Capital in the Twenty-First Century

[PNWbrit]

Had we implemented higher taxes on wealth and investment income 40 years would the middle 50% be living at a similar, higher, or lower quality of life then they do today?

Iphones trickled down?

My smart phone is Korean, What was ROK tax policy over corresponding time period.

[Buster Highmen]

Exactly. Capitalism, with high rewards for investment and innovation, has progressed the quality of life for the average American to the point where people would not believe what we have access too now.\

This is a bullshit argument - the technology wasn't available 40 years ago. No made up .05% of the people had it.

Had we implemented higher taxes on wealth and investment income 40 years would the middle 50% be living at a similar, higher, or lower quality of life then they do today?

Taxes WERE higher 40 years ago. Don't you get tired of embarassing yourself? Did you pay ANY attention to Piketts points aside from his own admitted poor tax plan?

[XavierD]

This is a bullshit argument - the technology wasn't available 40 years ago. No made up .05% of the people had it.

That is my point, overall quality of life has improved.

Taxes WERE higher 40 years ago. Don't you get tired of embarassing yourself? Did you pay ANY attention to Piketts points aside from his own admitted poor tax plan?

Were the tax rates sustained?

I'm critiquing the solution he offered, are you offering another?

[Benny Profane]

Benny that's atrocious grammar. They would be doing "well".

It still doesn't shunt aside Piketty's major point: that the financial security of the middle class is taking a major dive. Remember the 60s when a single income could swing it all: house, college, vacation cabin, etc?

Now even floating the college for the kid is out of the question.

Heh, I was doing a road loop with four old friends (they're old, too) who are all retired comfortably at a relatively early age. None felt a need to get anything besides a B.A. before they embarked on their little servitude to corporate America. And college was practically free back then. Today? No way, a B.A. is the equivalent of a high school degree from 1968. But even an expensive law degree or MBA is no guarantee you won't be eating alpo late in life.

There's all of these kids, right now, opening up envelopes that will determine their future financial life if they're not going to inherit. And the fork in the road is getting much more severe these days. Ivies are about 35% legacy acceptance these days. And I think we all know how an Ivy diploma is worth so much more, in dollars and association.
There's just a whole lot of other kids who are smart and ambitious who I'm afraid will never get close to college. And, next year, less.

[abraham]

http://qz.com/203977/private-securit...nd-detectives/

Saw this today, seems like an interesting idea. And related to the thread. The other one is just candy spewing.

[mud]

You really believe that? Huh.

It worked for my grand dad who lost his whole family and their business in the Armenian genocide, and had to start all over in a new country.

It worked for my Dad and Mom who survived the downfall of working for Ford and living in Detroit and eventually creating a new business with no backup or outside financing.

It worked for me paying off an art degree by working as a bike messenger (pre internet era) back when photographers still needed their portfolios sent to Madison Ave and delivered by hand. Then eventually moving west and getting in early on the housing construction boom then moving on to financing.

Of course if you grew up entitled you may not be hungry enough to make it and think society is against you when in fact you may just be a lazy bitch who likes to post on internet forums. Not you exactly Tip, I like your insight this is directed at people that complain all the time and show no optimism like our Capt Benny Shitstain.

[Buster Highmen]

That is my point, overall quality of life has improved.

You claimed it was available to some fallactious .05 %.
The overall quality of life has not improved if one measures things like purchasing power, cost of education or the value of a dollar.
Solidstate transistor radios were a big whoopdeedo circa 1962 but really doesn't have that much to do with the argument you're missing.

Were the tax rates sustained?

No and that may be related to why wealth is accumulating in the top .01% faster than ever.

I'm critiquing the solution he offered, are you offering another?

Your criticism is vacuous as I've pointed out.
I wouldn't begin to sketch some other options to actually address the fundamental problem with nitwits that don't grasp it.

[digitaldeath]

capitalism doesnt work in the long run. old fuck get all butthurt and stifle innovation and competition

look no further than Tesla and their battle against the establishment

old fuckers protecting their honeypots at the expense of the COMMON GOOD

Capitalism is simple _________ m=c=m money commodity money

now its money=money ----- you take away commodities from the equation and everyone below is fucked for good


totally fucked

fuck off you old fuckers

sleepy time

[hutash]

Had we implemented higher taxes on wealth and investment income 40 years would the middle 50% be living at a similar, higher, or lower quality of life then they do today?

I assume you mean 40 years ago, but yes 40 years ago there was much higher taxes on wealth and investment, and the middle class was doing much better. Since then the taxes have been lowered and the middle class squeezed. Cause and effect or merely correlation???

We could not get mangoes year round (do we need to?), but there were always fresh in season fruits and vegetables, which were more then adequate. Do we really "need" a computer in our pockets, and does that really have anything to do with wealth in the first place?

[PNWbrit]

... and a meaningful inheritance tax regime.

We used to have one of those.

