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$1 to poor worker ads $1.21 to GDP. $1 to wealthy ads 39c Follow

#1 Mar 13 2014 at 9:58 PM Rating: Excellent
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Well there we have it. Now gbaji can come by and if he reads the article, point out that the $1 to a "high-income" American didn't say it was going to business owners, and it's business owners who are the only* wealth creators, so it's only their GDP multipliers that count.

All those dollars low-wage workers spend create an economic ripple effect. Every extra dollar going into the pockets of low-wage workers, standard economic multiplier models tell us, adds about $1.21 to the national economy. Every extra dollar going into the pockets of a high-income American, by contrast, only adds about 39 cents to the GDP.

These pennies add up considerably on $26.7 billion in earnings. If the $26.7 billion Wall Streeters pulled in on bonuses in 2013 had gone to minimum wage workers instead, our GDP would have grown by about $32.3 billion, over triple the $10.4 billion boost expected from the Wall Street bonuses.


Some nice dry references:
Quote:
Economic multipliers: Based on the macroeconomic multipliers calculated by Moody’s Analytics Chief Economist Mark Zandi, which estimate the one-year dollar change in GDP for a given dollar reduction in federal tax revenue. For the low-wage worker multiplier, we followed a methodology developed by the Economic Policy Institute and averaged Zandi’s stimulus multipliers for the Earned Income Tax Credit (within the parameters of the American Recovery and Reinvestment Act) and Making Work Pay (ARRA’s refundable tax credit for working individuals and families) for a multiplier of 1.21. For the high-income multiplier, we used Zandi’s multiplier for dividend and capital gains tax cuts, for a multiplier of 0.39. Capital gains are heavily concentrated among very high-income individuals. According to the Tax Policy Center, the top 1 percent of taxpayers received 71 percent of all capital gains in 2012.


*This is the preposition that is wrong, gbaji.
#2 Mar 14 2014 at 2:20 AM Rating: Excellent
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Of course it does, anyone who disagrees that more money in the hands of more people is poor for the economy is a ******* ******. The number one drag on growth of the US economy is consumerism, and that is because a vast number of people don't have the money, or refuse to spend the money to drive the economy. People that disagree with this are purely self beneficiaries of limited money movement. Bankers, Insurance agents and Investors.

Every economic model since they began has shown that people spending money fuels the economy, and that more people having liquid assets fuels the economy then less people. This includes people who only go to the theatre once a month, and people who own the theatres buying rights to the movies. It even includes the folks buying used vehicles like a Lexus for example.

More money in the hands of many ALWAYS out weighs money in the hands of the few.
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#3 Mar 14 2014 at 7:44 AM Rating: Excellent
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I'd feel more compassion towards poor people if they weren't all scamming the system and owning refrigerators.
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#4 Mar 14 2014 at 8:03 AM Rating: Excellent
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Did you know that nearly 97% of poor people own doors?

Cavemen didn't have doors. How can you say someone is actually poor when they're sitting there on their welfare sofa, just openin' and closin' their door like a king?
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#5 Mar 14 2014 at 8:39 AM Rating: Excellent
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After a certain point, wealthy people just don't spend much money. There's the house, and the car, and the second (third) house and car, and clothes... how much can one person really use? So after the closets and garages are full, they're just not very productive consumers any more.

Poor people, on the other hand, need lots of stuff all the time. Their money gets turned around very quickly.

It's nice to see it quantified, of course.

The sweet spot, I imagine, would be the middle class, where disposable income is a real thing AND still has some immediate gratification: upgrading to a new car instead of buying a used beater, replacing furniture when it gets a little worn, remodeling, buying clothes that are stylish now but will need to be replaced next season, etc. Not luxuries as such, but certainly more than basic necessities.

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#6 Mar 14 2014 at 8:44 AM Rating: Excellent
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Samira wrote:
how much can one person really use?
I'm not sure, but I think I should start a kickstarter to see if I can find out.
#7 Mar 14 2014 at 8:55 AM Rating: Excellent
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Samira wrote:
After a certain point, wealthy people just don't spend much money. There's the house, and the car, and the second (third) house and car, and clothes... how much can one person really use? So after the closets and garages are full, they're just not very productive consumers any more.

What about my stable of hos? They need food, clothes and shelter as well. Also pimp cups. Always room on the shelf for another pimp cup.

Edited, Mar 14th 2014 9:56am by Jophiel
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#8 Mar 14 2014 at 9:15 AM Rating: Excellent
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Pimp... cups?
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#9 Mar 14 2014 at 9:32 AM Rating: Excellent
Samira wrote:
After a certain point, wealthy people just don't spend much money. There's the house, and the car, and the second (third) house and car, and clothes... how much can one person really use? So after the closets and garages are full, they're just not very productive consumers any more.


but JOB CREATORS!
#10 Mar 14 2014 at 9:34 AM Rating: Good
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Samira wrote:
Pimp... cups?
Pimp cups.
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#11 Mar 14 2014 at 9:36 AM Rating: Good
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lolgaxe wrote:
Samira wrote:
Pimp... cups?
Pimp cups.

