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Pandemic Wiped Out Entire Savings Of 20% Of US Households

 
Anonymous Coward
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Albania
10/14/2021 06:26 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
6uild 6ack 6etter
 Quoting: Coy


He's right you know--damned2
madddness

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10/14/2021 06:28 PM

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All part of the plan... carry on
Coastie Patriot

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10/14/2021 06:30 PM

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[link to www.zerohedge.com (secure)]


Over the weekend, we showed a staggering wealth distribution statistic cementing the US status as a banana republic: according to Fed data which breaks down the distribution of wealth according to income quintile (or 20% bucket) the middle 60% of US households by income saw their combined assets drop from 26.7% to 26.6% of national wealth as of June, the lowest in Federal Reserve data, while for the first time the super rich had a bigger share, at 27%


While especially true for the top 1%, it is all the rich that have benefited from the Fed's generous liquidity pump at the expense of the extinction of the US middle class - as the next chart shows, over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total. The bottom 80% are left with less than 30%.

But while we have extensively discussed the destructive impact of the Fed on the middle class - while enriching the top 1% - a view espoused recently by Stan Druckenmiller who in May called the Fed the single "greatest engine of wealth inequality" in history (to which we would also add the end of the gold standard under Nixon), some have asked what about the sub-middle class? After all one can argue (correctly) that the swing voter in the US is not in the top 1%, but rather in the bottom 50%.

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion.


This wont end well
 Quoting: Don Draper from Nantucket



BUT YOU ARENT PAYING FAIR SHARE OF TAX AND THIS IS FOR THE RICH !!!

Thread: Pelosi: 'Yes, Yes, Yes,' Bank Account Reporting Plan Will Be Part of Reconciliation Bill

Thread: Yellen Says Spying On All Bank Accounts Over $600 Is A Way to Hold Billionaires Accountable


AM I MISSING SUMMN HERE

I DOOOONT THINK SOOO!!!! _ Kevin McCALLISTER HOME ALONE
Coastie Patriot
SIC SEMPER TYRRANIS

THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!!

Dr Thaddeus They
They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth."

Well, I mean, no one can tell the difference anymore between what's real and what's fake.

Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.-
X Files: Lost art of Forehead Sweat

A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that.
-SHANE-

Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington-

to grow up remembering th

My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!!

Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales
Coastie Patriot

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10/14/2021 06:30 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
[link to www.zerohedge.com (secure)]


Over the weekend, we showed a staggering wealth distribution statistic cementing the US status as a banana republic: according to Fed data which breaks down the distribution of wealth according to income quintile (or 20% bucket) the middle 60% of US households by income saw their combined assets drop from 26.7% to 26.6% of national wealth as of June, the lowest in Federal Reserve data, while for the first time the super rich had a bigger share, at 27%


While especially true for the top 1%, it is all the rich that have benefited from the Fed's generous liquidity pump at the expense of the extinction of the US middle class - as the next chart shows, over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total. The bottom 80% are left with less than 30%.

But while we have extensively discussed the destructive impact of the Fed on the middle class - while enriching the top 1% - a view espoused recently by Stan Druckenmiller who in May called the Fed the single "greatest engine of wealth inequality" in history (to which we would also add the end of the gold standard under Nixon), some have asked what about the sub-middle class? After all one can argue (correctly) that the swing voter in the US is not in the top 1%, but rather in the bottom 50%.

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion.


This wont end well
 Quoting: Don Draper from Nantucket



BUT YOU ARENT PAYING FAIR SHARE OF TAX AND THIS IS FOR THE RICH !!!

Thread: Pelosi: 'Yes, Yes, Yes,' Bank Account Reporting Plan Will Be Part of Reconciliation Bill

Thread: Yellen Says Spying On All Bank Accounts Over $600 Is A Way to Hold Billionaires Accountable


AM I MISSING SUMMN HERE

I DOOOONT THINK SOOO!!!! _ Kevin McCALLISTER HOME ALONE
Coastie Patriot
SIC SEMPER TYRRANIS

THE SAME PEOPLE WHO SAID NO GUNS BECAUSE OF POLICE NOW WANT TO DEFUND THE POLICE!!!!

Dr Thaddeus They
They don't really care whether the truth gets out, because the public no longer knows what's meant by "the truth."

Well, I mean, no one can tell the difference anymore between what's real and what's fake.

