Comments by "" (@jmitterii2) on "Thom Hartmann Program"
channel.
-
17
-
17
-
10
-
10
-
I actually did a study on effective taxes of Sweden, Germany, Canada, France, and Austria basing it on taxable income (after deductions) of an individual non-married no kids $50K, based it on Idaho resident as I am. We pay more in taxes than all those countries plus we pay a substantial amount on medical premiums even if employed and co-payments.
We're really screwed on our taxes here.
The funny thing on incomes individuals above $125K individual and $175K married, then your taxes are lower in the US than most of these countries.
Their deductions are much more generous, so to reach those taxable levels you likely have to be making significantly more gross pay than that than in the US. But eventually the richer do get a slightly higher effective total tax rate.
For instance Germany's child deduction is EUR 3,714 if you elect to take for the first and second child € 184, for the third child € 190, for every other child € 215 a month. Or you don't elect the monthly payments, then you can deduct €7,428 or in US dollars $4,570.52 taking the monthly payment, or $9,142.01 2017 per child deduction.
In the US each dependent is $4,050 . Substantially less either way compared to Germany's.
Children up to age 14 an additional deduction of 2/3 of necessary costs of child care
Maximum of a yearly amount of € 4,000 per child or $4,922.12.
We don't have that deduction in the US.
When you add medical insurance premiums such as an employer plan to their medical deduction, their effective taxes are way lower on those incomes of $125K individual and $175K joint taxable income earners.
I point out Germany because of all the other countries, it was closest in effective taxes on individuals of taxable income of $50K, and it was still slightly lower.
Seriously, add up all of our state income tax (if applicable), Federal income tax, payroll, and you can budget a food cost for any applicable sales tax, as Euro members collect taxes about as much via their version of sale tax (VAT tax). And since they all have universal health insurance, special pension programs, etc. It comes out we pay more effective taxes and especially more withdrawal toward a 401K match and medical insurance, than they.
Really, we're getting screwed hardcore.
I did not figure for property taxes when doing the research.
Its no wonder many other 1st world nations look at us as they also look at some other idiot nations. We're a bunch of idiot rubes the way we handle our economy and finances.
https://home.kpmg.com/xx/en/home/insights/2011/12/germany-income-tax.html
http://www.scheller-international.com/child-benefits-in-germany/
9
-
8
-
The amount of debts in all aspects of the economy are even bigger than last time which is spooky. Mortgage debts, credit card debt, and some other debts that weren't at their record like US vehicle debt surpassing credit card debt at $1.3 trillion. Total stock market debt usually doubles from the past crash, and its just about done so, June 2007 all time high was $378 billion, its now at $668.940 billion May 2018 so far record all time high ever, double to the prior all time high would be $756 billion, so we're almost there.
Business debt is extremely high, CDO's on commercial real-estate which hasn't been doing that great with retail apocalypse has major maturities period in October 2018, fears insufficient liquidity to pay the maturities have been discussed openly and in articles since Feb this year.
And the amount of venture capital and just plane stupid money both from wealthy people, and just stupid borrowed money primarily in the tech sector has largely been spent, and those who have borrowed and invested are now looking for returns that aren't happening.
When the recession hits this time around its going to be extremely hard on everybody, and that's before considering the trade wars.
With the so called recovery, only the top 20% recovered, the next top 60-80% are just treading under what they lost, and the rest of the 60% to the bottom are actually doing worse in real income. Some taking out loans and borrowing again though to make up for the difference. And they have borrowed more than last time despite their wages being effectively flat, the same.
We're undergoing an worldwide collapse in the economy from over consolidated sectors, which consolidates to an even fewer aristocracy, and pushes out everyone else. A race to the bottom. The politics such as Trump is unwinding it faster than the markets would otherwise, since markets nearly did, but Reserve Banks world wide opened up their printing press to band aid the cancer.
It's spooky, because I think it's going to get a lot weirder than Trump.
6
-
5
-
5
-
5
-
4
-
zzot2 Actually, it has worked better and better as industrialization and other technological advancements continue. Turn of the century, the entire world was falling apart from plutocratic and aristocratic rule.
A democratic social capital mixed market works far better than plutocratic rule. Read some history books, you'll see the only time the US wasn't a backwater for the majority of its people, the golden era with a prospering middle income group didn't take place until about the 1940's when social mixed markets were being adopted such as social security, right to collectively bargain, labor standards, etc.
You're so wrong to reality it makes me want to take a nerf bat and make you read history books, if you stop, I'll beat you with the nerf bat screaming continue reading you ignorant shit, we're going to fill that ignorance with some knowledge of reality.
4
-
4
-
3
-
3
-
3
-
+Dawn “DawnLuvsPossums” Marie Completely agree.
