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You do realize that nearly half of the country owns stock either directly or indirectly....right?
What the average American owns in stocks is peanuts.
The bulk of the stock and wealth is owned by the very top. Look at the NET WORTH of the average American. It isn't even $100,000. Look at this chart. It's dismal. You realize net worth includes the assets of a person's house, stocks, cash in banks etc. minus debts, right? https://www.thebalance.com/american-...olitan-4135839
Note: look at the middle 20% and below. Net Worth actually went DOWN since 2000. Just remember as my dad always said "you can't eat your house" and that is the bulk of wealth in this country for the average American.
After I wrote this post I just watched Ray Dalio on CNN and he was saying how dire things are for the average American and things need to change. Wow that is saying something.
Ray Dalio (from CT) founded and manages the largest hedge fund in the world, Bridgewater Associates. He warns that if we don't reform capitalism to narrow the wealth gap in this country, we’ll not only see greater polarization, but also a worse economy for all.--Ray Dalio https://www.youtube.com/watch?v=pYZxD1Nnglw
Who are closing those businesses? That would be those local and state governments you’re giving a free pass to.
We’ve discussed this before. Lockdowns don’t work. They are decimating small businesses. The federal government isn’t responsible for that.
It’s amazing to see someone blame the federal government for not providing relief to a segment that is being eradicated by state governments.
This the wrong thread to have this debate again, but they could work if done correctly starting at the federal level, not at the state level where every state can have their own rules. That is where this went +300K deaths wrong.
And yes, I blame the feds because they could have provided relief to small businesses.
What the average American owns in stocks is peanuts.
The bulk of the stock and wealth is owned by the very top. Look at the NET WORTH of the average American. It isn't even $100,000. Look at this chart. It's dismal. You realize net worth includes the assets of a person's house, stocks, cash in banks etc. minus debts, right? https://www.thebalance.com/american-...olitan-4135839
Note: look at the middle 20% and below. Net Worth actually went DOWN since 2000. Just remember as my dad always said "you can't eat your house" and that is the bulk of wealth in this country for the average American. Attachment 226003
After I wrote this post I just watched Ray Dalio on CNN and he was saying how dire things are for the average American and things need to change. Wow that is saying something.
Ray Dalio (from CT) founded and manages the largest hedge fund in the world, Bridgewater Associates. He warns that if we don't reform capitalism to narrow the wealth gap in this country, we’ll not only see greater polarization, but also a worse economy for all.--Ray Dalio
Peanuts? It's called a retirement plan. Just look at Calpers. O course the bulk is head by the top but they can't sell it otherwise it would cause a net selloff. An average is just that..an average. What is your logic here? More programs and assistance? Most people get by. Public housing and transit aren't exactly luxuries. The fact of the matter is most wealth IS investment wealth and the tax code clearly favors that so why are some so obsessed with say minimum wage workers that make up less than 1% of the labor force? Also you can't average ages because obviously as you make more and earn more you have more
Average net worth: 20s
Average net worth: $56,984
Median net worth: $6,500
Average net worth: 30s
Average net worth: $174,002
Median net worth: $32,600
Average net worth: 40s
Average net worth: $457,783
Median net worth: $93,460
Average net worth: 50s
Average net worth: $998,416
Median net worth: $152,400
Average net worth: 60s
Average net worth: $1,121,534
Median net worth: $221,200
Age means more education and wealth and this obviously compounds. Of course this also depends as to what people are in what age brackets and overall health since not everyone lives to their 60s.
https://en.wikipedia.org/wiki/List_o...alth_per_adult
Then you have to factor in taxes and overall costs of living. 100K in hartford is much different then 100K in manhattan or LA. I would also argue that not owning a house or at least have most of it paid off by retirement is going to hurt more in the long run.
As for lockdowns it isn't a lockdown just learn to do more online. Look we have a condition that's spreadable with more exposure to other people. It makes sense to minimize that. I've had food delivered and meals and used pickup services. I did this mostly by ordering online. If you don't know how to do that well I don't know what to tell you. Things are changing. Will they really be "normal"? probably not. After 9/11 we were told that taking your shoes off at an airport was temporary...it's been nearly 20 years. I'm not saying we'll require masks 100% of the time but I think that's still going to be an option. A mask might be like having a wallet or purse or having your id on you..
