Kevin Phillips New Book

[ljb]

From a review in Los Angeles Times
Kevin Phillips new book "Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism"
Whew that's a mouthful in it self.
Snippet

The economic expansion under Bush is the first to EXCLUDE the middle class.
emphasis mine.
There is more detail in the review, here is another quote:

The Clinton boom was no great shakes for the middle either: Since 1983, according to a recent survey by the nonpartisan Pew Research Center, "the median net worth of upper-income families more then doubled, while the median net worth of middle-income families grew by just 29 percent."

[PaceAdvantage]

Wait a minute. Is somebody actually claiming there was economic EXPANSION under Bush? Wow....has hell actually frozen over?

[Tom]

Must have happened.....

[ljb]

Yes the top 1 percent are claiming there was an expansion during the Bush reign.
That is the point dudes. If you can't argue facts you make jokes, typical Republican.

[Lefty]

Here's a fact. I'm middle class and I was helped by the Bush Tax cuts.

[ljb]

Here's a fact. I'm middle class and I was helped by the Bush Tax cuts.
any way you can confirm or expand on that ?

[Lefty]

What do you want? A lie detector test? My wife and I got more money back in the form of tax rebates than we did during the Carter and Clinton yrs. She's making more money than she did in the Carter or Clinton years. Capish?
Maybe that guy should have written an e-book, wouldn't have wasted paper, i.e. the trees, that way.

[ljb]

What do you want? A lie detector test? My wife and I got more money back in the form of tax rebates than we did during the Carter and Clinton yrs. She's making more money than she did in the Carter or Clinton years. Capish?
Maybe that guy should have written an e-book, wouldn't have wasted paper, i.e. the trees, that way.
and maybe you would have been able to afford it. :D
Let's see gas up from 1.50 to 3.90 Has your wifes income increased that much?
The couple hundred you get back should buy a couple tanks of gas but what are you going to do about your increased medical expenses? Or what are you going to do for gas next week ? Come on Lefty face it, we middle class are much worse off then when the Repubs took control of all branches of our government.

[Lefty]

Yes, the dims have caused this energy crunch by being against every viable solution offered. Now the dim congress really has no solutions even though they promised one. So good thing we got this extra tax money eh, or we';d really be in a bind. I giveyou real life evidence and you just want be nasty.
I'm not worried about gas this week or next week, cause unlike you libs, i don't whine I just find my own solutions if need be. Back in the70'swhen wife was off work for several weeks due to an operation and i was unemployed, i knuckleddown and made the money by smart gambling. It was tough, it was grueling, but I did it. I'll always get by, i have no fear that i won't.

[ljb]

Now you are starting to spin Lefty. Can't answer the question just admit it.

[Lefty]

lbj, I give you reality and you say it's spiin? Everything you disagree with is spin to you. Real life is not spin. Get real.

[Lefty]

lbj, median household income in 1999 was 33,338.
2008, 61,700.

[Tom]

The lower tax brackets were cut by 50%.
Guess that is nothing?

[ljb]

lbj, median household income in 1999 was 33,338.
2008, 61,700.
Lefty,
Glad to see you dug up a fact. Got one for personal income ? Many have taken to working two jobs, putting the wife and kids to work and other activities to make enough money to cover expenses. Others are like the Republicans and just borrow with no thought of ever paying it off. See if you can get a copy of the book and get back with me.
Tom,
No one I know likes paying taxes. A 50 percent cut sounds good until you see what it is costing us in the rest of our lives. So now I pay 1000 in fed taxes vs. 2000 in the past. that additional 1000 does not begin to cover the additional expenses in every day living conditions.

[ljb]

Lefty,
Here is what I found regarding median income:
In 2006, the median annual household income was $48,201.00 according to the US Census Bureau.[3] The median income per household member (including all working and non-working members above the age of 14) was $26,036 in 2006.[4] In 2005, there were approximately 113,146,000 households in the United States. 19.01% of all households had annual incomes exceeding $100,000,[5] 12.7% fell below the federal poverty threshold[6] and the bottom 20% earned less than $20,032.[7] The aggregate income distribution is highly concentrated towards the top, with the top 6.37% earning roughly one third of all income, and those with upper-middle incomes control a large, though declining, share of the total earned income.[8][2] Income inequality in the United States, which had decreased slowly after World War II until 1970, began to increase slowly in the 1970s, and has since increased more quickly.[9] Households in the top quintile, 77% of which had two income earners, had incomes exceeding $40,705. Households in the mid quintile, with a mean of one income earner per household had incomes between $22,000 and 57,657.[10]

