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(Huffington Post)   Americans are still #1 at something: creating super-wealthy people. USA USA USA   (huffingtonpost.com) divider line 101
    More: Sad, United States, company, Americans, H.J. Heinz Co., aging-associated diseases, Hawaiian Airlines, LVMH, Daniel Ortega  
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2518 clicks; posted to Main » on 18 Oct 2013 at 8:51 AM (25 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-18 08:53:13 AM
Land of opportunity!
 
2013-10-18 08:53:34 AM
Not all pyramids are pointy at the top.
 
2013-10-18 08:55:30 AM
And equally good at creating the poor.
 
2013-10-18 08:55:38 AM
"But they're boot strappy!"
"I want their heads on pikes!"
Did I forget anything?
 
2013-10-18 08:55:39 AM

Valiente: Not all pyramids are pointy at the top.


Not all pyramids have a solid base.
 
vpb [TotalFark]
2013-10-18 08:58:18 AM

Valiente: Not all pyramids are pointy at the top.


Some are shaped more like the Eiffel tower.
 
2013-10-18 08:59:37 AM
Gilded 2.0
 
2013-10-18 09:00:20 AM
The US holds most of the wealth so its not unusual that it creates most of the wealthy people.
The problem is that our Pyramid is rather pointy at the top with a massive base at the bottom.

/but even then, our poor aren't as poor as most other nations poor.
 
2013-10-18 09:01:57 AM

way south: The US holds most of the wealth so its not unusual that it creates most of the wealthy people.
The problem is that our Pyramid is rather pointy at the top with a massive base at the bottom.

/but even then, our poor aren't as poor as most other nations poor.


Yeah, people even have refrigerators if you can imagine, the leeches.  What else do they want?  Some food to go in them?  HA!
 
2013-10-18 09:02:00 AM

socoloco: And equally good at creating the poor.


Our poor is rich.
 
2013-10-18 09:04:11 AM
Should I feel bad?  Really, should I feel bad?  No snark intended.
 
2013-10-18 09:04:44 AM

Carn: way south: The US holds most of the wealth so its not unusual that it creates most of the wealthy people.
The problem is that our Pyramid is rather pointy at the top with a massive base at the bottom.

/but even then, our poor aren't as poor as most other nations poor.

Yeah, people even have refrigerators if you can imagine, the leeches.  What else do they want?  Some food to go in them?  HA!


First world problems.
The fact that ours have a place to put a fridge means they live like kings, compared.
 
2013-10-18 09:05:15 AM
Which is better for society- one person with 2 billion in wealth, or 100 people with 20 million each? Which scenario puts more money into society? Which is better? One person making $200 million a year, or 100 people making $2 million a year? Which scenario helps grow the economy better? And if spreading he wealth around is beneficial for society, then logically concentrating wealth in the hands of fewer people is detrimental to society.

And finally for all those that think limiting incomes is a bad thing- Is there any person on the planet that could not live a life of incredible luxury on $2 million a year? What can't-live-without necessity would a person making $2 million a year have to do without?

We are become France of the 18 century. not a good thing.
 
2013-10-18 09:06:52 AM

Yogimus: socoloco: And equally good at creating the poor.

Our poor is rich.


This is the correct response.  We eliminated poverty without eliminating the word, creating the rather bizarre paradigm that the people we call "poor" are not just among the richest people who have ever lived, they are among the richest people alive right now.  The constant agitation for yet more government goodies is the global equivalent of millionaires whining that they're not billionaires and the historical equivalent of billionaires whining that they're not Bill Gates.  Wanting more no matter how rich you are seems to be hard-wired into the human condition, hence the horror if even the rate of increase of a government entitled is reduced.
 
2013-10-18 09:07:13 AM
Huh. One day, it will actually be illegal to possess money over a certain amount.
 
2013-10-18 09:07:48 AM
why does a country get annoyed that they're not #1?

we do it here... you should SEE the whining in the press when we don't win the world cup every time. i don't understand this unshakeable belief that we would.

i dont get it
 
2013-10-18 09:08:07 AM
We're also better at providing the vast majority of our population with a standard of living and purchasing power unseen in the rest of the world, with the exception of a few tiny homogenous European countries with draconian immigration policies that make them essentially gated communities for wealthy white people.
 
2013-10-18 09:08:58 AM

theBigBigEye: Huh. One day, it will actually be illegal to possess money over a certain amount.


[citation needed]
 
2013-10-18 09:10:39 AM
Honest question for the economists out there-this stat is often pointed to as a huge indicator of our declining middle class.  But since middle class lifestyle is usually characterized by income, while wealth is measured in net worth, does the fact that so much capital is owned by a small group really affect incomes, since almost all of that capital is active in the economy?