Anyway, the point is, I can tell you all of this, right out in the open, because it doesn't matter who knows about it. They won't know whether to believe it or not.-
X Files: Lost art of Forehead Sweat

A gun is a tool, Marion, no better or no worse than any other tool, an axe, a shovel or anything. A gun is as good or as bad as the man using it. Remember that.
-SHANE-

Jefferson Smith: You see, boys forget what their country means by just reading The Land of the Free in history books. Then they get to be men they forget even more. Liberty's too precious a thing to be buried in books, Miss Saunders. Men should hold it up in front of them every single day of their lives and say: I'm free to think and to speak. My ancestors couldn't, I can, and my children will. Boys ought to grow up remembering that . - MR Smith Goes To Washington-

to grow up remembering th

My oath to support and defend the constitution against all enemies foreign and domestic has no expiration date!!!

Ten Bears : It's sad that governments are chiefed by the double tongues. There is iron in your words of death for all Comanche to see and so there is iron in your words of life. No signed paper can hold the iron. It must come from men. Outlaw Josey Wales
Anonymous Coward
User ID: 38907753
United States
10/14/2021 06:36 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Yep, it's much, much worse than anyone will admit. Nobody ever admits they're having money problems in America... everyone is a fucking trillionaire!

I can see how hard they all work. The stores and roads a packed 24/7... nobody fucking works anymore.

Question is, when is the reckoning coming?
 Quoting: Anonymous Coward 32577701


When the food shortages and electricity and internet brownouts begin would be my guess, but in reality there are so many fuses sitting around right now ready to be lit, it really is anyone's guess!
 Quoting: Don Draper from Nantucket


Presidential election years are all about collapse look at history.
Anonymous Coward
User ID: 79358783
Colombia
10/14/2021 06:37 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
yes children...
you let the ju kabal run your countries finances
one day you will wake up with 30 trillion national debt...
the burden you can not carry for too long

you let them run your healthcare, you will end up in a pandemic..

you let them run your politics and education, you will end up in marxism

you let them run our media, you will hear no truth and
end up in so dom and go morra

you let them ... you fill in the next ..
Anonymous Coward
User ID: 81005173
United States
10/14/2021 06:50 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Wow.. Because prior to covid apx 60% of Americans didn't have jack... So now add this %20... Were quickly coming down to the 1% and the 10% who protect and enforce their will..


tomato
libpoker

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United States
10/14/2021 06:51 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Go biden go biden go

Only 80% of the households are left to bankrupt
We own you
Rufus Juice

User ID: 77413848
United States
10/14/2021 06:52 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
They want everyone broke.


It's why they are doing all they can to break the middle class.


It's why they intend to inspect bank accounts for transactions over 600.


The coming socialist regime have to have total control over the people


Resist now. It's already too late, but get in the fight.
"When the power of love overcomes the love of power the world will know peace" Jimi Hendrix
Anonymous Coward
User ID: 79358174
United States
10/14/2021 06:56 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Went into a bunch of debt this pandemic. I thought I’d make up for it later early on but of course things have not returned to normal.
Anonymous Coward
User ID: 81004416
United States
10/14/2021 06:57 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
80% of American households had -zero- savings before the scamdemic
Hadriana

User ID: 77936235
United States
10/14/2021 07:02 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
The IRS took all mine.
Don Draper from Nantucket  (OP)

User ID: 80692948
United States
10/14/2021 07:04 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Wow.. Because prior to covid apx 60% of Americans didn't have jack... So now add this %20... Were quickly coming down to the 1% and the 10% who protect and enforce their will..


tomato
 Quoting: Anonymous Coward 81005173


hesright
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Don Draper from Nantucket  (OP)

User ID: 80692948
United States
10/14/2021 07:05 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
The IRS took all mine.
 Quoting: Hadriana


Sorry to hear that!


hf
PLATA BITCHEZZZZZZ

UPGRADE UNAVAILABLE

The Rolling Stones said it best...

