Money & Economics
- Thread starter bigredfish
- Start date
I had seen a version of this graphic before, but it only went to 2017. This one is CURRENT and adjusted to 2023 dollars...
Sybertiger
Known around here
The chart shows the lower class group shrank thereby supposedly pushing them into the middle class and the middle class shrank thereby supposedly pushing them in to the higher class?
Exactly. The often-mocked economic concept of Trickle Down has been happening for over 50 years. I had to look up what 100k in 2023 dollars was in 1970--- just under $12,000
Busted...I actually went to Rick's in my youth...
www.foxnews.com
Strip club executives allegedly bribed tax auditor with lap dances and luxury trips to slash tax bills
Strip club executives allegedly bribed New York tax auditor with cash, luxury trips and lap dances to avoid $8 million in taxes, according to sweeping indictment.
www.foxnews.com
I don’t think it’s all AI, but it can’t be good
Both blatant lies, but nobody cares anymore.
Just tell me it'll all be ok Daddy.
Just tell me it'll all be ok Daddy.
mat200
IPCT Contributor
- Jan 17, 2017
- 17,171
- 28,965
AI is not yet ready to replace that many jobs, more likely an excuse of sorts for other things happening.
Reportedly Amazon needed cash to fund their AI infrastructure build out, and thus needed to reduce spending in other places to keep margins up. So letting go of headcount to spend on Nvidia chips
No doubt some of it is exactly that.
Regardless it can’t be good
Regardless it can’t be good
A chink in the armor today...
Palantir stock drops 8% on valuation concerns as CEO Karp rips short seller ‘market manipulation’
Palantir shares dropped despite stronger-than-expected third-quarter earnings as Wall Street raised valuation concerns and Michael Burry revealed a short position.
Palantir stock drops 8% on valuation concerns as CEO Karp rips short seller ‘market manipulation’
Palantir shares dropped despite stronger-than-expected third-quarter earnings as Wall Street raised valuation concerns and Michael Burry revealed a short position.
. Desperate YouTube creators fulfilling the American Dream
Opinion: Those millions of dead people supposedly claiming Social Security? It’s obvious now that they were bogus.
Those millions of dead people supposedly claiming Social Security? It’s obvious now that they were bogus.
They don’t exist. They never did. The numbers that Musk and Trump implied were evidence of massive fraud were merely database errors.
....The latest evidence for the prosecution, as it were, comes from the Social Security rolls, which show that record numbers of people are now claiming monthly benefits. As of the last count, at the end of August, the Social Security Administration reported that there were 67.115 million people claiming Social Security alone, plus another 2.548 million claiming both Social Security and Supplemental Security Income. Total: 69.7 million.
That’s almost exactly 1.5 million more than it was in January.
......Why does this matter? Because if you cast your mind back to the winter and the spring, you will remember that President Donald Trump and Elon Musk were both promising to save vast sums of money by weeding out all the fraudulent claimants. You will remember Trump, addressing a joint session of Congress in March and on other occasions, reporting that his people had found millions of allegedly dead people still claiming benefits.
So where are these bogus claimants? Where are these massive savings?
....They don’t exist. They never did. The numbers that Musk and Trump implied were evidence of massive fraud were merely database errors — as “libtards” and “fancy-pants so-called experts” claimed all along.
....“Bottom line, they couldn’t do anything about these supposedly improper payments because they weren’t happening,” Social Security expert Bruce Blahous told me. “They were simply misreading a data file.” Blahous, incidentally, is a fellow at George Mason University’s conservative-leaning Mercatus Institute. (He’s also a former Social Security and Medicare trustee, and deputy director of President George W. Bush’s National Economic Council).
...It was George Santayana who famously said that “Those who cannot remember the past are condemned to repeat it.” We live today in an era where nobody is pressured to learn from the past. They simply block out anything they don’t like. I’m willing to bet that millions of MAGA voters — and others — nodded along like Johnson during Trump’s address, when he promised to save trillions by weeding out all these millions of fraudulent claimants. Few, if any, of them will read this article or will say, “you know what, Trump was wrong about that and his critics were right.” The human brain does not like changing its mind or admitting it was wrong, a design flaw that psychologists call “confirmation bias.” Such people will be, right now, on other websites, which continue to tell them what to hear.
....This brings us, full circle, to the nonexistent Social Security “savings,” the president’s claims of trillions in federal fraud, the state of U.S. politics, and your and my retirement savings.
Social Security and Medicare, the retirement system upon which America depends, cannot survive on their own resources. Their “trust funds” are grotesquely underfunded. In total, government accountants report, the two programs would need an immediate injection of $88 trillion to be made self-sustaining. That’s about three years of annual U.S. gross domestic product.
Without injections of public money, Social Security’s trust fund will run out of reserves in 2034 and Medicare “part A” in 2033. Medicare part B has no trust-fund reserves: The government pays the bills each year out of general taxation.
Meanwhile, the federal budget on which they will have to depend for a bailout is spiraling into disaster, fueled to a large part by the polarization that has produced complete dysfunction in Washington, D.C. and the current shutdown.
Last January, the Congressional Budget Office was projecting that Uncle Sam would spend $89 trillion over the next 10 years, while taking in only $67.5 trillion in taxes. Since then, Congress and the president have added a projected $3.6 trillion to those deficits through the One Big Beautiful Bill Act.
....The sad news for extreme partisans on both sides is that the markets don’t care about your feelings, your cherished narratives, or all the false and stupid things you and your pals agree on. They only care about math. They surely will not — presumably they cannot — finance this debt spiral indefinitely. Every authority calls this trajectory unsustainable.
Yeah-- they either should have done 99% or used 5% on the "top" category. I think the point is to show that currently, the top 1% pays MORE than the bottom 95%.Where is the missing 4%
I recall my CFO once telling me that at some point you need to calculate the actual $ that “you can’t eat percentage” 
October Layoffs Surge Most Since 2003 Amid Cost-Cutting, AI Adoption, Challenger Data Shows
October Layoffs Surge Most Since 2003 Amid Cost-Cutting, AI Adoption, Challenger Data Shows | ZeroHedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com