In other words, would our incomes be that different if the US economy had the same amount of capital, but it was just distributed differently?
 
2013-10-18 09:15:28 AM

MycroftHolmes: In other words, would our incomes be that different if the US economy had the same amount of capital, but it was just distributed differently?


yes, because when you have the concentration of wealth to one subset of society, you lose the transfer of wealth within the economy and that subset of society starts hording the wealth. Without movement, you have a stagnant economy and nothing improves for anyone. The rich just keep acruing more wealth, the poor living paycheck by paycheck
 
vpb [TotalFark]
2013-10-18 09:17:00 AM

RightToWork: We're also better at providing the vast majority of our population with a standard of living and purchasing power unseen in the rest of the world, with the exception of a few tiny homogenous European countries with draconian immigration policies that make them essentially gated communities for wealthy white people.


Except that their immigration policies are much laxer than ours?  Where did you even get that?


Not to mention that we are moving in the direction of the third world.
 
2013-10-18 09:17:59 AM

vpb: Except that their immigration policies are much laxer than ours? Where did you even get that?


you have no idea what "draconian" or "homogenous" means, do you?
 
vpb [TotalFark]
2013-10-18 09:18:43 AM

Nuc_E: Should I feel bad?  Really, should I feel bad?  No snark intended.


Yes, because the wealthy tend to get that way at the expense of the poor and middle class.  mainy by using their influence to pass laws that favor them to the disadvantage of ordinary people.
 
2013-10-18 09:18:53 AM
But hey we added more McJobs with no benefits this quarter!
 
2013-10-18 09:20:09 AM
Nope, still don't feel bad.
 
2013-10-18 09:20:15 AM
We should all move to Liberia, there's hardly any rich people there!
 
2013-10-18 09:22:15 AM

vpb: Except that their immigration policies are much laxer than ours? Where did you even get that?


The difference is they actually enforce theirs, kids don't automatically become citizens if born on their soil, and they don't have Supreme Court decisions requiring that anyone who sneaks into their countries illegally is entitled to government benefits like free education, food, and healthcare.

somedude210: you have no idea what "draconian" or "homogenous" means, do you?


I know what both words mean, and I used them correctly. The latter has a typo in it - let's make a big deal out of it.
 
2013-10-18 09:23:36 AM

RightToWork: I know what both words mean, and I used them correctly. The latter has a typo in it - let's make a big deal out of it.


I was responding to vpd, not you

calm your tits
 
2013-10-18 09:24:10 AM
Productivity has surged, but income and wages have stagnated for most Americans. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000. If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000,

i.imgur.com

i.imgur.com
 
2013-10-18 09:24:54 AM
american exceptionalism:

i.huffpost.com
 
2013-10-18 09:25:10 AM
Canada has much more billionaires than the US per capita.
 
2013-10-18 09:25:22 AM
Well at least Fark didn't eat my link even if did screw up the text of it.
 
2013-10-18 09:25:29 AM

somedude210: I was responding to vpd, not you

calm your tits


My apologies. I used those words in my comment, so I incorrectly assumed you were talking to me.
 
2013-10-18 09:26:17 AM

vpb: Nuc_E: Should I feel bad?  Really, should I feel bad?  No snark intended.

Yes, because the wealthy tend to get that way at the expense of the poor and middle class.  mainy by using their influence to pass laws that favor them to the disadvantage of ordinary people.



This.

It's one thing to get rich through hard work and innovation. That is worthy of applause.  It's an entirely different thing to  get or remain rich by gaming or rigging the system.
 
2013-10-18 09:27:39 AM
It'll start trickling down soon, right?
 
2013-10-18 09:28:09 AM
I blame Obama's socialist policies! Err...
 
2013-10-18 09:29:08 AM
Agreed. I actually got paid for the overtime I worked this week instead of being forced to accept comp time. I think I see a dinner at Applebee's in my near future.

It's pretty nice being wealthy.
 
2013-10-18 09:29:38 AM

Bill_Wick's_Friend: It'll start trickling down soon, right?


It already is. Just don't ask what 'it' is.
 
2013-10-18 09:31:02 AM
Every millionaire I have know in my life started out with a large inheritance.
I've never personally meet one that started out from humble beginnings. I'm
not sure if that was just a fluke in my social circle.
I wish I could see statistics regarding this.
 
2013-10-18 09:34:37 AM

generallyso: Bill_Wick's_Friend: It'll start trickling down soon, right?

It already is. Just don't ask what 'it' is.


It feels warm but it smells funny.
 