Peanuts? It's called a retirement plan. Just look at Calpers. O course the bulk is head by the top but they can't sell it otherwise it would cause a net selloff. An average is just that..an average. What is your logic here? More programs and assistance? Most people get by. Public housing and transit aren't exactly luxuries. The fact of the matter is most wealth IS investment wealth and the tax code clearly favors that so why are some so obsessed with say minimum wage workers that make up less than 1% of the labor force? Also you can't average ages because obviously as you make more and earn more you have more
Average net worth: 20s
Average net worth: $56,984
Median net worth: $6,500
Average net worth: 30s
Average net worth: $174,002
Median net worth: $32,600
Average net worth: 40s
Average net worth: $457,783
Median net worth: $93,460
Average net worth: 50s
Average net worth: $998,416
Median net worth: $152,400
Average net worth: 60s
Average net worth: $1,121,534
Median net worth: $221,200
Age means more education and wealth and this obviously compounds. Of course this also depends as to what people are in what age brackets and overall health since not everyone lives to their 60s.
https://en.wikipedia.org/wiki/List_o...alth_per_adult
Then you have to factor in taxes and overall costs of living. 100K in hartford is much different then 100K in manhattan or LA. I would also argue that not owning a house or at least have most of it paid off by retirement is going to hurt more in the long run.
As for lockdowns it isn't a lockdown just learn to do more online. Look we have a condition that's spreadable with more exposure to other people. It makes sense to minimize that. I've had food delivered and meals and used pickup services. I did this mostly by ordering online. If you don't know how to do that well I don't know what to tell you. Things are changing. Will they really be "normal"? probably not. After 9/11 we were told that taking your shoes off at an airport was temporary...it's been nearly 20 years. I'm not saying we'll require masks 100% of the time but I think that's still going to be an option. A mask might be like having a wallet or purse or having your id on you..
"The average net worth of all U.S. families is $692,100, according to The Federal Reserve’s Survey of Consumer Finances. If you look at the median, or those at the 50th percentile, the amount is significantly lower: $97,300 — and that may be a better gauge, since the super rich can pull up the average."
This the wrong thread to have this debate again, but they could work if done correctly starting at the federal level, not at the state level where every state can have their own rules. That is where this went +300K deaths wrong.
And yes, I blame the feds because they could have provided relief to small businesses.
My opinion.
You do realize shutting the entire nation down at the direction of the federal government in this country is not legal, right? It can only be a national advisory, as state’s rights supersede.
"The average net worth of all U.S. families is $692,100, according to The Federal Reserve’s Survey of Consumer Finances. If you look at the median, or those at the 50th percentile, the amount is significantly lower: $97,300 — and that may be a better gauge, since the super rich can pull up the average."
Right but I don't think you really understand. people can become wealthy with age. There is a HUGE difference between saying "I am poor" vs "I am someone who happens to be poor at this moment in time".
I'm 40. I just spent $1,100 in a car repair and I close on a house in three weeks. Am I rich? No...I'm 40. I have a few degrees, no debt and investments in a roth IRA and some stocks. I'm 40. Did I grow up with this? heck no. I was hardly making anything when I was 19. I'm not saying bootstrap mentalities here but you'd have to be totally clueless to not under the gains of investments vs actual physical labor which is taxing not just on the wallet but also on the body.
As people get older they get more in their investments, they get better jobs, they get more in terms of income and overall have more education and assets. Sure you can argue it's "rich" but how did they get that way. It's saving and investing. There's nothing wrong with people making money.
"You do realize shutting the entire nation down at the direction of the federal government in this country is not legal, right? It can only be a national advisory, as state’s rights supersede."
Not exactly. Anything in the air is FAA as it is regulated by the feds and not the state. Let's say you have a coal plant in PA and it's the 1970's and it's spewing exhaust all over the place. Ok fine. but it goes to NJ. Do you honestly think PA has the right to do that? Heck no. NJ takes PA to court and they put regulations on emissions. Replace pollution with disease. Now states don't really have the power or resources to realistically close state borders. Much of our economy has people going from state to state.
If feds can't do something direct then they do do something indirect. There's no actual federal laws on speeding or drinking. But when we wanted to crack down on drunk driving we used highway funds to cause the drinking age to increase.
Remember after 9/11 when the airlines were shutdown for a month? Did any state DOT's complain? No they didn't. Let's say it's a ecoli issue with a company. Remember Jack in the Box? that's a great case on that as it led to Chipotle about 25 years later. Again the feds get involved in anything that crosses state lines.
Does any state have the ability to close it's borders and shut down by itself and prevent a spread? Probably not so that's why the feds are involved. Once you go beyond one state it is then interstate commerce.
I'm 40. I just spent $1,100 in a car repair and I close on a house in three weeks. Am I rich? No...I'm 40. I have a few degrees, no debt and investments in a roth IRA and some stocks. I'm 40. Did I grow up with this? heck no. I was hardly making anything when I was 19. I'm not saying bootstrap mentalities here but you'd have to be totally clueless to not under the gains of investments vs actual physical labor which is taxing not just on the wallet but also on the body.
