Who is getting richer and richer these days?

[DonTom]

I retired 2 years ago and my income level took a nose dive.

My income went way up after I retired ten years ago. When I was working, they took out countless deductions (including for my retirement) that I no longer need to pay.

But I got the shaft after Tom died in year 2016 and my FIT went through the roof starting 2017. I had to start paying the IRS quarterly. Single people get the shaft. Tom & I was legally married since first legal in year 2013--after already being together for 40 years.

One big exception is when each of a married couple has a high near equal income. Then it is better to be single for FIT. Then it is the so-called "marriage penalty."

-Don- Reno, NV

 

[TheBar]

Back in the late 70's recession silver was fluctuating between $18 to $30 every 2 weeks. I made a lot of money trading every 2 weeks but got stuck with silver that was $29 an ounce. At that time silver was forecast to be worth as much as gold because back then it was used in many things from photography to medicine. And before gold was used in electronics and computers to any degree. 40 years later I sure wish I'd bought gold since silver is only $27.28 today and inflation makes it now worth a fraction of what I paid.

 

[Ray-IN]

I was in High school in the late 50's. Our neighbor was a millionaire, one day I was working in his garden to make some money, he brought me a glass of water and we began talking.
He said, Ray see that black Cadiliac going down the road?, yes I replied. He said that man has money and wants you to know it. The only way for us to make more money is to help him make more money. What I'm saying is, there will always be rich men and if we try to close the gap they will put us in our place at some point.
I'll always remember his comments.

 

[Chef Duane]

I just retired and I'm doing OK. My wife died about a year ago and I got a big chunk of life insurance, sold off her company, and some other stuff. Got killed in taxes. Not getting richer but I'm not getting poorer. Gonna' move in a year or so and downsize so I'll get a nice windfall when I sell the house and roll it in to something else.

 

[zulu]

What I'm saying is, there will always be rich men and if we try to close the gap they will put us in our place at some point.

Or as George Orwell said If you want a picture of the future, imagine a boot stamping on a human face— forever.

 

[jackiemac]

I'm happy if people are becoming richer. If they weren't we'd all be in trouble I think.

We are lucky to be reasonably comfortable and hopefully continue to be if we are careful with our money. We worked hard for it.

 

[TheBar]

Many people think they are richer now but don't consider their dollars are worth less now. Even less if gas and food were added to the equation.

 

[DonTom]

Many people think they are richer now

Yep. Just larger numbers that are worth less.

But there are easy ways to help prevent too much inflation on savings:


-Don- Reno, NV

 

[Skookum]

We've continued to save money by working, and investing in things that have outpaced inflation. We're not what I'd consider rich, but we are still making this period in time work for us and advancing towards our goals.

 

[DonTom]

that have outpaced inflation.

Real estate/houses usually outpace inflation out here in the west. But you have to own more than one house to really be helpful as you will still need a place to live.

-Don- Reno, NV

 

[DonTom]

I'm happy if people are becoming richer.

But here in the USA as the rich get richer the poor get poorer and the middle glass is slowly going away.

Judge a good economy on the size of the middle class.

-Don- Reno, NV

 

[ziplock]

Love all the thoughts on who is getting richer and richer.

Shall we do: Who is getting poorer and poorer?

I wish you didn't have to take out a loan to get a dozen eggs these days.

 

[jymbee]

I get that folks who feel "financially comfortable" if not wealthy are satisfied with their life. Same here BUT were I to come into a significant amount of $$$ I would really enjoy spreading the wealth given there are so many deserving opportunities out there.

But I will never understand why in hell anyone with multi billions of dollars, fights so hard to to avoid paying taxes, or why the system lets them get away with it. I mean, if your worth were to drop a few millions of dollars...

Again, the rich get richer...

 

[Viajeros]

I get that folks who feel "financially comfortable" if not wealthy are satisfied with their life. Same here BUT were I to come into a significant amount of $$$ I would really enjoy spreading the wealth given there are so many deserving opportunities out there.

But I will never understand why in hell anyone with multi billions of dollars, fights so hard to to avoid paying taxes, or why the system lets them get away with it. I mean, if your worth were to drop a few millions of dollars...

Again, the rich get richer...

Elon pays a bunch some years.

 

[Skookum]

Jackie is quick on the draw this morning.

Elon paid that much because he exercised his options which were expiring. Other years he basically pays $0 FIT. Billionaire rule-making at its finest.

 

[Ray-IN]

I read an editorial from California on their $20/hr minimum wage for fast-food workers.
As of April 1 one ice cream business closed, the owner said she could not afford that increase; other fast food stores are cutting work hours and laying off workers to stay in business.
It may not happen in my lifetime, but others might see the day you must carry your cash in a sack to buy groceries, like some other countries.
Lawmakers don't worry about the national debt, they just print more money.

 

[TheBar]

It may not happen in my lifetime, but others might see the day you must carry your cash in a sack to buy groceries, like some other countries.

No, they'll just bring back the $1,000 bill to replace our current $1 bill.

 

[Skookum]

The Boogeyman of runaway inflation has been discussed for longer than I’ve been alive. So far it hasn’t happened, even following periods of printing money and giving it away. Theres been some inflation, sure. Mortgage rates are back to 6-7% and car loans are more than 0%. But are people standing in lines to pay $1,000 for a loaf of bread? No. A Big Mac is a bit over $5 and minimum wage is in excess of $18/hr where I’m from.

“Economists have accurately predicted 9 of the last 5 recessions”.

 

[whiteva]

We are doomed to follow some other countries, lunch will cost 700.00 to 1500.00 dollars, yen, baht, rupees, ETC.

 

[garyb1st]

I was in High school in the late 50's. Our neighbor was a millionaire, one day I was working in his garden to make some money, he brought me a glass of water and we began talking.
He said, Ray see that black Cadiliac going down the road?, yes I replied. He said that man has money and wants you to know it. The only way for us to make more money is to help him make more money. What I'm saying is, there will always be rich men and if we try to close the gap they will put us in our place at some point.
I'll always remember his comments.

The problem with this analogy, at least over the past 60 - 70 years has been the diminishing returns. Over time, less and less of his wealth has found its ways into the pockets of his workers. There's no doubt in my mind that the last thing the rich man thinks about is putting more money into the pockets of his workers. And if he does, it will really be a byproduct of his intent. And as robots and AI enable him there will be less and less.