And the biggest problem on the left side, is they feel very powerless and become apathetic; they don't turn out to vote. Speaking to my dad the other day, he admitted he's guilty of doing that several elections. I was talking to him about politics. I mentioned democracy isn't a spectators sport, it requires participation for it to work well. 37% turn out in the last mid term was pathetic. I can understand some of the positions on the ballot goes unchallenged, but there are many others with challengers.
And some of the people running might not be exactly what you want, but that goes with democracy; you chose the best one you can find, and you also try to encourage others interested in politics who may think of running to do so.
I hope they do unplug from the matrix as you stated. It's getting irritating. Even one of my older brothers, he's left as I am, we voted Obama again 2012 and watched the elections, acted as if the economy and all was going great. This summer in June, he got his pink slip. He was making for our area a pretty decent wage I think over $23 an hour worked there just about 20 years or just over. I kept explaining to him things weren't all that rosy. I'm not sure if he voted in the last midterm, I don't think he did. My younger brother told me that the older brother was laughing about how I was in conspiracy theories, which is outright absurd; in fact I consider myself a skeptic, I don't believe in ghosts, or even an after life or any other hog wash that doesn't have evidence to support the claim. I asked my older brother and his son (my nephew who's 20) what they were talking about on a party line on Skype; they said it was my opinion about the economy. This was about March just before he got word that his plant was being shut down and relocated to an undisclosed location. So stating reality of how crappy the economy is, so long as some don't feel the pinch so much they also sort of tune out; and if you mention reality you're put aside with the fringe crackpots.
Spoke with my uncle and aunt who live near the area a few months ago at their home. Discussed my older brother's situation; my uncle said he shouldn't be draining his 401K, I guess that's one of the things my brother is using along with a 6 month severance package he was given. I discussed putting in lots of money, but at this time staying away from stock funds, because stocks are sky high, and the underlying demand is not there. My uncle said its for the long term, he mentioned he was still mostly in stocks, he's 62. I told him ought to cash in, take profit and put much of it as high as 80% into a reserve fund for the time being for profit taking that stocks will come back down. But at least 50% should be put in a reserve fund just because of his age or bonds which ever. Just about month ago, he got laid off too. And stocks are tanking.
I need to make sure in the future I carry a wooden block so we all knock on wood when I discuss finances with family members!
But anyway, everything is going dandy until it hits them personally in the face. Catches them completely off guard. I just don't want the unplugging to be a brutal smack in the face; multiple disasters happen at once. But unless it does smack them in the face, it appears they don't listen. Which is bad. Very bad. It's about avoiding disaster. Not waiting for it to happen then react.
3
-
3
-
3
-
3
-
3
-
3
-
2
-
2
-
2
-
2
-
2
-
2
-
When someone says something factually wrong, its not talking over someone to stop their bullshit from spewing.
1) inflation is the cause of the problem... Thom points out all inflation is equal throughout the world and in real income we're still 27th. The other countries are still doing better.
2) We have more class mobility... Thom quickly points out that's bullshit. It's wrong. We're down since the 70's. And among the 3 worst.
3) Wealth stratification is a function of monetary policy... Thom quickly points out its a function of how wealth is distributed in the economy, he highlights taxation being among the biggest effects, but there are many factors; education levels, race of power of majority, ethnic/religion majority, labor rights including collective bargaining, etc.
4) Redistribution of income is theft... Thom immediately points out that redistribution are remedies to ensure a fully functioning economy, usually due to lack of labor rights, lacking collective bargaining, concentration of fewer businesses resulting in oligopoly to monopoly, political bribery and other corruption, etc.
5) Tide raises all boats...Thom points out that it hasn't since the 80's rather it has done the opposite. It has only raised the top 20%, and recent World Bank Report the to 1% has risen 500% while the 50% have remained flat, bottom 20% in real incomes have lost some ground in the US. While most of the European nations bottom 50% saw a 30% real income gain, and their top 20% realized 100% real income gain over the period of 1980 to 2016.
https://openknowledge.worldbank.org/bitstream/handle/10986/25078/9781464809583.pdf
2
-
2
-
2
-
2
-
I notice this effect with taxes higher wages higher, taxes lower wages lower between Idaho and Washington state... Idaho has a state income tax effectively for everyone since it's "bracket" tops out at income after $11,000 makes it effectively for everyone at about 7.3%... Washington has no state income tax... the wages on the same type of lower end jobs from call center work, to warehouse work, to even skilled work is less in Washington even around the Seattle area... call center workers in Idaho in 2011 were making $13 to $14 an hour... Washington it was $9 to $12 an hour. Similar were other jobs like forklift drivers 2018 $13.80 in WA and $15.50 in ID. This compares non-union work. WA does have higher union participation, in union jobs both Idaho and Washington people tend to have 20% to 50% higher pay for the same type of work and position.