2013-10-18 09:36:03 AM

vpb: RightToWork: We're also better at providing the vast majority of our population with a standard of living and purchasing power unseen in the rest of the world, with the exception of a few tiny homogenous European countries with draconian immigration policies that make them essentially gated communities for wealthy white people.

Except that their immigration policies are much laxer than ours?  Where did you even get that?


well yes. there's this thing called the EU...
 
2013-10-18 09:37:13 AM

FlashHarry: theBigBigEye: Huh. One day, it will actually be illegal to possess money over a certain amount.

[citation needed]


What's there to cite? There's no law as of yet that effectively limits the total amount of money one can legally have. Don't worry, though, we'll get there soon enough.
 
2013-10-18 09:38:18 AM

Amish Tech Support: Every millionaire I have know in my life started out with a large inheritance.
I've never personally meet one that started out from humble beginnings. I'm
not sure if that was just a fluke in my social circle.
I wish I could see statistics regarding this.


It's old data but your wish is granted.
Each year, Forbes Magazine releases its round-up of the four hundred wealthiest individuals and families in the United States...

We examined both 1995 and recently released information about the 1996 Forbes list. The average of 1995 and 1996 results indicate that:
30.1% Started in the Batters Box -- includes individuals and families whose parents did not have great wealth or own a business with more than a few employees.
13.9% Born on First Base -- includes individuals whose biographies showed signs of a wealthy or upper class background, but did not apparently have assets of more than $1 million.
5.75% Born on Second Base -- members inherited a small company or wealth worth more than $1 million, but less than $50 million.
6.85% Born on Third Base -- includes people who inherited substantial wealth, in excess of $50 million, but not enough to qualify for membership in the Forbes 400.
43.35% Born on Home Plate -- includes those who inherited sufficient wealth to rank among Forbes 400.
 
2013-10-18 09:39:11 AM
We are, inevitably, going to have to do something about that sooner or later. I'm assuming it will be later... and horrible... like the thousands of times before.
 
2013-10-18 09:39:46 AM
In the United States, it is entirely commonplace for your average middle-class family to have a house with a big yard, multiple cars, air conditioning, and all the latest gadgets like iPhones and gaming consoles for the kids. But because a CEO somewhere is making XX times the median income, our rage should burn with the fire of a thousand suns, and the progressive crusaders would have us scrap the American experiment to become another Europe with high taxes and high regulations. Then we can all enjoy our 3-euro bottled water from our tiny apartments and ride our vespas to work every day, but at least we'll have had the satisfaction of exacting vengeance upon those damn rich people who ran the companies that provided us with our unmatched purchasing power and services.
 
2013-10-18 09:40:07 AM

theBigBigEye: What's there to cite? There's no law as of yet that effectively limits the total amount of money one can legally have. Don't worry, though, we'll get there soon enough.


So rich people are going to write and pass a law against being rich? Right.
 
2013-10-18 09:40:32 AM
$5 a month at a time.
 
2013-10-18 09:40:55 AM

Louisiana_Sitar_Club: "But they're boot strappy!"
"I want their heads on pikes!"
Did I forget anything?


Yes... 'I'm so clever but have nothing to contribute'
/that's you
 
2013-10-18 09:42:04 AM

RightToWork: In the United States, it is entirely commonplace for your average middle-class family to have a house with a big yard, multiple cars, air conditioning, and all the latest gadgets like iPhones and gaming consoles for the kids. But because a CEO somewhere is making XX times the median income, our rage should burn with the fire of a thousand suns, and the progressive crusaders would have us scrap the American experiment to become another Europe with high taxes and high regulations. Then we can all enjoy our 3-euro bottled water from our tiny apartments and ride our vespas to work every day, but at least we'll have had the satisfaction of exacting vengeance upon those damn rich people who ran the companies that provided us with our unmatched purchasing power and services.


you are an idiot who talks rubbish. about your own country and others
 
2013-10-18 09:42:13 AM

RightToWork: In the United States, it is entirely commonplace for your average middle-class family to have a house with a big yard, multiple cars, air conditioning, and all the latest gadgets like iPhones and gaming consoles for the kids. But because a CEO somewhere is making XX times the median income, our rage should burn with the fire of a thousand suns, and the progressive crusaders would have us scrap the American experiment to become another Europe with high taxes and high regulations. Then we can all enjoy our 3-euro bottled water from our tiny apartments and ride our vespas to work every day, but at least we'll have had the satisfaction of exacting vengeance upon those damn rich people who ran the companies that provided us with our unmatched purchasing power and services.


Middle class wages have been stagnant for 30 years.
 
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