arnmcrmn

...and 5 years into his presidency, people are getting richer like never before. Thanks Obama. :)

S w Rand 2016

re: coasterfan said "Luckily, a majority of Americans do remember what happened, and when it happened."

Uh, most Americans still do not understand what is happenING. Not happened. HappenING. Printing Dollars out of thin air, especially in such a frenzy as we are printing them, creates two problems (if not more problems that I am yet unaware of).

#1 Malinvestment http://en.wikipedia.org/wiki/Mal...
And this is what Malinvestment does to the economy https://www.youtube.com/watch?v=...

#2 Currency devaluation (in our case, our Dollar going down in value against other competing currencies in the global market) which is explained, quite bluntly, at http://www.youtube.com/watch?v=L...

I wouldn't trust any presidential candidate who does not publicly acknowledge these issues (and neither Bush nor Obama have done so). While Senator Rand Paul has not proposed, as senator, to do anything about it, the very fact that he has publicly spoken about it tells me that he is the only candidate I can trust in 2016. Especially when you consider the fact that he has already outlined a budget proposal which balances the budget in 5 years without hurting Social Security or Medicare. You can see, quite clearly, why he is the go-to guy for such a crisis as this.

VOTENO

Thanks Obama.

shucks

Thanks Bush and GOP, for ruining our economy and our nation.

sandtown born a...

Thank you GOP

Fromthe419

Actually thanks Republican Congress and Democratic President Clinton ruined our economy and nation. NAFTA (killed American jobs) and Modernization Bank Act that repealed Glass-Steagall (nuked our economy) are the direct result of Republicans and Democrats. Both parties share the blame because they do not represent us, they represent big business and financial oligarchs. We vote for whoever they decide to be put on the ballot. They are all plutocrats.

getreal08

Thanks Obama you suck!!!!!!

VOTENO

Thanks obama.

goofus

It's truly amazing when the DNC develops a talking point how with the accomplices in the lamestream state run media they continue to hammer at the same point day after day, the old class warfare mantra. It's like Obozo never won.

coasterfan

Goofus, what color is the sky in the alternate world where you live?

getreal08

Gas Prices up 96% Thanks Obama
Welfare up 32% Thanks Obama
National Debt up 6 TRILLION Thanks Obama
Unemployment up the list goes on and on and on

coasterfan

Get real, perhaps you have forgotten that gas hit an all time average high of $4.28 per gallon in summer 2008. But it's a stupid topic since the president has little, if any control over gas prices. Unemployment is NOT up - where the heck are you getting your info? It has gone down steadily since mid-2009. Please stick to factual material. Words have meanings...

arnmcrmn

Who holds the all time high month long gas avg. hint hint. It isn't Bush by a long run. Gas has been a run away train under Obama. You simply can't win that argument. Loser.

WiseManOnceSaid

Get Real. Gas prices are run of DEMAND. Maybe you had economics in high school, but there is this concept called SUPPLY & DEMAND. When more people want something (OIL)and the Supply is about the same (except US record production) the price goes up.... as much as you would like to think obama is raising gas pricing to scare the anti science right wingers into supporting global warming, it's simply not true. Take some class or read up. At least some of the Obama haters do research and can understand.

Contango

Oil production and gasoline refining are two different industries. You can have a glut in one and a shortage in the other.

Three things move markets: supply, demand and speculation.

anthras

On April 25th.2008 then Senator Obama gave a speech in front of a gas station in Indianapolis. He did promise that he would lower gas prices if elected and blamed Bush and Cheney for the high gas prices. It seems that maybe he was lying or ignorant of the facts. Maybe a wise man could give him a crash course and explain the supply & demand thing to him.

getreal08

Thank you for economics 101. You just proved my point when Bush was in office and the price per gallon was going up all I heard over and over and over again it was Bush fault and his “oil buddies” I will say the same thing Supply and Demand and WOW what feedback I would get. You don’t know what you are talking about. It is Him and his war hungry buddies. Now that shoe is on the other foot and Obama did say over and over again that he would get the price of fuel down no no no it is supply and demand. I knew he couldn’t I know he doesn’t control the price oil just like BUSH DIDN’T. I know Bush was not perfect he and every president have their problems. What makes me the maddest is when Obama wants to steel from the rich to give to the poor. Please that has been proven over and over again doesn’t work you end up running out of money. When you take $1.00 dollar and break it down with and without government you can see what works and what doesn’t very simple again 101. We do need government we do need laws for a civilized group of people but if you give the government too much power all is lost and we will implode from within. Look at all the bankrupt cities in the US

coasterfan

Actually, the only thing that has been proven is that Republican economic policies don't work. Yt, they keep trying to sell the Trickle Down baloney to Americans. We are all still recovering from the Bush Recession, folks. It was the worst economic disaster over the past 90 years, and the same people who caused it still think that they have the answers. Right....