But like Idaho, despite having more union participation than Idaho most jobs in WA are non-union. And they enjoy lesser gross pay with their no-state income tax.
Until now, I just assumed that may be coincidental. WA does have a sales tax of 9% depending on the county and perhaps the city too.
Idaho has a 6% sales tax throughout the state... and only two variations of property tax... city or rural... and a 50% discount on that property tax if it's your primary home you live in. In Idaho, cities and counties can't easily tax separate only taxing authority is at the state level. Always found that interestingly hypocritical of the GOP when they clench their pearls and scream states rights, local government does things better... but when the shoes on their foot, it suddenly the higher level government does better than local cities and counties.
Basically the right wing strategy is there are no principles, just pretend a position if that position in that situation is convenient to get what they want... usually workers to shut up and work for peanuts, and more money and power to do whatever they want.
2
-
2
-
2
-
2
-
If you ever find yourself with the time you should take a few micro and especially macro economic classes. It's helpful in understanding the complexities of economies, as well as a philosophical discrete understanding to current and past thought on all economics. Fundamentally, it's no more difficult than learning elementary algebra, chemistry, geology, anthropology, astronomy, meteorology, or biology. But you'll find a stark contrast from those physical science, that economics in particular the details are not physical binary, but contrived philosophical science... philosophical in that various premises need to be supported by rational propositions.
You will be surprised too, that even today's policies and laws ignore all of economic study. Our policy makers and media ignore philosophical standpoint of even using various methods for discernment on regulations, or collective ownership (what should be privately owned, and what sectors should be collective and why, etc.).
That really current laws and policies have built an economic system that's floating off the cliff in some weird neo-liberal/con dogmatic form of stupidity as they don't even heed philosophical scientific economic analysis.
For yourself you may say, so then why bother learn the philosophy if they're not even using it themselves. But that's precisely why so many get away with economic dogma, nobody knows any better.
Learning economics will help you know better, and not be sucker.
Just like in any study, other's have asked the same questions: why's the sky blue? What causes the seasons? the tides? How does light work? What is energy? etc.
Others have long had the same economic questions, so they have already discretely defined and began sets of useful analysis. Learning it allows you to catch up and understand basic concepts, to help you think through the complexities of economics.
What I disliked about macro economics was that literally current used monetary policies are reactive (from Keynesian to Hayek, and Austrian is just let it bubble and blow up and crash and maybe you'll have a civilization worth living in, or maybe you won't who knows oh well, your nation should have horded more gold other precious metals.),
One can't actually predict much of anything, which is at the heart of the contradictory nature of a heavily capitalistic system, you only know disaster will happen, various markets will collapse, the business cycle will happen, crashes in the economy will happen, a recession will occur; then what do we do about patching it up.
Richard is good because he's cutting to the chase by saying why have an economic system that's so unstable and unfair in the first place? Why distribute so poorly that it crashes every 5 to 10 years. And every 30 to 50 years launches a great recession, and once every 100 to 200 years causes a complete breakdown in a nation often falling into civil war? And how do we go about building an economic system that democratizes more of our lives, perhaps in the workplace?
Just consider it, or you could just look up class sessions on the internet and youtube that should include topics of money supply in fundamental terms then branch out into various Modern Monetary Theories such as Marx, Keynesianism vs Monetarism (Hayek) vs Austrian, etc.
It's helpful to know too the idiot system you're in, so you can know what data to look for to make some thoughtful decisions on long term; how to setup your 401K, where should you live, should you take that promotion in that city or in the other city?
In general, it's handier than tossing a coin to make a decision.
2
-
2
-
They want to be king... or rather a dukes and duchesses... king is too high profile and generally to high responsibility... they want to walk about normal not hounded like a movie star or music star or sports player. Some are ego maniacs wanting some fame a trophy on their wall of prestige, but most are quiet, wanting mostly to secure a dynasties for centuries, and with that they want power behind the scenes in order to do so.
They're a parasite most of them particularly the heirs of these dynasties, who had nothing to do with the success of company wealth they own in shares, and most of them have never worked in these businesses, only shareholders... they vote to give them selves more dividends and caretaker of the business... who will be on the board.... aka they shop. What the rest of us would call a few errands... shop... schedule a few things like a haircut, dental appointment, doctor appointment, meet someone at a bank for financial planning... attend a family member's recital. It's work, but not production work.
It's the work we all do when we're not doing out 40 hours plus a week of being extracted for our production. Basically, they do a few chores every so often.
2
-
2
-
2
-
2
-
2
-
1
-
1
-
+han solo I actually have a Bachelor's degree in Finance and management. And I do own stocks. I'm talking about my day job. Not about my capital investments for retirement.