Don't think about yourself personally. This is a big picture thing as it pertains the the CT economy.
In the 2008 crash the stock market lost more than 50% of it's value. CT suffered with the rest of the country.
en.wikipedia.org/wiki/United_States_bear_market_of_2007–2009
There is a lot of pain and lost income in this country but you would never know it by the stock market.....and ultimately that bodes well for Connecticut. Go look at the chart that poster "ObedientSir" put in post #15540. There are only 4 states that have lost income of LESS than 5% and CT is one of them. Look at all the lost income in all the other states.
What will happen when all the moratoriums on rent and mortgage payments are up? How are people in all those states all over the country going to catch up on their mortgages with all that loss of income? LOTS OF PAIN COMING in 2021. By that map it appears CT will not be that bad.
It's not just about income either but that certainly helps. This site rates the state with 6 different metrics on wealth. Connecticut is #1. There are many in CT that have a lot of resources to weather bad times like this better than many other states. There certainly will be many residents that will suffer but I don't think CT will as bad as most states.
#1 Connecticut https://www.chamberofcommerce.org/ho...-each-us-state
"The richest state in the United States is Connecticut, by a significant margin. In 2017, the Constitution State’s real per capita income was almost $4000 higher than that of Massachusetts’, the state with the next-highest real per capita income and the state also performed well in all other categories. While Connecticut is middle-class for the most part, the uber-rich residents of Fairfield County, which is home to a number of the most affluent communities in the United States, elevate the state to the top spot. "
Don't think about yourself personally. This is a big picture thing as it pertains the the CT economy.
In the 2008 crash the stock market lost more than 50% of it's value. CT suffered with the rest of the country.
en.wikipedia.org/wiki/United_States_bear_market_of_2007–2009 Attachment 226018
There is a lot of pain and lost income in this country but you would never know it by the stock market.....and ultimately that bodes well for Connecticut. Go look at the chart that poster "ObedientSir" put in post #15540. There are only 4 states that have lost income of LESS than 5% and CT is one of them. Look at all the lost income in all the other states.
What will happen when all the moratoriums on rent and mortgage payments are up? How are people in all those states all over the country going to catch up on their mortgages with all that loss of income? LOTS OF PAIN COMING in 2021. By that map it appears CT will not be that bad.
It's not just about income either but that certainly helps. This site rates the state with 6 different metrics on wealth. Connecticut is #1. There are many in CT that have a lot of resources to weather bad times like this better than many other states. There certainly will be many residents that will suffer but I don't think CT will as bad as most states.
#1 Connecticut https://www.chamberofcommerce.org/ho...-each-us-state
"The richest state in the United States is Connecticut, by a significant margin. In 2017, the Constitution State’s real per capita income was almost $4000 higher than that of Massachusetts’, the state with the next-highest real per capita income and the state also performed well in all other categories. While Connecticut is middle-class for the most part, the uber-rich residents of Fairfield County, which is home to a number of the most affluent communities in the United States, elevate the state to the top spot. "
right but we also had a nasdaq crash of 25% in 2000. I'm well aware of the programs that you state and also others (students loans, higher unemployment payments by states etc). Like most people I lost a fair amount earlier this year but then gained it and more. My roth IRA outperforms most of my stocks. having said this I bought in on corrections and made significantly more.
Some people have lost income. If you tell people they can get away without paying a bill until the last day then many will wait until the last day. Talk to any billing department in any company. I'm used to net 30 and I remember a medical company trying to imply as if they are net 180...um no.
CT can still be bad because frankly it's been quoted here about the loss of public jobs vs private and private certainly came back post 2008. But it did so on the basis of many of these companies merging and being bought out by out of state companies. So if the corporate income taxes aren't coming back then what? Remember the USB trading floor? https://nypost.com/2017/04/19/ubs-ha...trading-floor/
Finance and insurance jobs can be done anywhere. Just look at the IT losses in SF. Having a big nice house is great but it doesn't mean the income is there. It is much harder to determine the overall net worth of someone solely based on demographics and where someone lives. I live in western Mass and the houses cost much less than eastern. It is not that hard to find younger people that own their home and the word "roommates" is hardly used. So some might think that there's those that are poorer. But yet many I know have second homes on the cape. what matters is not so much how much people make or spend but how they balance both of those. Remember Ronald Read? https://www.fool.com/retirement/2020...e-by-reti.aspx https://en.wikipedia.org/wiki/Ronald...philanthropist)
8 million was made by investing and living cheaper not by just working and going to bed.
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