S w Rand 2016

re: coasterfan says "Actually, the only thing that has been proven is that Republican economic policies don't work."

Oh yah? Then, how come, while President Obama is offering up cuts to Social Security and Medicare with no hope at all of ever balancing the budget again, Republican Senator Rand Paul has submitted a budget proposal which balances the budget in 5 years without hurting either of those programs?

Oh, coasterfan. Ever the conspiracy theorist. He claims the Right wing, which swears by Capitalism, is trying to crash it. And the Left wing, which cries out against Capitalism, is trying to save it. Sure, sure.
Never mind the fact that Democrats were running both Housing and Banking, where the financial crisis spiraled out from.
Never mind that Fannie and Freddie was a Left wing idea and that Bush warned Congress 17 times to get control of it before they did some serious damage to the economy.
And, yes, never mind the fact that most of the business owners who vote Republican (the alleged small government party) are small businesses and that most of the corporations and organizations, which would effectively become "the right hand of the State" if the so-called free markets collapse, continue to fund the Democrat (Big Government party) campaign.

Either the Democrats are solely to blame or both parties are to blame. I would say both have a hand in it but you can take your pick. Either way, to say that it could only be Republicans is just nonsense.
Democrats had control of Congress from the beginning of 2007 until the beginning of 2011 and, by the way, took a "shellacking" in the 2010 midterm elections for a reason.

arnmcrmn

If we are still recovering.... How are people getting richer than ever before! Thanks Obama

getreal08

I asked a man sleeping on the street for a job he looked at me weird. If the rich are EVIL and do nothing to help us. Than all the jobs must be created by poor people right you really only have two choices rich or poor. So I go back to what I said I have never been employed from a poor person. Then I should not slap the hand that feeds me. So I say hell yes rich get richer so I will be able to get a raise

WiseManOnceSaid

The flaw in your thought is the reason we've had downturns. "Trickle-down economics" does not work in reality. Sure, wealthy people start companies, but that doesn't mean they are passing the wealth down. If it were true the middle class would be recovering, instead policies that were put in place cause the wealthiest to profit more, and the rest show a loss in wealth

Contango

Better read the "meat" of the article:

"The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven't rebounded from the plunge in home values, the report said."

How's your IRA or 401(k) doin'?

Wealthy people tend to buy assets that appreciate in value.

Poor people tend to buy assets that depreciate in value.

Read: "Rich Dad, Poor Dad."

WiseManOnceSaid

I've read the book, and don't argue the points. Just pointing out the the job creating trickle down method has been proven not to work.

Contango

Actually didn't like RD/PD - too basic. But I did like that one point that RK made.

The "beauty" of capitalism is that rich/poor are not mutually exclusives. Some rich are getting poorer and some poor are getting richer.

Look at the Pakistani who came to the U.S. with nothing and now owns the Jacksonville Jaguars:

http://www.tampabay.com/blogs/me...

Yes, "supply-side" works – low taxes for all and “reasonable” govt. regulation.

See pre-1999 colonial Hong Kong and Singapore now; other than their people and strategic locations, they have few resources and are economic powerhouses.

Answer my question: How are your investments doin'?

anthras

If trickle down method has proven not to work I was hoping that you could advise us what method will work ????????????????

The Big Dog's back

Capitalism, middle class's worst nightmare.