I also have a degree in aviation. I recently have a tentative offer going through the screening process for Air Traffic Control. So I'm working very hard. It just happens that field work pays more than office work. And I'm going where the money is. The place of employment I'm at no longer offers pensions as of 2010, I got out of the military 2011, and hired at the place 2012. So I'm out pension a the current place I work.
I'm a little nervous on the ATC thing, it's en-route position is my TOL; has a huge fail out rate. Current employment is a bit more secure then starting up a career in Air Traffic Control. But we'll see. I'm still going through the final screening phases right now.
The stock market isn't a very good gamble necessarily. Looking at the past, the US stock market's last 40-50 years is not normal. It usually only gains about 4% and often actually loses money. And other stock markets internationally even in our time such as Japans, can be very flat for a generation; currently Japan's stock market is still in it's 25 year flat spot.
If you made a fortune from 2009 to present congrats. Just don't count on that being a stable way of money making. I made some money as a young adult in 2002 playing the stock market. I realized much of finance is a gimmick. A new tip I heard on getting car loans now, simply make lots of various deposits to your bank account. The dealerships are looking at numbers of deposits; at least that's what's weighted on getting you a lower interest rate; not how much is in the bank account or how big those deposits are.
Learning finance, I realized much of it is a gimmick. My international finance class concerning maquiladoras really turned me off. Essentially, we've returned to colonial mercantilism all over again. Substitute colonies with perpetual developing countries this time however. And rather than aristocracy and wealthy noble peerage owning the monopolies, plutocrats are using their politicians to assist in subsidizing various sectors of interest. What we have is comparative advantage only in what each country subsidizes and the inauthentic comparative advantage of surf wages for all other sectors for that nation. USA subs farm goods, aerospace such as Boeing and Lockheed those are our greatest exports while all other sectors are not doing so great and the wages drop further in sympathy. Mexico owns outright their oil company; their greatest export; they have huge displaced farmers can't compete with our subsidized food now working in maquiladora sweat shops. Russia subsidizes its weapons, space, and energy sectors letting the rest of their sectors sink in further wage depression for the inauthentic comparative advantage. China subsidizes cheap consumer good manufacturing as well as refinement of raw materials all other sectors go to the inauthentic comparative advantage of surf style low wages. Germany subsidizes it's precision manufacturing sector as well as (and smartly so on the demand side) price fixes rents and consumer stable goods to pump up domestic buying power while looking relatively cheap internationally.
The economic structure we have right now, is essentially mercantilism all over again. What needs to happen is a focus on domestic production-supply and domestic consumption demand. Unfortunately, all nations appear to be stuck in the rut of all nations trying to export their way to prosperity. And this is mathematically impossible. It comes at a detriment to domestic economies world-wide, a vicious cycle of underlying demand deterioration. Bernanke even stated, this last great recession is not necessarily a monetary problem; that it is more of an economic structural problem. All things being equal; we don't change from this mathematically impossible notion of all nations trying to export their way to prosperity it will ultimately bring about a vicious deflationary cycle. Same as happened under mercantilism; only thing that actually aided mercantilism on occasions was technological advancements in industrial revolutions; as well as the eventually withdraw from nations simply trying to export their way to prosperity, but to focus on domestic supply and demand.
1
-
1
-
1
-
1
-
1
-
1
-
US is the same in the sense of all the taxes added up.
Here's our break down for an Idahoan (the state I live in as it varies by state and some states by county as well).
Idaho State income tax which has a funny progressive tax system that tops out at $11,000 at 7.6%... so everyone's effective tax is about 7.4%.
Federal Income tax which has some deductions as all countries do, including Sweden. My effective tax rate for 2017 was 9% after simple deductions.
Payroll taxes that are based on gross income, not adjusted nor based on "taxable income, so your entire gross income is taxed at 6.2% for social security and 1.49% for medicare/medicaid or total combined 7.69%.
If you are an independent contractor or otherwise running your own business you pay the employer match or 12.4% Social Security tax and 2.9% making it 15.3%
So effective tax of 7.4% state + 9% Federal + 7.69% payroll = effective tax of 24.09% that's gross income of $36,000... was not an independent contractor, was an employee, with an employer that matched the payroll.
Otherwise my tax would have been 31.7% however, my deductions might have drawn that down a bit... would have deducted all businesses expenses. As an employee with very few if any business expenses only took the standard deduction.
Then we have a sales tax of 6% in the state of Idaho for all counties.
Gasoline tax $0.18 per gallon Federal and Idaho is $0.33 per gallon summed gasoline per gallon price is $0.51 more gallon due to taxes, and your taxed 6% on top of that for sales tax for whatever amount you buy.