[that dude who did that thing]

I assume you mean 40 years ago, but yes 40 years ago there was much higher taxes on wealth and investment, and the middle class was doing much better. Since then the taxes have been lowered and the middle class squeezed. Cause and effect or merely correlation???

post hoc ergo propter hoc is the single most common fallacy in all of economics. A national economy is an incredibly complex thing with millioins of moving parts, multiplied by external forces. Yet too many economists are wuite happy to say "there were higher taxes then and quality of life was lower, therefore. . . "

If the last 20 years have taught us anything at all it is that the rich will take care of the rich no matter what. Which means the rest of us ought to be lookin gout for each other. "Which side are you on?" remains the single most important question in economic theory. You can support public policy that improves conditions for the middle and lower classes or public that improves conditions for the rich. At any given moment, it's a zero-sum game.

I know which side I'm on, how about you?

[Benny Profane]

It worked for my grand dad who lost his whole family and their business in the Armenian genocide, and had to start all over in a new country.

It worked for my Dad and Mom who survived the downfall of working for Ford and living in Detroit and eventually creating a new business with no backup or outside financing.

It worked for me paying off an art degree by working as a bike messenger (pre internet era) back when photographers still needed their portfolios sent to Madison Ave and delivered by hand. Then eventually moving west and getting in early on the housing construction boom then moving on to financing.

Of course if you grew up entitled you may not be hungry enough to make it and think society is against you when in fact you may just be a lazy bitch who likes to post on internet forums. Not you exactly Tip, I like your insight this is directed at people that complain all the time and show no optimism like our Capt Benny Shitstain.

Hey Mud, I just broke a string on my tiny violin.

Didya hear that? It's the slums calling. Time to get on your knees and fix that toilet. Gotta keep that capital flowing.

[digitaldeath]

guys!

m=c=m

now its just

m=m

isnt that the problem here

[Benny Profane]

http://thebaffler.com/blog/2014/04/w...tics_get_wrong

"I apologize in advance, because I am going to talk about a book that I have not yet read. To be clear, I intend to read Thomas Piketty’s “Capital in the Twenty-First Century.” It is sitting on my (virtual) bedside with a big stack of other (digital) books that I intend to read. But it’s far down in the queue, and I’m afraid that I can’t wait to weigh in—not on the book itself, but on its topic."

[Missing Sock]

Hey Mud, I just broke a string on my tiny violin.

Didya hear that? It's the slums calling. Time to get on your knees and fix that toilet. Gotta keep that capital flowing.

Benny where did this overwhelming jealousy towards anyone who has become monetarily successful come from? The level of your bitterness is truly astounding.

[neck beard]

Unlike in Capitalist America, All the socialist countries [Finland, Sweden, Norway, UK, Germany, France, Canada, Australia, Korea, Japan, too many to list] use home phone landlines and are still eating last year's potatoes from their basements. And travel to see their kin by horse and buggy. Or foot. In fact, I am wearing a tunic and hose right now.

[digitaldeath]

I needs mine

[Benny Profane]

Benny where did this overwhelming jealousy towards anyone who has become monetarily successful come from? The level of your bitterness is truly astounding.

MUD's successful?

[Missing Sock]

MUD's successful?

Relative to you? Certainly appears that way.

[Sirshredalot]

MUD's successful?

I've really enjoyed hearing from the ultra successful people here who nail drywall for a living and think a million bucks is an incomprehensibly vast sum of money!

[Benny Profane]

Relative to you? Certainly appears that way.

How so? Seriously. I'm intrigued.

[BmillsSkier]

Bunch of dentists who all profess to live the dream; log 100 days a year (all powder) and have $10,000 quivers (bikes, boards, whatever) are whining that the deck is "stacked" against them, so you lock onto some tax-us-all-to-prosperity approach?

Talk about a poor me thread.

Keep whining and don't sacrifice a thing, that's what they're counting on to sell more books. "Can't make it these days", yeah right. To quote the wisdom of Tommy Boy, "get a better map."

[digitaldeath]

Bunch of dentists who all profess to live the dream; log 100 days a year (all powder) and have $10,000 quivers (bikes, boards, whatever) are whining that the deck is "stacked" against them, so you lock onto some tax-us-all-to-prosperity approach?

Talk about a poor me thread.

Keep whining and don't sacrifice a thing, that's what they're counting on to sell more books. "Can't make it these days", yeah right. To quote the wisdom of Tommy Boy, "get a better map."

Ya you slayed these fucking pigs.

[digitaldeath]

Anyone skiing dynafit should be hung from the tram!!!

Does anyone recall that fucking shit who claimed to be poor after posting a pic of 4 brand new artryx'' shells?

Fuck that user

Fuck any of the users in this thread pontificating about economics and then avoiding the clear truths. Fucking traders. Cheating the game.

Floor will fallout on the stacked deck sooner or later. Ill be skiing for free.

[Toadman]

So trickle down don't work? Fuck! I was really counting on that to fund my retirement. Damnit! Maybe the gov't will see fit to privatize SSI, and all will be hunky dory, or if you prefer...kosher.

What really concerns me is that the former middle class will let their dental hygiene go to shit, and, well, the dental profession will collapse.