Contango

Yea feudalism was SO MUCH better. :)

shucks

Plutocracy is best !!!

getreal08

Where in the world can you go from nothing to something? Where in the world can you go from not having a dime to your name and make a million if you want. Where in the world can you do more and have more than in America that my friend is called capitalism and I love it. And for everyone who gets government hand me out should be kissing the capitalist country ground because if it was for greedy money hungry people none of that would be possible

The Big Dog's back

Yeah, I don't know how all those other countries survived all these years without capitalism. We (the middle class) have been conditioned to think capitalism is good.

coasterfan

THIS is exactly the baloney that the 1% have sold to the poor and middle class for years: that everyone has the chance to become a millionaire. The reality is that few if any will move from one class to another. There just isn't a realistic path for a schoolteacher, fireman or Walmart worker to own a mansion someday. And that's even more the case today, which is what this article points out. I don't have a problem with capitalism, but not when it's corrupted by wanton greed. The millionaires never seem to create as many jobs, as well as they simply hoard their millions. And when they DO create jobs, it's often overseas. The rich are NOT our heroes. Not like they may have been 50-100 years ago.

shucks

very well said

S w Rand 2016

re: coasterfan

- Capitalism offers far more upward mobility than Socialism and/or Communism, correct?
- Capitalism offers far more incentive for the world to innovate, yes?
- Try electing a true populist candidate, like Senator Rand Paul, and let us see if the people who own businesses are suddenly no longer afraid of throwing their cautions to the wind and investing further in America again.

S w Rand 2016

re: coasterfan in general

This nonsense has gone far enough. Most of the businesses in America are small businesses and they are getting hit hard. Your party, the Democrat party, is well-known as the Big Government party but, as few have yet noticed, they are also the Big Business party. Why else would the major corporations be doing just fine while the small businesses are in danger of being wiped out? Answer: Democrats want Big Government and they know that, in order to have that, they must also be good bedfellows with the major corporations. Therefore, as we can see, they are doing their best to bring small businesses down so that all which remains will be Big Government and mega-corporations.

To be clear, I do not trust the old guard of Republicans either. I put my hope in the younger generation of Republicans, Senator Rand Paul being chief among them.

getreal08

I was hired by stock holders of a company to make them more money. Because I make them more money by doing a good job guess what I get paid more. Now isn’t that weird I know right what would you call that “Trickle-down-economics” and because I make more money I can go out and buy a house a car and oh my god what is that the money I spent on the things I want had to be made shipped and sold wow what do you know they need employees to make this happen omg what is going on I just don’t know what is that called again.

S w Rand 2016

I will re-post getreal08's comment with some more punctuation, in an attempt to clarify it for those who are not accustomed to reading what I call "textspeak."

> I was hired by stock holders of a company to make them more money. Because I make them more money, by doing a good job --guess what!-- I get paid more. Now, isn’t that weird? I know, right? What would you call that? “Trickle-down-economics?”
And, because I make more money, I can go out and buy a house, a car and -- oh my god, what is that!? The money, I spent on the things I want. And they had to be made, shipped, and sold. Wow! What do you know? They need employees to make this happen! Omg! What is going on!? I just don’t know. What is that called again? <

getreal08

I was hired by stock holders of a company to make them more money. Because I make them more money by doing a good job guess what I get paid more. Now isn’t that weird I know right what would you call that “Trickle-down-economics” and because I make more money I can go out and buy a house a car and oh my god what is that the money I spent on the things I want had to be made shipped and sold wow what do you know they need employees to make this happen omg what is going on I just don’t know what is that called again.

VOTENO

Don't blame me. I voted for Romney.

coasterfan

If you voted for Romney, you are irrelevant, since this is 2013, and Mitt's policies are strictly 1950.

S w Rand 2016

And coasterfan makes these claims, knowing full well that Romney mostly got his votes from people who merely thought he would hurt the country a little bit more slowly. The "lesser of two evils" thing.

VOTENO

Don't worry. Senator Sherrod Brown will fix it

Contango

BTW: If you have an annual income of $38K, you are in the richest 1% IN THE WORLD.

Poverty is relative.

The Big Dog's back

Bullspit.

Fromthe419

Actually Big Dog he's not too far off in 2011 it was 47,500 per year
http://dailycaller.com/2011/11/0...

S w Rand 2016

Big Dog thought Contango was referring to America only.
Big Dog might change his tune if he thought that maybe, just maybe, President Obama would agree that even "poor" Americans are "rich" compared to most of the world.

reporter54

Every time you punch in at your minimum wage job, the rich get richer. Every time you pay a late fee, the rich get richer. Every time you buy a house or stuff for your house, the rich get richer. Stop making them rich.

