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Originally Posted by BeanCounter
Wes,
Maybe it's your terminology. I'm getting ready to retire soon. I've got a pretty good chunk of change compared to most retirees so I'll live fairly well as "one of the idle rich". I worked hard and put money away so that I could do that and not depend on the charity of my kids or strangers. Why should I be penalized because the others did not do the same. And contrary to some opinions not everyone is equal. Some make more than others for a variety of different reasons.
As far as the housing collapse, it's about time. People went out and took out absolutely stupid loans betting on the come. Well sometimes it just doesn't come. I know that from going bankrupt when I was 40. When you lose you lose so stop the crying and expecting everyone else to bail you out. You just go back to work and try to make it back.
As far as taxing the imports I've only got one thing to say. There wouldn't be any imports if the so called middle class didn't buy every stinking thing they send over from China. How about passing a law that they can't shop at WalMart. You'd have a general uprising of callused hands. Most people are the victims of their own stupidity and then expect everyone else to bail them out.
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Bernie,
Yeah, terminology colors a view. I admit it.
Retirement? I nearly feel your pleasure. I've also worked hard and I'll be retiring in the near future. I might only have to work until I'm 66 since the Railroad Retirement (RR) follows the same increased Reagan age-rules as does the "raped and pillaged" Social Security fund. RR... here-to-fore protected by a political chastity belt so far. My retirement age depends on how the stock market does. Not that anyone would ever be tempted to manuver a way to pillage the newest untouched pile of investment money from the middleclass. RR, 401K, common stocks, etc. I predict it won't be long and we'll also be hearing about the terrible small investors encumberance and how the little 401K's are otherwise ruining everything for real Americans. And how good it is they've tanked.
I rather doubt you or I'll ever actually be "one of the idle rich" in the sense that it is unlikely that we'll ever fit in the exclusive top 5%. Doubt it barring the lottery which I don't often play anyway, as a matter of principle.
I guess for convenience sake we could look as the "idle" catagories being the top arbitrary 5% and the bottom arbitrary 5%. The bottom is related to the un-employment statistics which are probably really higher due to individuals falling off the recorded rolls. But the top 5% is probably a bit larger too. The bottom 5% is probably truely idle, while the top 5% is actually pretty busy pointing the finger at and demonizing the bottom 5%. Apparently, by the appropriate media purchases, the attention of the workers, who support all, can be diverted. I think I can afford the cheap bottom 5% but, again, I feel the lofty "invisable" top 5+% continues to clandestinely cost me (and you) a fortune. There's always that 10% (or more) anyway, eh?
My house is paid for. I took on an ARM when it halved my former rate. When it went up, I simply paid it off with cash-on-hand, part of the common-sense-plan. I agree with your take on the housing collapse. There are a lot of abusers looking for that usual handout. Unfortunately some people that chose the minimal modern house, have worked hard, and continue to do so, will also feel the pinch when their original job goes to China. First cavepersons worked 20 hours a week hunting and gathering. Then just modern dad worked 40 out in the patch. Then mom worked too. Then recently it was deemed that these lazy bums should both work more than 40 without costly overtime. Soon the American kids will be working 40+. All to keep a cave over their head. How can we compete with China if we don't erode the minimum-age work rules too. If we don't do what it takes, who will support the top and bottom 5% in the manner in which they've grown accustomed?
I don't blame Walmart personally. That's some liberal B.S. Walmart is just playing by the existing rules and playing it best, something I admire... if it's within the rules. But we can change the game rules away from mandating last man left standing, a dead end that will eventually kill America. When the American turf is equal, Walmart should/could still come out on top, but not entirely alone, in this huge Monopoly game... if they are as smart as I think they are. When I buy, I sometimes have to buy from Walmart/Target/China. Taxes and import tariffs aren't always, without fail, evil. Balance is the key. No sense walking around with their money in my pockets with my permission to take it all.
China isn't returning containers in trade by importing US goods with their extra cash. They are symbolically paying double for the lot next to your and my house. Great. Our home equity value will go way up during our retirement. We'll be rich. On paper.
Unfortunately our real estate taxes are based on home value. At least mine are. And cities can't conveniently go bankrupt like corporations can... and do... as SOP these days. So guess what one scheme, to again rip off the middle class via taxes, is? I've been a victim of my own stupidity enough... and I'm just reluctant to do it again. The middle class. Like Jamos saying... "we're doomed". Now if I can just convince everyone where the real danger lies and who really pays the taxes. And then fix it.
This isn't a partisan thing. The top 5% wield a lot of power in both parties. There are congressmen in both major parties that will help us. Alternatively, there are other politicians that are systematically sticking it to us within the smokescreen. Guys we sometimes voted for in the past.
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