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US income inequality at record high

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#646
aborgman said:
$40K is almost $20K less than the MEDIAN household income in the USA.

A $40K household is NOT middle class.
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It absolutely is lower middle class.

I don't make 60k now and I don't believe the vast majority of the people I know do either. The fact that you think it's unfair that poor people only make 40k a year leads me right back to my last post in this thread.
 
#648
Floyd Eye said:
Ironically, people on EBT and welfare are now seeping into the middle class. Folks with no jobs, several kids and living on the government teat are now edging up around 40k a year.

Hmm, even though the US is such a horribly unfair place full of evil capitalists, it seems our poor are living better than most middle class people in other civilized countries.

They all are able to whine about the evil capitalists on social media using their new iPhone 5Cs. lol
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With every possible respect allow me to comment on you statement that those one the government teat are "making" 40 K a year.

I believe when you add it all up it's more like 100K.

Remember there's the 40K in WICs, Section * and general assistance. Then there's Medicaide which with I believe to be a 20 or 30 K package annually.

Then the the Tax Free Effect. Remember all this is tax free. That's a lot of money. Easily enough to push this person's Real Compensation into the six figures.

Those supported by the Government are the new 1%
 
#649
Floyd Eye said:
It absolutely is lower middle class.

I don't make 60k now and I don't believe the vast majority of the people I know do either. The fact that you think it's unfair that poor people only make 40k a year leads me right back to my last post in this thread.
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It's more unfair than you think. You pay taxes. They don't.

Unlike Europe where these government handouts are taxed.
 
#650
Floyd Eye said:
It absolutely is lower middle class.
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No, it is "working class".

Generally (depending on the study) they are defined as:

Upper Class - 95th+ percentile
Middle Class - 50-95th percentile
Working Class - 15-50th percentile
Poor - Bottom 15%



Floyd Eye said:
I don't make 60k now and I don't believe the vast majority of the people I know do either. The fact that you think it's unfair that poor people only make 40k a year leads me right back to my last post in this thread.
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You seem to fail to understand that there is a social class between "middle class" and "poverty".
 
#651
aborgman said:
No, it is "working class".

Generally (depending on the study) they are defined as:

Upper Class - 95th+ percentile
Middle Class - 50-95th percentile
Working Class - 15-50th percentile
Poor - Bottom 15%





You seem to fail to understand that there is a social class between "middle class" and "poverty".
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No, unlike you I fail to consider garbage that spews out of Rachel Maddow's mouth as legitimate.
 
#653
BawanaRik said:
With every possible respect allow me to comment on you statement that those one the government teat are "making" 40 K a year.

I believe when you add it all up it's more like 100K.

Remember there's the 40K in WICs, Section * and general assistance. Then there's Medicaide which with I believe to be a 20 or 30 K package annually.

Then the the Tax Free Effect. Remember all this is tax free. That's a lot of money. Easily enough to push this person's Real Compensation into the six figures.

Those supported by the Government are the new 1%
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That may be true in some cases, but it's not the norm. I speak from experience. I worked my whole life, paid into SSI, paid taxes, etc.. I've been on disability for the last two years because of a work related accident and I get $1405 a month from SSD. I have an adult special needs son who I've been trying to get help for, and its been declined twice. We get $125 a month in food assistance.

The stories we've all heard about people getting a grand a month in food stamps and buying king crab legs with it are absolute BS. If you care to check, find a DHS website and worksheet and fill it in. In order to get $1000 a month, you'd have to have 14 people in your household.

BawanaRik said:
It's more unfair than you think. You pay taxes. They don't.

Unlike Europe where these government handouts are taxed.
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The word "handouts" may be true in some cases, but it's not the majority. In my case, I find it offensive. Social Security is insurance. I paid into it for 36 years before I got injured, and now I receive it. It not a handout.

I swear, some folks would rather turn the clock back to the days when if a child was born with a defect, it was placed on the hill in the sun to expire.

Sorry. I read this thread and watched Soylent Green simultaneously last night and it left a scar.
 
#655
Floyd Eye said:
No, unlike you I fail to consider garbage that spews out of Rachel Maddow's mouth as legitimate.
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And I've heard the "flat screen TV, air conditioning, and cell phone" line on radio shows by the nation's ratings leaders.

Is a phone really a luxury? A cell phone? I have no idea when I last saw a pay phone. Try to get a job without a phone.

Edit: forgot to add The ;) or :p. Those make it OK.
 
#658
aborgman said:
You seem to want to ignore large frauds on the part of those originating mortgages.

If someone signed a loan they couldn't afford - they're responsible.

For folks who had their docs changed without their knowledge, signatures faked, appraisal fraud committed, etc., etc. - they aren't resposnsible



Unless the originator takes pieces of paperwork out, or fakes your signature on a different loan, or misrepresents a loan, or the appraiser commits appraisal fraud, or..



I disagree to some extent.

Standardized loan documentation would help.

Requiring banks to "own" a higher percentage of the loans they generate would help.

Financially punishing and removing license to operate from institutions which engage in illegal/fraudulent practices would help.

Significant barriers between mortgage originators and appraisers (see "appraising to the loan" would help.



If CLEARLY written in the contract - me, assuming the loan follows all applicable laws.

Some currently allowed types of loans (see check cashing places for example) should be illegal (and were in the recent past).





Yes, and those laws were relatively regularly being violated.




In some cases because they materially misrepresented the loans they were offering.

In some cases because they altered the loan documents after signing.

In some cases because they conspired with the appraiser to overinflate the value of the home.

In some cases by altering income statements from borrowers.





How is it illegal? By violating the laws of the state where the action is taken.





All of those procedures do... but if the bank violates them, it's illegal.

Never mind the foreclosures on homes the banks didn't even own.
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May I make a suggestion. It sounds like you have knowledge of laws being broken. I suggest you report that to the authorities.

Another suggestion. I don't like banks. I have one credit card because it need it function at the level I do in this society.

Avoid banks and debt and you'll be happier
 
#660
Immigrant said:
And I've heard the "flat screen TV, air conditioning, and cell phone" line on radio shows by the nation's ratings leaders.

Is a phone really a luxury? A cell phone? I have no idea when I last saw a pay phone. Try to get a job without a phone.

Edit: forgot to add The ;) or :p. Those make it OK.
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With every possible respect I doubt anyone with a free cell is looking to get a job. Why? What incents them to get a job?
 
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