S w Rand 2016

Your solution to our economic crisis is to stop going to work, don't get a house or any household items, and force the collection agencies to come after you?
Or, were you just using sarcasm to make a point against the Far Left?

kal-el

A friend once told me, "there's no one dumber than a poor Republican."

The plutocrats are laughing at you.

VOTENO

I had a friend tell me there's no one dumber than a dumocrat.

Contango

Too U.S. focused. Pay attention to the economies in the rest of the world.

Like it or not, globalization IS the REALITY.

This ain't about politics - neither party has the answer.

A currency collapse is coming.

The Euro is in trouble and Japan is printing like mad.

The USD $ is the cleanest shirt in the dirty laundry and will be the last to fall.

All reserve currencies have their day. Ours too is coming to an end.

http://armstrongeconomics.com/20...

shucks

One World Economy, government,religion, and dictator coming.

goofus

He's here and his name is Obozo

shucks

no he's not

shucks

@ kal-el

Jay Leno had a joke about that. Kinda goes like this:

What do you call a Republican who is not a millionare that votes for Romney?
A sucker.

VOTENO

What do you call a person that voted for Obama? An idiot.

shucks

I quess you voted for Obama, according to your logic.

VOTENO

What do you call a person who voted for Obama twice? An idiot.

shucks

I quess you voted for Obama twice, according to your logic.

Wanna go for three?

VOTENO

What do you call a person who voted for Obama 386 times? A Democrat.

shucks

Any proof?

coasterfan

Your friend is smart. I''e always wondered how a lower class person could vote GOP. All the moreso now that they no longer even try to hide the fact that they only care about the richest 1%

arnmcrmn

Hey. It's Obie's 5th year and people are still getting richer than ever before. What gives Obie?

S w Rand 2016

I would agree if you were merely referring to the old guard of Republicans, but you seem to lump them all into one category. This is not very thoughtful. Frankly, it's reckless.

You should look over all of my replies to coasterfan. Particulary the ones with the links which explain Malinvestment and currency devaluation.
Then, consider the one where I talk about the Democrat party being "for the rich" even moreso than the old guard of Republicans are. The one where I talk about Democrat leaders being good bedfellows with mega-corporations, trying to wipe out all the small businesses so that their Big Government aspirations become possible to achieve.

Senator Rand Paul for President in 2016

VOTENO

Thanks Obama and Democrat Senate.

shucks

you lose

KURTje

That's okay..stated this years ago. Wars have long terms costs. Keep paying suckas.

bullydogs1971

i used to laugh at Carlin and Hicks before i was awake...but now i cant help but shed a tear when i hear this.
http://www.youtube.com/watch?v=s...
http://www.youtube.com/watch?v=C...

whocares

You cannot blame it on the GOP. During the Bush era Congress was controlled by the Democrats. Its simple poor people have been voting Democrat for years and their still poor. Your Democrat Congress person keeps getting richer.

shucks

During 6 years of the Bush era the White House, the Senate and the House of Representatives were controlled by Republicans, right?

goofus

And when did in your opinion did everything go to heck, the last two years?

shucks

2006-2008 IMHO

shucks

What's your opinion?

coasterfan

2006-2008? That's not an opinion, that's a fact. The seed for the recession, of course, began earlier, thanks to 2 unnecessary, unpaid wars, expanded government via the growth of Medicaid funding, and tax cuts. Thank you, Mr. Bush, for the above.

It's amusing listening to conservatives trying to place the blame elsewhere, when everyone knows the problem and the cause was George. Nice try, guys. You can't polish a turd, you know?

Contango

coasterfan writes:

"2006-2008? That's not an opinion, that's a fact."

Nonsense:

AIG was 2008.

Lehman Bros. was 2008

Bear Stears was 2008.

TARP was 2008.