Property taxes in Idaho (again they vary by state and some states by counties, and cities too) are The statewide average urban tax rate is 1.582% while the rural rate is 1.032%. If it is your primary resident, you're living there, you can deduct 50% of that tax... so only pay 0.791% or 0.516%. If its a rental or extra home, you're paying the full amount which is assessed every year based on the market prices... so if you're in a crazy bubble and a house that once was $100K suddenly goes for $150K you're paying more... most people pay this through the year in an escrow account that gets submitted to the state, and certainly if its mortgage it almost always must be paid via an escrow account to the bank you have the mortgage toward as part of your monthly payment, the bank doesn't want to have the state to force auction the house due to unpaid property taxes. So the bank makes sure you pay it by adding it toward the monthly mortgage payment.
Then of course there are smaller fees for licence and registration.
But that's the main gist of our taxes.
It mostly hurts the lower incomes as payroll taxes particularly the 6.2% social security stops being taxed above the gross income of $128,700... so your effective tax declines significantly on gross income above that for 2018.
Dividend and capital gains taxes are 0% for incomes 0 to https://www.corporatemonkeycpa.com/2018/02/22/taxes-on-dividends-and-capital-gains-under-the-tax-cuts-jobs-act/ $38,600 for single filers and $77,200 for joint filers. taxes are 15% for $38,601 - $425,800 single and $77,201 - $479,000 joint, and income above that margin tax is 20% top.
And is not subject to payroll or any other tax.
Hence why many rich effective taxes are about 17% to 20% while workers taxes are as mine 24.09% or high wage/salary earners like doctors effective taxes can easily be in the 30%. And that's not including all the other taxes mentioned and medical insurance premiums and co pays and deductibles.
We're a tax the worker and especially the poorer worker the most. The most poor do get substantial deductions and with children some credits. Those just treading water $30K or higher workers, get hosed hard. Hence why so many that start a business, if it picks up good income, make it an LLC and issue their wages as dividends.
Website below can give you a nice feel for basic taxes in each state.
https://smartasset.com/taxes/idaho-tax-calculator
1
-
1
-
1
-
1
-
1
-
1
-
1
-
sanekabc Depending if its just a small contractual, can you carry my stuff in the house, or shovel snow, or mow my lawn, then sure.
If its an actual 8 hour a day or other such regular full time or part time employment, no.
Because that laborer has achieved a certain value via education usually paid by society in general, together we are attempting to achieve a good and ever better standard of living. So that minimum value should reflect a minimum labor compensation value.
Otherwise, you get the same situation you have in places like Taiwan and other such places that have no mechanism to provide a basic minimum standard of living. Higher suicide rates, very poor prospects to increase wages, and overall poor standards of living. We're talking about people living in dog cages and living in dorms the size of 10X10 or smaller with 6 or more roommates.
So yes, markets will find a standard of living. But for most, without some market guidance, that standard of living the market provides for the majority is most likely to end up being a living nightmare.
Fortunately, Taiwan officials are starting to invoke various welfare mechanisms to increase their dismal standards of living. But it's slow moving. While Mainland China was radical communist despotism, Taiwan became radical laissez faire capitalism ended up being a plutocrat. Both regimes are now eating crow and changing their extreme ways because they simply didn't work. A mixed market system works the best basing that on evidence of the USA, western Europe, Australia, Canada, New Zealand, Japan, etc.
1
-
Bingo. Two major effects of inflation: Labor shortages like we saw in the 70's, or really bad monetary policy allowing; massive borrowing either or both public and private as this provides a massive boost to money supply; in the case of borrowing for capital expenditures; it takes a while for that extra supply to produce productivity and its usually to one sector of the economy, it doesn't increase supply in all goods and services to offset the new money supply increase, and consumer spending simply adds to the money supply without any extra productivity/supply.
Debt is immediate add to the money supply and effects all sectors immediately upon its spending.
Most sectors of the economy have total employee compensation and payroll tax as about 5% to 10% of the costs of the business.
Since labor is calculated as a cost it's tricky calculate labor's share of revenue aka profit because then you have to add their costs back to revenue and minus all other costs to get profit before labor costs; and in that case most sectors labor is about 3% to 15% of the profits.
Literally, most sectors owners or shareholders get 97% to 85% of profits.
Retail grocery and apparel, fast food, and non-franchiser restaurants are the primary exceptions.
Those sectors can run as high as 10% to 25% for labor costs; just a quick google search can reveal; costs to profits range from 10% to 40% depending on the size of the business... there's an economy of scale if multiple stores are opened that draw labor share of profits down toward the 10% range.
Most sectors labor is among the smallest costs.
The reason labor is the first to get hit the difficulty negotiating with supplier contracts, and to have good supplies that work on your machines or with your sunk cost established processes. Its more difficult to cut utilities like water, sewer, trash, electricity, recycling, etc. And its more difficult to change distribution.