"What's confusing you is the nature of my game"
Anonymous Coward
User ID: 81004841
United States
10/14/2021 07:12 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
[link to www.zerohedge.com (secure)]


Over the weekend, we showed a staggering wealth distribution statistic cementing the US status as a banana republic: according to Fed data which breaks down the distribution of wealth according to income quintile (or 20% bucket) the middle 60% of US households by income saw their combined assets drop from 26.7% to 26.6% of national wealth as of June, the lowest in Federal Reserve data, while for the first time the super rich had a bigger share, at 27%


While especially true for the top 1%, it is all the rich that have benefited from the Fed's generous liquidity pump at the expense of the extinction of the US middle class - as the next chart shows, over the past 30 years, 10 percentage points of American wealth has shifted to the top 20% of earners, who now hold 70% of the total. The bottom 80% are left with less than 30%.

But while we have extensively discussed the destructive impact of the Fed on the middle class - while enriching the top 1% - a view espoused recently by Stan Druckenmiller who in May called the Fed the single "greatest engine of wealth inequality" in history (to which we would also add the end of the gold standard under Nixon), some have asked what about the sub-middle class? After all one can argue (correctly) that the swing voter in the US is not in the top 1%, but rather in the bottom 50%.

Well, as we previously pointed out, the bottom 50% own just 2% of all net worth, or a paltry $2.8 trillion. What is even more sad is that the wealth of the bottom 50% is virtually unchanged since 2006, while the net worth of the Top 1% has risen by 132% from $17.9 trillion to $41.5 trillion.





This wont end well
 Quoting: Don Draper from Nantucket

If your talking business owners most of us lost everything but the shirt on our backs!! Get real 2 yeasr of shut downs kills anything. If a business either makes it or not in 2 years you can imagine wat this shit has all done to us, while we pay our taxes. Youve taken 20 years out of my life and with the stress 20 years off of my life!!!granny Fuck your 20% calculations.just fuck you!!

5 Stars OP!
Anonymous Coward
User ID: 79231902
Canada
10/14/2021 07:12 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
...


Considering most people live check to check with no savings at all I would consider you one of the fortunate ones!
 Quoting: Don Draper from Nantucket


Yes, I am grateful for my good fortune. My stepmom was in East Germany in 1940's so she taught me about what's about to unfold and how to prepare. History repeats. Our ancestors gave us the information. Many people dismissed that important communication!

Lots of people are unplanned for poverty.
There will be lots of orphans.
 Quoting: Agent 99


I have always been one to question history so at a young I knew something was wrong between what was being said and what was real history. Real history is not free, it never gets spoon feed to you, it cost time and money. From what I have pieced together, war, faminie, disease, corrupt of morals are the weapons they like to resort to when sheep are sheep no more.

You are very lucky to have someone who made sure your eyes were open at an early age.
 Quoting: Gazoo


Yep, I count my blessings. My stepmom took me to Europe when I was 12 so I could see the world and understand it. Very valuable lessons.

Disease first, all wars start with a plague, then progress to battlefield warfare, then famine. This enemy coming for us is brutal, and there will be nukes used.

In the next 10 years there will be lots of struggle.
 Quoting: Agent 99


I went to Europe, north Italy, when I was 10, I found them to be dirt poor, lived well in to their 90's and they where all happy. They yelled at each other but never any fights. People have lost the way. Money does not bring wealth and health.
Anonymous Coward
User ID: 81004841
United States
10/14/2021 07:19 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
80% of American households had -zero- savings before the scamdemic
 Quoting: Anonymous Coward 81004416


putin-thiss Get serious right!? After 8 years of obama there wasnt a small business that wasnt effected negatively! The whole you didnt build than on your own you had help Yet after biden now my business of 26 years has all but evaporated. FFS your not entitled to your own facts im boots on the ground!!!skull_fing
Agent 99

User ID: 77082640
United States
10/14/2021 07:47 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
True, but people rely more on their investments.
 Quoting: Anonymous Coward 80713689


Those are sinking and being skimmed by brokers and by the time people get their hands on their 401k accounts they will be greatly diminished. Very sad.
 Quoting: Agent 99


Also true. If they can't hold it in their hand or live in it then they don't own it.
 Quoting: Anonymous Coward 80713689


Taxes taken up front before you can collect, then capitol gains is a big hit too.
Agent 99

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United States
10/14/2021 07:49 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
...


Yes, I am grateful for my good fortune. My stepmom was in East Germany in 1940's so she taught me about what's about to unfold and how to prepare. History repeats. Our ancestors gave us the information. Many people dismissed that important communication!