Your memory is faulty.

http://www.fool.com/investing/ge...

http://en.wikipedia.org/wiki/Ame...

http://en.wikipedia.org/wiki/Leh...

https://en.wikipedia.org/wiki/Tr...

goofus

Not faulty, just selective and misguided like all liberals when it comes to history!!!!

anthras

At the end of the 6 years unemployment was about 5.5% inflation was OK, interest rates were favorable and gas prices were ok then the country voted the democratic congress in.

coasterfan

Well, yeah we can. He put 2 wars on the country's credit car, while simultaneously cutting incoming revenue. Bush gave us a stunningly effective template for how to turn a budget surplus into a multi-trillion dollar deficit. I don't applaud any congressman these days, but Democrats are definitely the lesser of 2 evils, from where I am sitting...

S w Rand 2016

re: coasterfan

While Bill Clinton never claims that the economy was so good because of his policies, he sure likes to hover over those who credit him with it and smile downward upon them. Never mind that the Internet caused it (as businesses were using the Internet a decade before it became commonplace in the household).
And, by the way, Clinton never legitimately balanced any annual budget. Robbing Social Security to cook your books is not balancing a budget.

Bush never had a multi-trillion dollar deficit. You are claiming that, in a single fiscal cycle (one year), he added multi-trillions of dollars to our debt? Nonsense. Obama is the only president who had an annual deficit of even $1 trillion.

By the way, those wars are more Obama's wars now than they were ever Bush's. He did not end the Iraq war even one single day before the end date already set by Bush AND President Obama SURGED our numbers in Afghanistan. Not only did he continue Bush's wars, he escalated them! Look it up. Who has spent more on war, Bush or Obama?

S w Rand 2016

re: coasterfan

You don't applaud ANY congressman these days? What about Senator Rand Paul? Personal opinions aside, his proposals as Senator are very forward-thinking (on both fiscal and social issues). He seems intent on becoming a populist candidate who will also be effective as President.
I mean, c'mon. He has a budget proposal which balances the U.S. budget in 5 years and does not hurt Social Security or Medicare. Compare that to President Obama, who is offering up cuts to those programs with no plan to EVER see a balanced budget again.

Senator Rand Paul also has centrist solutions to social issues. I suppose the Far Left would hate him for that, tho. We wouldn't want to solve those social issues and have the Democrat party's public leaders losing their re-election talking points, would we?

The Big Dog's back

Moderators have removed this comment because it contained Profane, obscene, sexual or derogatory language.

goofus

Obozo and his merry band of thieves

http://www.judicialwatch.org/blo...

goofus

By the way, some of the 7% might not be a 7% come tomorrow

http://www.reuters.com/article/2...

I

There used to be an old saying..."It takes money to make money." Sadly, it's been replaced by a new saying..."He has more than me, it's not fair, wahwahwahhh."

Julie R.

If they're going to whine why don't they just go out and steal it? It's super easy in Erie County.

bullydogs1971

Lawmakers, aides may get Obamacare exemption.
http://www.politico.com/story/20...
imagine that...if this is such a great plan why don't the our leaders want to embrace it....another issue but still a perfect example of the hypocrisy and double standard in this government.

Contango

Lowest U.S. labor force participation rate since 1979:

Mar. 2013 - 63.3%

Mar. 1979 - 63.8%

If Mr. Obama (Carter II) wants to take credit for this "recovery" - it's all his. :)

http://data.bls.gov/timeseries/L...

Contango

coasterfan writes:

"The millionaires never seem to create as many jobs, as well as they simply hoard their millions. And when they DO create jobs, it's often overseas."

"Hoard their millions"?

Where EXACTLY do they "hoard" them?

In a closet somewhere? Under a bed?

No, "they" put them to work by investing in businesses that helps to create services and products and more than likely JOBS!

Many buy U.S. Treasuries which helps keep the govt. running.

As far as "overseas", why is it that public employee pension trusts (like STRS) invests billion of USD in foreign cos. ?

Did you save & invest when you were a teacher, school janitor or "whatever"? Why?

Looks like the OTPF is making plenty of money - they paid themselves bonuses! GREED?

http://stateimpact.npr.org/ohio/...

arnmcrmn

Amazing when there is bad news its blame Bush, blame the Republicans....from liberals.
Amazing when something good happens its Thank you Obama...................from the liberals.

You cannot go from nothing to something via Socialism folks. It just doesn't work that way.
The liberals still hate capitalism because they haven't done anything with their lives and despise those who have made it.

Are you liberals jealous of Dr.'s, lawyers or someone who created a small company and makes 500K or a million a year? If you answer yes, then please tell us why. Why do you dislike people who have taken on debt, and the risk and made it?