So first to take the ax is usually the employees; pay cuts directly, or increase their share of insurance premiums, or freeze pay, or make do with skeleton crews etc.
Most sectors, the equipment, rent/mortgage, utilities, and supplies are all individually the highest costs. They're the most difficult to bring down too.
Min wage so long as its not overly burdensome on start ups and smaller scale businesses would touch inflation figures.
Profits no matter what are still generated and sent to shareholders and spent adding to velocity in the market no matter what.
Its money creation via borrowing and extremely tight labor supply that ultimately effect inflation. With global economy the tight labor supply hasn't been much of a factor over the past 40 years. We should be in a massive deflationary period, but extreme borrowing in all sectors of the economy has kept inflation rising at least 3% on average over the past 40 years.
Accumulative 398% increase from 1978 to 2018. Which isn't much compared to the 1940 to 1980 accumulative inflation of 568% tight labor supply. But still 398% increase is due to huge borrowing. Lots and lots of it.
https://www.bls.gov/data/inflation_calculator.htm
1
-
Total compensation hasn't not followed productivity, studies that compute productivity is based on total compensation including wages, salaries, bonuses, uniforms, shoes, medical insurance, pensions, retirement contributions including 401k, etc. and inflation over time.
The raw cost of an employee is lower per productivity.
And as a share of income its decreased significantly in most sectors.
1987-2015 BLS report reveals even adjusting using different deflators to normalize real income CPI, and even with the more conservative output deflator 77% of all industries saw an actual decline in share of income per productivity.
The reasons they suggest are globalization, automation, and faster capital depreciation in some sectors.
Income literally is the total compensation of employees adjusted for inflation. Depending what one uses to compute deflation CPI or output price index demonstrates still a very significant misalignment with productivity; a very wide gap has developed and remained since 1987 to 2015 of their study.
Link below has interesting details.
https://www.bls.gov/opub/btn/volume-6/pdf/understanding-the-labor-productivity-and-compensation-gap.pdf
1
-
Qingeaton This coming election in 2016, I'm going to do just that. I've had it chosing between the same and the other same. So I'm literally going to write him in. Even if he states he's not running. Who cares. He's at this time one of the last ditch moments we have from completely coming economically unhinged. The entire global economy, this weird mercantilism thing, is sputtering out of control. And domestically speaking, we as a country don't have the structures to keep our own country from falling apart in mass riots and a complete wreck. At the rate we're going, in my time near 2030 we'll see tent cities and what will reemerge are the shanty towns once again. Especially considering most will be relying on a 401K most will have already tapped or have completely insufficient funds therein, and no pensions anymore for most people. Everyone I know who are in retirement or about to retire, have a series of pensions or at least 1 primary pension. Otherwise they'd be hosed. And by 2033 from the Social Security Administration themselves, that only enough funding to pay out 75%. So there you go.
I'm writing him in. Saying fuck it. I'm done, but not dropping out completely. Even though a write in means really nothing. Especially if he isn't even running.
But seriously, we don't get someone in there to combat our oligarchs, it will very quickly become violent. Spain, Italy, Portugal, and Greece may be able to handle 25%+ depression level unemployment with their safety nets. In the US, unemployment insurance runs out after a few months, possibly extended for a year as it was in 2009, but not for decades.
I think violence will happen if things don't change fairly soon.
1
-
1
-
1
-
1
-
1
-
And the idiocy we provide them with an unnatural monopoly like drug patents is an insult to injury. Double wammy effect. There are a variety reason we in the US pay over double per-capita of what other nations pay in medical care, and pharma pricing is among them.
1) Get rid of medical patents, they're absurd. And if you are a "let it be" market person you really shouldn't be advocating for an artificial government intervention like a patent.
The biotech to big pharma chain is a price inflating idiocy... biotech spends $10 million to $100 million on trial of a drug then once approved, sells it to a big pharma for $2 or $3 billion or more... big pharma then has to make up for that big expense and wants big profits, so it's per unit cost now goes up.
No more patent protection on medical technology. And institute a proactive FDA that seeks to work with universities and other organizations to approving medical procedures, Rx, and appliances.. then open sourcing all to any organization that wants to produce the new technology.
2) Allow medicare/medicaid to negotiate pricing directly; not via health insurance companies bargaining for their network and out of network nonsense in regions.
3) Regulate pricing on vital medicines and appliances profit margins; no more racketeering.
4) If the private enterprise fails to produce at marginal profits established, allow government to supply at cost the same medicines and appliances to make up for quantity supplied... in particular those medicines and appliances that have too few patients thus no economy of scale to make affordable to produce. Produce them via government operations at cost.... a producer of last resort.