[Lefty]

well, lbj, the sad fact is this: The Shakers and doers in this country will always have more income than most of us. But that's no reason to cut off your nose to spite your face as you dims arewont to do. Hey don't give me a tax cut causethe richguy might get one too. It's asinine and its class envy.
But you will never learn. Expenses will always naturally escalate because of baseline budgeting and that's a fact. We pay more for gas because for 30 years we didn't take the commonsense approach to getting at our own resources and that's a fact. You lay thing s on Bush thathe has nothing to do with andthat's a fact. You will refute everything i have said because it doesn't fit with your little lib world that we all should make the same, live the same andeat the same. There will always be poverty and there will always be rich. But little people still have a chance to get to the top through hard work as long as there is opportunity to do so. But if we let the libs drag everyone into mediocrity there will be no new millionaires, and we have more now than we had 10 years ago and that's a fact.

[ljb]

Lefty
The stagflation currently affecting our economy is not "natural." The middle-class is taking it in the arse to support the mega-rich. Tax breaks or not. Basically what you are saying is you can be bought for a lousy tax break. And yes it is class warfare, we are losing the war.

[Lefty]

no, and you are wearing on my patience, the tax brks are the reason the middle class has done well. I get kinda mad when you do all this spin, then say my personal life is spin. Then when I say the tax brks help, you say i can be bght for a lousy tax brk, and on and on and on and on. The tax brks are instrumental to how Bushkept the economy going disaster after disaster.
You keep on voting for tax raises. and i'll vote otherwise. BTW, don't want your tax cut, send it back.

[Tom]

Who are the rich you refer to?
How are middle class supporting them?

Please, some specifics.

[Lefty]

lbj, the list of millionaires in thiscountry keeps growing and logic will tell you they keep coming from the middle class. but your dim friends want everyone to be equally poor, i.e. incomeredistribution but I'm for opportunity and you and the left are all about victimhood and how things aren't fair, and if someone in the middleclass says he did better under Bush then you pooh pooh that. Won't ever be any appeasing you so why do i try? Masochistic tendencies I reckon...

[ljb]

Who are the rich you refer to?
How are middle class supporting them?

Please, some specifics.
Those making more then $200,000 per anum. We are supporting them with taxes. As a percent of income when including ALL taxes the middle class pay more then these aristocrats.
We are also supporting them by sending our young men and women to their death in this mess in Iraq. Those who call themselves patriotic always seem to have a way to get out of going to battle. hmmm

[ljb]

lbj, the list of millionaires in thiscountry keeps growing and logic will tell you they keep coming from the middle class. but your dim friends want everyone to be equally poor, i.e. incomeredistribution but I'm for opportunity and you and the left are all about victimhood and how things aren't fair, and if someone in the middleclass says he did better under Bush then you pooh pooh that. Won't ever be any appeasing you so why do i try? Masochistic tendencies I reckon...
Lefty,
Oh I did not know you were a millionaire. Well then I guess I understand your support of the Corporate party. Sorry.

[chickenhead]

Let's keep it simple.

A reduction in the lowest tax bracket is a tax cut for everyone. I likey. Center the cuts on the bracket that effects everyone.

[Lefty]

Lefty,
Oh I did not know you were a millionaire. Well then I guess I understand your support of the Corporate party. Sorry.
Not even close to being a millionaire and i do not pay the ornerous amt they already pay. I'm middle class and got helped by tax cuts as did millions of others. You seem to resent that. Corporations supply jobs, those on food stamps do not. 57% of us are in the mkt one way or another, so stop the libdiculous nonsense.

[JustRalph]

Those making more then $200,000 per anum. We are supporting them with taxes. As a percent of income when including ALL taxes the middle class pay more then these aristocrats.
We are also supporting them by sending our young men and women to their death in this mess in Iraq. Those who call themselves patriotic always seem to have a way to get out of going to battle. hmmm

200k? You think that is rich huh?

[ljb]

Ralph,
The amount is actually $250,000.
Lefty, Your statement about millionaires being created in the past 10 years or so proves the point made in the book. The economic expansion has benefited the upper income people at the expense of middle income people.

[Lefty]

lbj, it don't pass the laghometer. The groups are not static, people move up and down. A lot of poor people rose to middleclass and a lot of middleclass became millionaires. Stop enving those that took more advantage of their opportunities than you or I. Be grateful for what you've got and that you live in a free capitalistic society that allows anyone to succeed. But too many sit around and wait for the govt to provide. It's a socialist agenda that requires one person to provide for another. We have too much of it already, I for one will not vote for ANYONE that threatens tax raises.