Contango

Remember in Jan. 2013, Pres. Obama signed legislation which "locked in" about 90% plus of the "Bush tax cuts," which benefits the lower and middle classes.

Yet, the dopey lefties still excoriate the Bush era tax cuts! LOL!!!

arnmcrmn

Liberals for the most part are blind mice. Its truly disturbing how they just rant without facts.

shucks

ha ha ha! That bounces back on you.

Contango

coasterfan writes:

"He put 2 wars on the country's credit car,"

What the h*ll is a "credit car"? :)

Regardless, name a U.S. war which was PRE-PAID.

We're STILL paying for Johnson's Asian War.

As of last yr., we're STILL payin' for the Mr. Lincoln's War:

http://www.usnews.com/news/blogs...

The Big Dog's back

Bulllllllspit.

Contango

BTW:

For all those nutzy liberal socialists that b*tch about the wealthy and their Cayman Is. accounts; know this:

The Cayman Is. has a 4% unemployment rate (2012).

Maybe some bright bulbs from DC should go there, see what they're doin' and suggest that the U.S. do likewise!

http://cia-world-factbook.realcl...

goofus
Contango

"$2 Trillion Underground Economy May Be Recovery's Savior":

"According to the Internal Revenue Service, about $500 billion in taxes were lost last year because of unreported wages, versus $384 billion in 2001."

http://www.cnbc.com/id/100668336

Guess Mr. Obama's taxes and increased business regulation ain't cuttin' it.

Julie R.

I have a cousin who lives in California that laughs over what the people in this area consider rich. He said if you want to see rich come to California. He knows people so rich they wouldn't have to work from one generation to another if they didn't want to ...... they could live off the dividends from stocks alone.

shucks

That's investing !

arnmcrmn

And what is so wrong with that? If you made it and can do it.............????? So are you suggesting that once you become wealthy, you have to just give most of it away simply because others think its not "fair"????

Contango

"More Money Printing? Here's How It Could Happen":

http://www.cnbc.com/id/100673025

Yea, the economy and jobs are doin' GREAT under Pres. Obama and THAT'S why the Fed Resv. continues to print $85 billion monthly ($1 trillion annually) in new money.

The liberal-socialists have a severe disconnect to REALITY because they only view the economy through a skewed prism of bi-polar ideology - NOT economics.

shucks

hot air

Contango

"Gold Up to 10-Day High on Weak Dollar, Physical Buying":

http://www.cnbc.com/id/100670756

"That is the entire purpose of gold – the hedge against government – not inflation."

http://armstrongeconomics.com/ar...

shucks

Read your links clowntango

KURTje

Using contakerous logic then all southern people owe all Northern people $$ for causing the Civil War/Income tax/ GOP. Not to mention US paying for migrant help "cause" landed gentry wants cheap labour. Opps forgot..we pay for their medical also. btw those migrants work very hard - no disrespect meant towards them either. All came here for a better life...unless you are a Red man.

arnmcrmn

Say it ain't so. The Rich are getting richer well into Obamas administration? Say whatttttt........can't blame Bush on this one. Lol.

arnmcrmn

Capitalism is only liked by self motivated go getters. I work harder and longer and do good at my job, I make more, get more patients, and have more to spend. I buy more things, that keeps others at work. Capitalism is hated by the self loathing lazy class of people who want somebody else to take care of them. That is the bottom line, no way to spin that one suckas.

TrollingRageind...

And that self loathing lazy class beg for free stuff. You can give and give and give to them, but they still aren't happy, they never will be. America is headed to totalitarianism and these idiots just keep begging for more free stuff instead of trying to contribute to society. They vote for Obama, or whatever republican or democrat will give them free stuff. They blame it on the politicians even though they are the ones that vote them in.

Really are you ...

