Comments for My Budget 360

Comment on How to bankrupt a generation of young Americans in four steps – young Americans living at home surges by 50 percent from 2005. by ron dawson

ron dawson — Sat, 12 May 2012 21:13:58 +0000

Part of the solution would be to get the baby boomers to retire, and many would like to, but the treasure at the end of the 401k rainbow turned out to be fool’s gold and they have to keep working. However, many would retire if uncle sam were to say them, “hey, look; if you retire within the next year or two, i’ll knock down your top tax liability to 15% and make up the lost federal revenue with a surtax on the investment bankers.”

Comment on How to bankrupt a generation of young Americans in four steps – young Americans living at home surges by 50 percent from 2005. by Stephen

Stephen — Thu, 10 May 2012 04:12:02 +0000

There will be a massive intergenerational fixed wealth transfer but most of this will happen in the white community. Studies of black family wealth have shown little assets to transfer. It is why in the past the overall wealth gains of whites vs people of color increased and why whites sought to lock in those gains with no inheritance taxes. Bad move IMHO. What also concerns me is a generation that has little knowledge of household economics and will likely see them lose all of those gains by attempts at instant gratification. I see it in my nephews and it’s not a pretty sight. The next generation of banksters will have some easy prey.

Comment on How to bankrupt a generation of young Americans in four steps – young Americans living at home surges by 50 percent from 2005. by Bud Wood

Bud Wood — Wed, 09 May 2012 03:19:23 +0000

Seems as if the young people of today have been convinced that a college degree is a ticket to a “fancy job”. Surprise! Production is the key rather than depending upon a “ticket”.

Years ago, when I was in my mid-twenties, I was employed and got married. Five years later, with a wife and 2 small dependents, I started out in my own business and haven’t looked back.

Even now there’s such opportunities. Today, I just paid a guy in a one-person business for some repair to my house. Whether he went to college didn’t make any difference to me; he did the job quickly to my satisfaction and went on his way. The key was production and customer satisfaction.

If those people who are contemplating college look around, those years of study and costs of college could better be invested in a one person business – - like I did and which a few people are doing right now!

Comment on How to bankrupt a generation of young Americans in four steps – young Americans living at home surges by 50 percent from 2005. by Dumbfounded

Dumbfounded — Wed, 09 May 2012 01:22:22 +0000

First, “buy” a McMansion you could never afford for a day let alone 30 years. Second, matriculate at the very reputable nouveau-ivy league University of Phonics using loans that can never be discharged in a bankruptcy. Third, enroll in SNAP to maintain your Cheetos diet. Finally, continue to vote for hope and change.

There you have it. The four steps to becoming a full fledged American Idiot.

Congratulations!

Comment on Middle class dysphoria – What does the new American Dream look like? Inflated college tuition, lower home ownership rates, and compressed wages. by Cincinnaticus

Cincinnaticus — Sat, 05 May 2012 05:53:43 +0000

The “American dream” has turned into a full-fledged nightmare of epic proportions! So what does this new American nightmare look like for the working class? ANSWER: Debt servitude, higher taxes, longer work hours coupled with a lower standard of living plus a lower life expectancy to boot! Hell, perhaps we’ll even see a return of debtor’s prisons, courtesy of the GOP under the rubric of ‘law and order’.

PS: The so-called “Middle Class” that you speak of was never a middle class in the true meaning of the word but rather a well-paid working class. To be ‘middle class’ means to be independent such as a small business owner or self-employed professional. If you work for someone, you are not middle class, but working class. Both ‘white collar’ and ‘blue collar’ workers are working class, regardless of salary, benefits and perks. Or as the Romans used to call them: proletarii.

CINCINNATICUS