[ljb]

lbj, it don't pass the laghometer. The groups are not static, people move up and down. A lot of poor people rose to middleclass and a lot of middleclass became millionaires. Stop enving those that took more advantage of their opportunities than you or I. Be grateful for what you've got and that you live in a free capitalistic society that allows anyone to succeed. But too many sit around and wait for the govt to provide. It's a socialist agenda that requires one person to provide for another. We have too much of it already, I for one will not vote for ANYONE that threatens tax raises.
Lefty,
You really should broaden your horizons. All you know/say is corporate propaganda. Read the book or something. I don't really care if you vote for McSame, would not expect anything different from a corporate pawn.

[Tom]

Those making more then $200,000 per anum. We are supporting them with taxes. As a percent of income when including ALL taxes the middle class pay more then these aristocrats.
We are also supporting them by sending our young men and women to their death in this mess in Iraq. Those who call themselves patriotic always seem to have a way to get out of going to battle. hmmm

More rhetoric. Got any ral data to support your calim on the taxes? Becasue the bottom 50% of wage earners only pay 3% of all taxes. Those at the top pay the majority.

Your second reason is just plain poltical busllshit. It is a volunteer milirty. NO ONE sends anyone who doesn't voluteer. Try to deal in the real world, not your fantasy world. Just shows you have no intention of any intelligent discussion - just a mindless troll. Back to IGGY...your really are not worth it.:ThmbDown::ThmbDown::ThmbDown:

[Lefty]

so, lbj, does your book say corporations don't provide jobs? Does it say only the rich are invested in the stock mkt? Does it say that people who work for corporations don't pay taxes? Does it say that? Mind telling me what i said that was fallacious or do you just want to do the liberal anti-corporation rant?

[delayjf]

Many have taken to working two jobs, putting the wife and kids to work and other activities to make enough money to cover expenses.
You have no way to verify the above. I'm sure it maybe true for some families, but not for most. What about all the single people out there with no extra income from there wifes or kids, how do they survive?

[ljb]

It should be obvious. Single people with no family have a much lower cost of living. However I do know a few who have moved back in with mom and dad.

[delayjf]

It should be obvious. Single people with no family have a much lower cost of living. However I do know a few who have moved back in with mom and dad.
So do I, but it's because they were pampered momma's boys who had sunshine blown up there arses all through high school and college and now find they can't hack it the real world. Your anecdotal observation is not enough evidence to validate you statement.

[ljb]

and you have no evidence to refute it.

[ljb]

so, lbj, does your book say corporations don't provide jobs? Does it say only the rich are invested in the stock mkt? Does it say that people who work for corporations don't pay taxes? Does it say that? Mind telling me what i said that was fallacious or do you just want to do the liberal anti-corporation rant?
No it says corporations are providing more and more jobs for Phillipinos, Indians, Asians and others from third world countries. They may pay taxes but not in America. It also says many corporations are getting tax breaks by moving off shore. As far as investing in the stock market a majority of Americans invest in the stock market, most through their retirement 401k or something of that sort. They have also seen the value of that disappear along with the value of their home. But we did get a tax break. So I guess in some peoples minds it all evens out.

[Lefty]

Does he point out that if capital gains taxes go up it hurts working people and seniors who own stocks through 401k's and mutual funds and other means? Does he point out that labor costs driven through the roof by labor unions is part of the reason these corps go off shore and even with that there are a lotof americans still working for corps and small business?
Does he point out job outsourcing been goin on long before this admin took office?
Who do you work for lbj?

[ljb]

Does he point out that if capital gains taxes go up it hurts working people and seniors who own stocks through 401k's and mutual funds and other means? Does he point out that labor costs driven through the roof by labor unions is part of the reason these corps go off shore and even with that there are a lotof americans still working for corps and small business?
Does he point out job outsourcing been goin on long before this admin took office?
Who do you work for lbj?
Just curious Lefty, How much have you paid in capitol gains taxes in your life? Labor unions are what got you your health care and a 40 hour week and paid vacation and enough money to provide for your family with a few bucks left over to bet the horses or enjoy other recreational activities. I know the conservative think tanks don't like to admit this but it is a fact. Corporations found a way around providing these to their workers, they just outsourced what ever they could and brought in immigrants (some legal) to do the work that could not be outsourced.

[Lefty]

What i've paidis irelevet. Higher taxes all around hurtds everyone.
If you owned a business and could outsource to make more profits foryour investors you'ddo it to or run the riskofbankruptcy. You completely dismiss the idea that unions have priced a lot of theirworkers out of the mkt.
Who do you work for? A corp, a small business, or self employed?
So you believe tax raises are good?