Republican, democrat, liberal, rich, poor, socialist, capitalist... Really? Really? Really? All of this hate and bickering about who is right or wrong. This is the land of opportunity, we are all free to do as we wish, to an extent anyways. What about a Utopian Society where everything is perfect or the way it is suppose to be everywhere you go. Everyone would have to carry their own weight. Instead of criticizing and ridiculing one another, help and encourage one anther to better one another. Once you leave this life, what will you have left for generations to come to deal with? An inherited drug addiction? An outrageous National Debt? A family fortune? A family business? Debt? Just a last name? Kudos to the people who have built massive wealth. Future generations will say how did , and who made this all happen? And their parents will say back in the late 1900's and early 2000's your great (great...) grandfather or grandmother did this and now you don't have to worry about this ever again.

arnmcrmn

You just said something very important "This is the land of opportunity, we are all free to do as we wish, to an extent anyways". Capitalism is freedom. Freedom to build whatever empire you want and become wealthy off of the risks you take and make. I think what a lot of people also forget is that many of these so called "rich" people are supporting this nation. They are the blood line for federal and state taxation. They also donate and give give give x10000000 times more than most.

Ill never be jealous of someone who built a business and became rich off of it. Steve Jobs, Bill Gates.....etc. THAT IS WHAT AMERICA IS ALL ABOUT.

If you don't want it bad enough, then you only have yourself to blame. Many are happy making what they make. Wealth is not judged by how much money you have in most eyes.

There are like 4 people on this site that continuously bash anything capitalistic, wealth driven....etc. They are the ones that want people to give them their opportunity rather than create it on their own. Sad and pathetic.

KURTje

Plagiarism. Never created. Never walked independent. Hates freedom & self-made individuals....so pedestrian. Blo-on.

8ballinthesidepocket

This article is true. I am rich and am getting richer every day because I work hard, invest in a conservative manner and have a tax accountant that makes sure I do not pay any more taxes than our former treasury secretary and our congress people like Charlie Rangel. Look into the statistics. If you take out the people who chose not to go to school, or had babies and keep having babies in their teen years, you get a much different picture. Oh I know, it's hard for those girls to keep their legs closed, but then, why should I have to support this kind of behavior? Those that are left behind, made poor decisions, but then I suppose that is my fault, must be because I pay for these fools to keep repeating their same mistakes.

swiss cheese kat

Under Obama, the rich get richer, the poor get poorer. The president is nothing more than a corporate sock puppet and he gives money to moochers in order to buy their blind allegiance. Moochers are at an all-time high thanks to the golfer-in-chief.

S w Rand 2016

A summary of my comments on this article would read as follows:

- Bush and Obama, while they have thrown it into overdrive, did not cause this ongoing financial crisis by themselves. Malinvestment https://www.youtube.com/watch?v=... coupled with currency devaluation http://www.youtube.com/watch?v=L... has done this. We need a 2016 candidate who, not only understands this but, has publicly acknowledged and spoken about this. I don't see how we could trust the opposite. It hasn't worked with Bush OR Obama, has it?

- While it is true that "old guard" Republicans have had a hand in this, I would suggest that the Democrat party's leaders had the greater hand in it. They've always had the motive (favoring Big Government over small government) and recently, from the start of 2007 unto the start of 2011, they had the means (control of Congress and most of the mainstream media spamming us with their party's talking points) to deal a significant blow in the interest of their cause.
Consider the fact that, under President Obama, the mega-corporations are doing well enough while the small businesses are in danger of being wiped out. The Democrat party's leaders know they have to be good bedfellows with mega-corporations to achieve their Big Government vision, as they cannot bite the hand that equips them.

- Because of the above, I suggest that our current hope should be in the new generation of younger Republicans and, particularly, Senator Rand Paul. This will be the first chance we've ever had to elect a populist candidate who would also be an effective President. By effective, I mean that he seeks to govern from the center and is able to bring the parties together (on social issues as well as fiscal) instead of driving them into a frenzy against one another.
The viability of his proposals, as Senator, is impossible to dispute.

S w Rand 2016

I would also challenge any commenter to raise an objection to my advocacy of Senator Rand Paul for President. Please detail any policy proposal/s the senator has made with which you take issue, explaining in what way you take issue, and I will be happy to clear up any misconceptions you may have had :)
As the topic of this article is economics, I will preemptively point out the fact that he has already submitted a budget proposal which balances the budget in 5 years without hurting Social Security and Medicare (while President Obama is offering up cuts to both of those programs with no plan to EVER see a balanced budget again). This, alone, is testament to Senator Rand Paul's viability on economic matters.

http://www.youtube.com/SenatorRa... for President 2016

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