5) Universal healthcare at least a single payer system (medicare for all).
6) Producer of last resort for hospitals, clinics, and dentistry... rural areas that otherwise have to travel hundreds of miles, place small hospitals that otherwise would never make a profit.
Medical prices would be halved as they are throughout the rest of the world.
And quality of our healthcare outcomes would improve tremendously.
And private pharma and appliance makers would still be rolling in the profits... in-elastic demand curve; prices don't influence demand, you pay or die... you're gonna pay any price, they're promised to have customers. And if it's a drug that has no economy of scale, it was never something the private market could handle efficiently anyways.
It just won't be as much of a racket, more modest profit taking.
1
-
1
-
1
-
1
-
There are many countries that lack education. They're all poor in general, and semi affluent are the top 0.1% there is no 20% affluent. Everyone is essentially in poverty, international poverty level defined as a dollar a day.
This comes from prohibition of child labor laws which ended exploitation of children; on the raw economic purpose this disallows young children and teens to be used for servitude instead of an adult that has economic needs to maintain for their own family.
These idiots haven't picked up any history books beyond their own wild goof ball stupid selfish fantasies.
Be a selfish pig, and you what you will get is a dirt floor hovel, a hole in the ground filled with feces as your toilet, and baths... they don't exist, find a river and hope it doesn't have other sewage running through it because it probably does if its in a city area.
Their selfishness and spite would have themselves living in horrid condition should these typical ass wipes ever get their way. Not only economically, but political ramifications, nobody would support a constitution that has even 5th of the population starving, you would have literal armies of starving desperate people raiding the other 4/5 that aren't.
There literally areas around the world that experience the libertarian dream as we speak.
It's a nightmare.
As for his spite, he should be upset he had to pay and do it over 20 years. That's grossly inefficient and likely during that 20 years his various courses, he forgot most of what was learned, and any text books and documents as he learned a decade ago have likely became outdated. So several courses he took that far in the past were possibly useless.
No, he shouldn't have had to pay much for his higher education as the rest of us should, and especially be provided loans that we cannot declare bankruptcy.
I worked during my first degrees. Went to the military, and my third degree I used the GI Bill. And still accumulated college debt; not as much as some, but its significant. And its absurd. Because we cannot compete with other regions like most of Europe, Australia, etc. that contribute to low to no tuition... some even paying stipends to attend as if they all got the GI Bill to ensure they efficiently get through school and join the workforce either start their own businesses or working in an occupation.
All his wealth and income came from an educated populous regardless if he is just a worker somewhere, a business owner, or inherited his money and assets.
1
-
1
-
1
-
1
-
1
-
Go speak to lower educated people. They tend to lack basic understanding on how things work from physics, chemistry, biology, government, to economics... they have wrong concepts.
An example that comes up often: Many don't understand how their income taxes work, they suspect that tax brackets mean once you go into a higher bracket all your money is taxed at the higher bracket, which is utterly wrong.
Example of scientific misconceptions many think gravity of the earth has to do with the rotation of the earth; they fail to realize its the mass; that rotation of the earth actually counters the gravitation ever slightly, and most toward the equator.
Speaking to an uneducated person can be easily swayed toward whatever thesis you want them to walk away. Because they simply don't know any better. And hidden tricks can convince them whatever you want them to think was their idea along, and especially if you agree with their utterly false conceptions on things that have no effect on what you're trying to convince them about, so that they'll accept your spiel whether it's to sell them something or appeal to a particular political policy.
They're gullible rubes.
And its sickening. And worse is they get upset and offended when their misconceptions are challenged; fortunately they're vapidity usually means they have a smart phone with google, so they discover the accurate information anyway... for a while... they're forget the correct information though... usually.
I really don't think it was on purpose. I'm not sure how we have such an uneducated or at least how we have so many people lacking basic knowledge.
I think its in our culture; we focus too much on entertainment: sports, movies, music... most guys want to immediately talk about some sports scores and coach and backstory on some players life. Women tend to talk about actors and musicians and the back stories on their lives, the movies and series they're watching on tv, and home decorating. And many are too concerned with attending their kids sporting events or figuring out why they're flunking or otherwise misbehaving.
Very narrow conversations among most of the uneducated. Their horizons are stunted.
And any intellectual conversation is quickly forgotten. Because a few weeks later should that topic come up again, they'll ask the same question that should have been answered, and get the answer again, and act as if they never heard about the topic. And a few days later will do it again. Really, they just don't care. Otherwise they would remember.
So its a cultural thing, a value issue. Our values are terrible.
Our governments spends billions on stadiums. But neglect hospitals; most state and city hospitals are closed. But we can spend tax money which is rather high, often higher on the lower incomes and even somewhat affluent incomes than in Europe. And we get goofy things from it. Like stadiums. And we don't get helpful things like decent schools, clinics, and hospitals.
