Our coming rentcropper society

[beng]

Theres opportunity here ......take advantage of the low rates, low prices and rental market growth and purchase an income property

[Merc-MarkO]

Federal income tax rates in the US are very low by worldwide standards.

I was in the 44% bracket when i worked in Ireland making half of what I make now. F that!

[tjl]

The growing income inequality is one problem but the bigger problem is the lack of mobility and that should bother everybody. You will have a large amount of people who will require low-cost access to housing, health care, education, and other essential needs, and if they aren't earning enough or being provided with some form of support, they will be basically economically stagnant and really not contributing anything to our nation's progress.

Yes, it is lack of economic mobility that is of greater concern. The US has already fallen behind Europe in that respect in that an American is more likely to grow up into the same socioeconomic class as his/her father than a European is -- i.e. socioeconomic success or lack thereof depends on a greater degree of inherited socioeconomic status than one's own ability and effort in the US than in Europe.

Places with low economic mobility tend to have problems like political instability (e.g. poor otherwise-hopeless people grasping for straws offered by far-left politicians -- not exactly good for anyone, including the wealthy), crime (even if you are wealthy, do you really want to have to drive an armored car and hire bodyguards and other heavy security?), and less economic growth (if a lot of potential talent is wasted, the economy is smaller than it otherwise would be -- even the wealthy may find that their businesses and investments do less well if no one else has money to buy from them).

This sword cuts both ways, and Republicans basically deny this reality, while Democrats pretend that it doesn't exist.

Or the Democrats have no clue the problem exists and are not organized enough to do anything about it if they do figure out that it exists, while the Republicans seem to want to accelerate the problem with their emphasis on eliminating taxes on inheritance and reducing taxes for the top 1%.

[GeoffD]

Yes, it is lack of economic mobility that is of greater concern. The US has already fallen behind Europe in that respect in that an American is more likely to grow up into the same socioeconomic class as his/her father than a European is -- i.e. socioeconomic success or lack thereof depends on a greater degree of inherited socioeconomic status than one's own ability and effort in the US than in Europe.

Places with low economic mobility tend to have problems like political instability (e.g. poor otherwise-hopeless people grasping for straws offered by far-left politicians -- not exactly good for anyone, including the wealthy), crime (even if you are wealthy, do you really want to have to drive an armored car and hire bodyguards and other heavy security?), and less economic growth (if a lot of potential talent is wasted, the economy is smaller than it otherwise would be -- even the wealthy may find that their businesses and investments do less well if no one else has money to buy from them).



Or the Democrats have no clue the problem exists and are not organized enough to do anything about it if they do figure out that it exists, while the Republicans seem to want to accelerate the problem with their emphasis on eliminating taxes on inheritance and reducing taxes for the top 1%.

In general, the people who need to move live in regions with an eroding middle class. Tampa. Phoenix. Las Vegas. Rust Belt. If you own a house there, you're not mobile even if you have 21st century job skills.

[HI SPEED]

This is why I purchased rentals before my own home.

[ValveCoverGasket]

i.e. socioeconomic success or lack thereof depends on a greater degree of inherited socioeconomic status than one's own ability and effort in the US than in Europe.

due in no small part, i suspect, to greater access to higher education in europe.
thats quickly becoming only a pursuit of the well to do here in the us... education budget cuts, for the win!

[shadylurker]

My American dream is based on education (I still ave 50hrs of continued ed credits a year at age 47), working my a$$ off (I work 45-60 hrs a week for 25 yrs now), constantly setting realistic goals, constantly seeking greater challenges and networking (I've been in the same exact role at my employer 5.5 yrs and still interview for other opportunities 3-5x a year), not expecting any cushy entitlements and manipulating the system as best i can for my own benefit. Do all that and you'll be just fine.

Simple rule: you get out of life what you put into it!

no offense man but that sounds like a ****ty life

[tbvvw]

no offense man but that sounds like a ****ty life

There's quite a nice monetary reward on the 15th and 30th of each month. Not to mention a 30% bonus paid every 2/15 (last yr it was > 50K). Plus 6 wks paid vacation and 10 paid holidays. Sorry to disappoint...but if you saw the quality of life for me, my wife and my 4 kids, my personal travel schedule, my hobbys, the charitable efforts I support, etc... I live the complete opposite of a ***ty life...thank you very much!

I stand by my..."you get out of life what you put into it" belief.