Lots of people are unplanned for poverty.
There will be lots of orphans.
 Quoting: Agent 99


I have always been one to question history so at a young I knew something was wrong between what was being said and what was real history. Real history is not free, it never gets spoon feed to you, it cost time and money. From what I have pieced together, war, faminie, disease, corrupt of morals are the weapons they like to resort to when sheep are sheep no more.

You are very lucky to have someone who made sure your eyes were open at an early age.
 Quoting: Gazoo


Yep, I count my blessings. My stepmom took me to Europe when I was 12 so I could see the world and understand it. Very valuable lessons.

Disease first, all wars start with a plague, then progress to battlefield warfare, then famine. This enemy coming for us is brutal, and there will be nukes used.

In the next 10 years there will be lots of struggle.
 Quoting: Agent 99


I went to Europe, north Italy, when I was 10, I found them to be dirt poor, lived well in to their 90's and they where all happy. They yelled at each other but never any fights. People have lost the way. Money does not bring wealth and health.
 Quoting: Gazoo


Exactly.
The most important asset is an education. Not like a degree, but life experience and wisdom.
Scorched

User ID: 80365094
United States
10/14/2021 08:34 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Buy a printing press on ebay. Politicians do it all the time
They have us completely surrounded...those poor bastards
Glaxnor

User ID: 65294809
Switzerland
10/14/2021 08:39 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
...


I have always been one to question history so at a young I knew something was wrong between what was being said and what was real history. Real history is not free, it never gets spoon feed to you, it cost time and money. From what I have pieced together, war, faminie, disease, corrupt of morals are the weapons they like to resort to when sheep are sheep no more.

You are very lucky to have someone who made sure your eyes were open at an early age.
 Quoting: Gazoo


Yep, I count my blessings. My stepmom took me to Europe when I was 12 so I could see the world and understand it. Very valuable lessons.

Disease first, all wars start with a plague, then progress to battlefield warfare, then famine. This enemy coming for us is brutal, and there will be nukes used.

In the next 10 years there will be lots of struggle.
 Quoting: Agent 99


I went to Europe, north Italy, when I was 10, I found them to be dirt poor, lived well in to their 90's and they where all happy. They yelled at each other but never any fights. People have lost the way. Money does not bring wealth and health.
 Quoting: Gazoo


Exactly.
The most important asset is an education. Not like a degree, but life experience and wisdom.
 Quoting: Agent 99


Schools used to be about teaching experience and wisdom...
Empty Men offer Empty Words and Empty Hearts.
Anonymous Coward
User ID: 79659346
United States
10/14/2021 08:52 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Sucks for them. Shoulda bought up Bitcoin and Moderna.
Cap’n Obvious

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United States
10/14/2021 09:21 PM
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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Red states should do fine, though tourist industry and larger democrat cities within is still a flesh wound.
Blue states. GTFO NOW!
 Quoting: Anonymous Coward 78131087


Moran. Biden bailed out the liberal states and cities.
Have a nice day = GFY. GFY = Go Fuck Yourself. If this offends you then have a nice day.
Agent 99

User ID: 77082640
United States
10/14/2021 09:41 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
...


Yep, I count my blessings. My stepmom took me to Europe when I was 12 so I could see the world and understand it. Very valuable lessons.

Disease first, all wars start with a plague, then progress to battlefield warfare, then famine. This enemy coming for us is brutal, and there will be nukes used.

In the next 10 years there will be lots of struggle.
 Quoting: Agent 99


I went to Europe, north Italy, when I was 10, I found them to be dirt poor, lived well in to their 90's and they where all happy. They yelled at each other but never any fights. People have lost the way. Money does not bring wealth and health.
 Quoting: Gazoo


Exactly.
The most important asset is an education. Not like a degree, but life experience and wisdom.
 Quoting: Agent 99


Schools used to be about teaching experience and wisdom...
 Quoting: Glaxnor


That was before both parents worked to be able to afford a house. And grandma lived at home too.
BRIEF

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United States
10/14/2021 10:29 PM

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Re: Pandemic Wiped Out Entire Savings Of 20% Of US Households
Well, that's about all that save anyway...We have all done well by the pandemic...My two oldest bought new houses and made cash on the sale of their old one, and everyone seems to be flush with cash...
I never forgive and I never forget

I am a licensed firearm holder. I will, under protection of law, use lethal force if attacked.

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