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April 16, 2014

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Letter to the editor:

The economy’s better if you’re rich

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I wonder how many people think that our economy is doing better because of the stock market’s recent record-setting day. That’s wrong.

MSNBC had a sliding scale that showed who has gotten richer since 2007 — the already wealthy, banks, Wall Street, corporations and their CEOs. These people and their companies took up about 90 percent of the scale. The working person has not gotten any richer and low-income people were no longer even on the scale. They were pushed off it altogether.

This is one sad story for the American people.

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  1. Life on Mainstreet rises and falls with Wall Street. Markets go up and peoples' wealth goes up starting with retirement nest eggs like 401 K's and IRA's. But you have to pay to play. If your take home pay is cut by an increase in taxes, higher gas and food prices, and no jobs, then you don't have savings and income to gamble/invest with.

    CarmineD

  2. In 2010, 93% of the increase in wealth went to the top 1% of income earners. This illustrates the dual economies we've been experiencing for the past decade or more. One economy for the rich and a totally different economy for everyone else.

    You can put lipstick on a pig, but it's just decoration. It's still a pig.

  3. This is certainly an issue that must be addressed relatively quickly. My wife and I were lamenting yesterday while watching the news that Google has lavished half a billion dollars in bonuses on its top four executives to reward them for last year's stellar performance.
    America is gradually turning itself into a third world country, and your political system seems populated by the very super rich who are grasping all the wealth. Fat chance that they will take up the gauntlet and fight for the ordinary citizen.
    The perverse capitalistic system now operating in the USA has announced that "maximizing shareholder value" is the number one goal of corporations. Add that to the unpatriotic trend to outsource jobs to cheaper countries and corporate America's thirst for keeping so many of its service workers poor by providing mostly part-time employment, and the result is explosive.
    At some point the young and dispossessed in your country will rebel and seize power or at least cause massive civic unrest.
    As far as I'm concerned, any country that refuses to share its wealth reasonably among all its citizens is truly an "evil empire".

    Donald W. Desaulniers

  4. http://money.cnn.com/2011/08/10/pf/emerg...
    let's cut through the baloney here. American-style capitalism along with a ridiculous tax structure have created some of the worst wealth inequality in the world. I think were between Turkey and Chile.

    Nearly 2/3 of the people in this country can not come up with a grand. Half the country is getting some type of social welfare assistance and incomes for millions of working people and retirees are dismal. Half the elderly are dying penniless and most under age 40 have nothing.

    There are a few million millionaire families in the United States. Probably 20% to 30% of those families got their money the old-fashioned way, generational wealth transfers and marriage.

    Wages need to skyrocket and medical costs need to come way down for this trend to even begin to reverse itself.

    That being said a dramatically higher stock market along with stabilization in real estate have helped people that own homes and have retirement accounts. If you don't have those things you're just another welfare case and there's very little help for you at this point.

  5. Mr. Freeman, you've put your conceptual cart before your theoretical horse. The two-income family isn't the cause of income inequality, it's a coping mechanism that families have adopted to deal with decades of stagnant wages.

    In the 60s and 70s, a family could afford to have mom stay home and raise the kids. If dad had a good union job, or better yet, a college degree, he could earn enough by himself to maintain a decent standard of living for the family.

    Those days are long gone. In part because of globalism -- and in part because our economic system has been designed over the last three decades to move money into the hands of fewer and fewer people.

  6. And before I forget -- conservatives can't have it both ways. If it's not fair to consider the very young or very old when calculating income inequality, then it's not fair to include those same folks when calculating the number of people who do not pay federal income taxes (Mitt's "47%").

  7. Like all market climbs, what goes up comes down. After another high today, and the longest streak since 1996, it's safe to say there are some signs to watch. At 15,000, time to sell. Interest rates go up, it's time to sell. Both happen, run don't walk for the exits. But let's face it, if you got in at the lows in 2009 when the market was at 6000 and it's at 14,000 now, you made money. Congratulations. Time to take profits and sit on the sidelines.

    It's the Bernanke bubble effect. Printing $3 Billion dollars a day. The added liquidity makes interest rates low, making stocks the only place to put your money. Dodd-Frank uncertainty, banks rather than lending to consumers and businesses, stockpile cash in bonds and take the easy and safe money.

    CarmineD

  8. The economy is NOT better even for the rich. The rich get next to nothing for a ROI since interest rates are forced to zero. So our economy is forced to zero. Would have been all right for a VERY SHORT TIME but we've skewed the mechanics and IGNORED THE ECONOMY. Someone has to pay for each and every artificial measure or TOOL that the Feds use. FORCE INTEREST RATES UP TO NORMAL so our economy can be resuscitated. Further, how will the ENORMOUS DEBT be carried at ANY interest rate? We have a SPENDING CRISIS right now. As for the rich, they have enough to get by no matter how stupid politicians act--until the dollar completely implodes. So the rich "have to" have money in foreign currencies, markets. The rich will get by.

  9. http://www.usgovernmentspending.com/fede...
    Ms. Anderson watches way too much Fox news. We have a spending crisis? The federal government currently spends about 20% of GDP. It was about 20% of GDP 70 years ago. It hasn't moved an inch. when you factor in the dramatic increase in population the federal government currently employs half the people that it did when Eisenhower was in office.

    People want things but don't want to pay for them through higher taxes. That's the only reason we have deficits.