1
-
A good description of frational reserve banking complete with example and context.
https://www.investopedia.com/terms/f/fractionalreservebanking.asp
Essentially, any borrowing/lending has a temporary effect of "as if" increasing money supply.
Borrowing money means you can buy something now rather than later. And you're using money that otherwise would not have been spent on those or that item(s) or any items.
So borrowing/lending money acts a a temporary increase in money supply, or better stated and defined, it's increasing the velocity money, the number of transactions goods and service in a unit of time.
Banks cannot lend beyond their total deposit holdings. So if they have $100 million in deposits , they must hold a reserve of 10% so $10 million must be held.
If a crunch occurs beyond that $10 million they can lend from each other or the Fed Discount Over night rate which is "printed" into existence short period of time, but repaid (zeroed) by the borrowing bank the next day when they receive payments from loans the next day. They go defunct if they remain insolvent unable to repay the overnight rate, and/or no other bank will end them to cover them for the day or until they get more payments from their existing loans.
This velocity of money which effect which looks at the economy as a whole.
Example:
I borrow $100 to buy a phone from Sam.
Sam deposits the money in the same bank. The bank now has another $100 and if it has a reserve requirement of 10% it can make $90 loan to Jerry. holding $10 in reserve.
Jerry buys a printer cartridge from Becky for $90.
Becky deposits $90. Which then allows 10% to be reserve and the other 90% $81 to be lent out.
And you can repeat this until near $0.
So effectively increase the velocity of money... more transactions are increasing acting as if the amount of money in the system is larger.
Same is true if the money was just spent completely by each person involved, not deposited or lent out given a time frame.
Over the course of a day:
I buy $100 phone from Sam.
Sam then buys a clothes $100 from Jerry.
Jerry buys a printer cartridge from Becky $90
Becky buys some bananas for $5
In this economy the money supply started out as $100. Total purchases / money supply = velocity.
So $100+$100+$90+5/$100 = 2.95 times the original money supply.
Even though the money supply in this entire small economy was $100, in this day it acted as if 2.95 times the amount existed, or $295 existed during the day.
So yes, it does effect prices. The higher velocity of money the more transactions occur and often this means bid of prices goes up.
Fewer transactions (lower velocity) lower prices become.
Interesting fun fact about velocity of money particularly M2 supply.
From 1997 to 2019 the velocity tanked from 2.195 to 1.458 a persistent decline since '97.
This means fewer transactions have persistently occurred.
From 1960 to 1990 velocity stayed in a middle range of 1.7.
1
-
1
-
1
-
1
-
1
-
1
-
1
-
1
-
1
-
1
-
I agree. That's why any uprising would require beating the current police and military to the punch by turning us fellow vets and current active duty both military and police with the overthrow. To minimize the chaos of such an overthrow; keep some sort of law and order while conventions were held and a new government can be created with a new revised constitution; one that should be done openly instead of in secret like the others were done. And like many major laws have and are still being done.
And popular votes on instructions to representatives of various states or districts should be conducted, UN and other outside organizations should be allowed to test the integrity of the voting and the proceedings.
Presently, our elections are so garbled nonsense, even the UN refused and states they would be unable to authenticate our elections in the US, Jimmy Carter's organization that validates the integrity of elections has also refused to do so for the US elections. We're a mix of that idiotic of a system, and potentially that corrupt or able to be corrupted. No wonder very large sample size polls done by many organizations show overwhelming support for better trade policies, universal healthcare, better infrastructure, lesser expense by half on our military goes ignored.
But to begin such a process would require massive coordination to ensure something terrible didn't get put in its place.
Personally, when people start talking of overthrowing the government which is treason, it won't be well thought out, instead it will be done in desperation from economic collapse, with many groups going off on their own direction. And action would be taken swiftly, not in much coordination as fear of being discovered for treason wouldn't allow for much time for such efforts. Would be rather chaotic time.
1
-
1
-
1
-
Actually, the Roman state did have a welfare program in all Roman and conquered cities. Bread handouts, worker programs, state and oligarch funded games, healthcare, barbers, baths and toilets, roads, ports, etc. were available to all free people of the Roman Empire, and citizenship was rather early on 212 CE by Caracalla was given to all provincial free people, as well as to any eventually freed slaves.
While education was not compulsory nor fully funded in all cities, ludus litterarius (cheap makeshift elementary schools) were available to those of humble means (poor people) to send their children to ensure they learned basic reading and writing and basic math and some logic and literature to assist in critical thought.
Some ass wipes like you were upset about giving citizenship and all it provided to provincials and free foreigners.
1
-
1
-
1
-
1
-
1
-
1
-
1
-
1
-
1