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Sun Apr 29, 2012, 08:45 AM

Mean Income for each Income Group 1967 - 2009

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Response to Scuba (Original post)

Sun Apr 29, 2012, 09:38 AM

1. The rich now have the means to sell to the rest of the world and that is where the Zuckerberg types

 

Will Prosper.

That also means wealth generation won't be US centric as revenue growth is occurring more rapidly outside this country.

The poor do benefit some from redistribution through the tax code. But if they want to gain along with the top they need to find a way to participate in the profits made from a rising middle class in China and India.

Being passive in using ones own opportunities and expecting more from the government won't get a person ahead much. It's certainly not a recipe for success.

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Response to dkf (Reply #1)

Sun Apr 29, 2012, 09:54 AM

2. As you can see from the graphic, it's not the poor benefiting from tax code.

Last analysis I saw indicated one needs to make in excess of $1.6 million annually before the tax code tilts towards you.

Your comment regarding "being passive in using ones own opportunities and expecting more from the government won't get a person ahead" makes me think you feel those who are struggling in our economy aren't trying. Is that accurate?

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Response to Scuba (Reply #2)

Sun Apr 29, 2012, 10:43 AM

4. They are trying but if they can't gain access to where the profits are being made they won't keep up

 

Look at Las Vegas Sands revenue...

The amount made in Las Vegas was minuscule compared to Macau and the Asian properties.

Look at Apple...

People thought they were going to have a bad quarter because AT&T and Verizon didn't do as well as expected in the US but they beat because of China revenue.

If the rich are getting even richer because they are making money on the billion plus Chinese people, how does the poor person keep up?

What is the reach of a Mark Zukerberg with his 800 million Facebook users compared to the reach of a New York Janitor?

Let's say Zukerberg got a dollar a year of revenue from each person on Facebook. Let's say the NY Janitor got a $30 a year for every person whose office he cleaned. The gap is still enormous.

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Response to dkf (Reply #1)

Sun Apr 29, 2012, 10:10 AM

3. So the bottom 80% is "poor" and "passive"?

Because they're not seeing much gain from "participat(ing) in the profits made from a rising middle class in China and India".

Somehow the Chinese aren't hurting from their government's requiring that manufacturers have a presence there in order to have access to their market, nor by its currency manipulation in order to stay low relative to the US dollar. Somehow actions by their government creates more opportunities. Must be some ancient Chinese secret that allows this. Couldn't possibly be protectionism.

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Response to JHB (Reply #3)

Sun Apr 29, 2012, 10:56 AM

6. China is centrally planned, not Democratic or representative.

 

They don't have to cope with the ridiculousness of congress. Maybe if we had a benevolent dictator we could get better results too but I wouldn't want that.

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Response to Scuba (Original post)

Sun Apr 29, 2012, 10:46 AM

5. Excellent graph

Thanks

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