One for every two girls.
#12 Mar 14 2014 at 9:36 AM Rating: Excellent
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I can't afford a chalice so I Bedazzled a Solo cup Smiley: frown

[Edit: If you Google Image "Bedazzled cup" you get a bunch of tools who decorated their Starbucks cups. I assume on Bing you just get ****]

Edited, Mar 14th 2014 10:38am by Jophiel
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#13 Mar 14 2014 at 9:48 AM Rating: Excellent
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Bedazzled bras, because bling is life.
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#14 Mar 14 2014 at 9:50 AM Rating: Excellent
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I threw glitter on a Dixie Cup once. Forgot about it and panicked the next day when my **** sparkled.
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#15 Mar 14 2014 at 10:04 AM Rating: Excellent
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lolgaxe wrote:
I'd feel more compassion towards poor people if they weren't all scamming the system and owning refrigerators.
Back in my day, we went out to the local frozen lake and cut ourselves a hunk of ice to keep our food cold.
#16 Mar 14 2014 at 10:24 AM Rating: Excellent
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Spoonless wrote:
lolgaxe wrote:
I'd feel more compassion towards poor people if they weren't all scamming the system and owning refrigerators.
Back in my day, we went out to the local frozen lake and cut ourselves a hunk of ice to keep our food cold.
I still remember wrangling my first comet back to earth. That ice kept us for a good long time. Those were the days...
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#17 Mar 14 2014 at 11:19 AM Rating: Good
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Samira wrote:
After a certain point, wealthy people just don't spend much money. There's the house, and the car, and the second (third) house and car, and clothes... how much can one person really use?
If you're into high end fashion even a shirt can cost $450 and when you get to collecting classic cars you're easily spending a million or more on every car in your garage just in purchasing price. If you want to spend that couple hundred million, you can.
#18 Mar 14 2014 at 11:25 AM Rating: Excellent
But what of that hundred million is getting returned to the economy? If you're buying a classic car worth a million, chances are you're buying it off another already rich person.
#19 Mar 14 2014 at 11:36 AM Rating: Good
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Well, yes. Maintenance on several $1,000,000+ classic cars is probably insanely high though.
#20 Mar 14 2014 at 11:41 AM Rating: Excellent
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How much maintenance do you need on something you don't really touch? I mean, you can only drive one at a time, and I doubt you're going to drive them into the ground. Can't really imagine upkeep costs to be that high versus an everyday car.
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#21 Mar 14 2014 at 11:43 AM Rating: Good
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They all rust and rot even if you don't drive them and every tiny little thing is going to require a specialist, sourcing parts etc.

Edited, Mar 14th 2014 7:43pm by Aethien
#22 Mar 14 2014 at 11:45 AM Rating: Excellent
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lolgaxe wrote:
How much maintenance do you need on something you don't really touch? I mean, you can only drive one at a time, and I doubt you're going to drive them into the ground. Can't really imagine upkeep costs to be that high versus an everyday car.
You have to pay someone minimum wage to shine them everyday, and for a security camera to make sure he doesn't steal anything off of them, and someone to man the security cameras, and for someone to watch the guy watching the cameras.

We're creating jobs. Smiley: nod
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#23 Mar 14 2014 at 11:49 AM Rating: Good
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Well, look at a car like the Ferrari 250 GTO. It's a ~$60,000,000 car that was hand built in extremely limited numbers from 1962-1964 (Ferrari lied about building the minimum of 100 needed to compete in GT races by skipping lots of serial numbers and pretending they didn't). That's a 50-52 year old, completely hand built finely tuned and delicate car made by crazy Italian people, you probably need to spend a few million a year just so it doesn't fall apart when you look at it.

Edit: Oh and if anything breaks you're ******* Supposedly there aren't even 2 doors that are identical (even on the same car they differed in size) because it was all hand crafted.

Edited, Mar 14th 2014 7:51pm by Aethien
#24 Mar 14 2014 at 12:15 PM Rating: Good
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Of course we know these things, but nothing will be done about it.

Before I saw this thread, I was just wondering what my kids will be doing when they're old enough to work. My wife seems to think they're going to go to "college" and that will be their magic bullet, because she is in school and pretty much guaranteed a decent paying job as a nurse or nurse practitioner if she goes a bit further. I tell her that is the only career path I know of that is that flexible, and that we don't all have an ex-husband and grandparents to help them pay to go to school. I want to ask my stepdaughter if they're still teaching kids they can grow up to be whatever they want to be.

Apparently I am too negative. Our kids will all grow up to be nurses and be just fine.
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#25 Mar 14 2014 at 12:42 PM Rating: Excellent
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His Excellency Aethien wrote:
Well, look at a car like the Ferrari 250 GTO. It's a ~$60,000,000 car that was hand built in extremely limited numbers from 1962-1964 (Ferrari lied about building the minimum of 100 needed to compete in GT races by skipping lots of serial numbers and pretending they didn't). That's a 50-52 year old, completely hand built finely tuned and delicate car made by crazy Italian people, you probably need to spend a few million a year just so it doesn't fall apart when you look at it.

Edit: Oh and if anything breaks you're @#%^ed. Supposedly there aren't even 2 doors that are identical (even on the same car they differed in size) because it was all hand crafted.

Edited, Mar 14th 2014 7:51pm by Aethien

That car looks like a caricature of itself.
#26 Mar 14 2014 at 1:02 PM Rating: Excellent
Kuwoobie wrote:
Of course we know these things, but nothing will be done about it.

Before I saw this thread, I was just wondering what my kids will be doing when they're old enough to work. My wife seems to think they're going to go to "college" and that will be their magic bullet, because she is in school and pretty much guaranteed a decent paying job as a nurse or nurse practitioner if she goes a bit further. I tell her that is the only career path I know of that is that flexible, and that we don't all have an ex-husband and grandparents to help them pay to go to school. I want to ask my stepdaughter if they're still teaching kids they can grow up to be whatever they want to be.

Apparently I am too negative. Our kids will all grow up to be nurses and be just fine.


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