Capitalism, The Fed and Economic Policy

Lerxst1992 said:

mrussel1 said:

Lerxst1992 said:

mrussel1 said:

Halifax2TheMax said:

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

If Dems were smart, they’d come out with the 100 year mortgage. Sure fire way to win back the senate and the keys to the kingdom.

Genius! Who wants equity anyways?  Maybe when you die, you’ll have enough to pay for a small service. That’s the American dream. 

Hal doesn’t. He(they) comments that it’s impossible for a young full time worker to find $4k a year in a personal budget, put it in a 401k, combine that with employer contributions and favorable tax breaks to save and invest even  more, to build up equity. You might find a Starbucks or Netflix joke on this page. That’s them joking about this theory. Better to make a joke than teach the younger generations to be a smart budgeters and investors. 

Who is Hal?  I have no idea what this paragraph means in context to my statement.  I'm talking about home equity, which would be much more difficult to build on a 50 year note.  

“ who wants equity anyway” has been an attempt here lately by one of the only capitalists on the forum as an alternative to the socialist wave sweeping the hearts of democrats and  nyc. One of the primary goals is to generate enough wealth to afford a home, as opposed to a partial govt takeover of housing.

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

“Hal” also says 42% of full time working ‘Murikkkans don’t have access to an employer sponsored retirement plan and that 50.5% that do, don’t have an employer match. Further, 22.3% of year round, full-time workers, or approximately 30-35M people, earn less than $35K.

Someone earning $35K, before taxes, who puts 5% of their annual salary into a 401K, with no employee match, a 4% annual raise and a 8% gain in their 401K, year over year, compounded, at 5 years they’d have approximately $11,835, enough for a $59K house at 20% down payment or as a first time home buyer with excellent credit and a 5% down payment, a $230,000 house. That 5% contribution is before taxes, rent, food , utilities, car payment, etc. Seeing how some posters like averages, the average cost of a house in the US is approximately $363K.

But hey, if they just give up their Starbucks and Netflix, they too can own a house in five years. Simple, easy-peasy.

tempo_n_groove said:

Halifax2TheMax said:

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

“Hal” also says 42% of full time working ‘Murikkkans don’t have access to an employer sponsored retirement plan and that 50.5% that do, don’t have an employer match. Further, 22.3% of year round, full-time workers, or approximately 30-35M people, earn less than $35K.

Someone earning $35K, before taxes, who puts 5% of their annual salary into a 401K, with no employee match, a 4% annual raise and a 8% gain in their 401K, year over year, compounded, at 5 years they’d have approximately $11,835, enough for a $59K house at 20% down payment or as a first time home buyer with excellent credit and a 5% down payment, a $230,000 house. That 5% contribution is before taxes, rent, food , utilities, car payment, etc. Seeing how some posters like averages, the average cost of a house in the US is approximately $363K.

But hey, if they just give up their Starbucks and Netflix, they too can own a house in five years. Simple, easy-peasy.

Where the fuck are you buying a 230K crack house at?

mrussel1 said:

tempo_n_groove said:

Halifax2TheMax said:

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

“Hal” also says 42% of full time working ‘Murikkkans don’t have access to an employer sponsored retirement plan and that 50.5% that do, don’t have an employer match. Further, 22.3% of year round, full-time workers, or approximately 30-35M people, earn less than $35K.

Someone earning $35K, before taxes, who puts 5% of their annual salary into a 401K, with no employee match, a 4% annual raise and a 8% gain in their 401K, year over year, compounded, at 5 years they’d have approximately $11,835, enough for a $59K house at 20% down payment or as a first time home buyer with excellent credit and a 5% down payment, a $230,000 house. That 5% contribution is before taxes, rent, food , utilities, car payment, etc. Seeing how some posters like averages, the average cost of a house in the US is approximately $363K.

But hey, if they just give up their Starbucks and Netflix, they too can own a house in five years. Simple, easy-peasy.

Where the fuck are you buying a 230K crack house at?

He's not.  He's pointing out how little the strategy buys. 

Second, "HAL" is 100% correct.  The answer isn't "get better at saving".  There are general affordability issues in this country, and it's compounded in the home buying process.  We need to build more housing in this country, period.  50 year mortgages is about the dumbest solution ever.  

Lerxst1992 said:

Halifax2TheMax said:

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

“Hal” also says 42% of full time working ‘Murikkkans don’t have access to an employer sponsored retirement plan and that 50.5% that do, don’t have an employer match. Further, 22.3% of year round, full-time workers, or approximately 30-35M people, earn less than $35K.

Someone earning $35K, before taxes, who puts 5% of their annual salary into a 401K, with no employee match, a 4% annual raise and a 8% gain in their 401K, year over year, compounded, at 5 years they’d have approximately $11,835, enough for a $59K house at 20% down payment or as a first time home buyer with excellent credit and a 5% down payment, a $230,000 house. That 5% contribution is before taxes, rent, food , utilities, car payment, etc. Seeing how some posters like averages, the average cost of a house in the US is approximately $363K.

But hey, if they just give up their Starbucks and Netflix, they too can own a house in five years. Simple, easy-peasy.

back to misinformation island. I’ll post some facts, then u go hide. Mamdani island all over again…

Cue up the Carly Simon band…

Misinformation 
misinformation 
Is making me faint….

counting all types of pension plans access for full time workers 84%; and the access for coverage is about 90% for orgs over 100 employees…and most employers match.

anticipation….

mrussel1 said:

Lerxst1992 said:

Halifax2TheMax said:

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

“Hal” also says 42% of full time working ‘Murikkkans don’t have access to an employer sponsored retirement plan and that 50.5% that do, don’t have an employer match. Further, 22.3% of year round, full-time workers, or approximately 30-35M people, earn less than $35K.

Someone earning $35K, before taxes, who puts 5% of their annual salary into a 401K, with no employee match, a 4% annual raise and a 8% gain in their 401K, year over year, compounded, at 5 years they’d have approximately $11,835, enough for a $59K house at 20% down payment or as a first time home buyer with excellent credit and a 5% down payment, a $230,000 house. That 5% contribution is before taxes, rent, food , utilities, car payment, etc. Seeing how some posters like averages, the average cost of a house in the US is approximately $363K.

But hey, if they just give up their Starbucks and Netflix, they too can own a house in five years. Simple, easy-peasy.

back to misinformation island. I’ll post some facts, then u go hide. Mamdani island all over again…

Cue up the Carly Simon band…

Misinformation 
misinformation 
Is making me faint….

counting all types of pension plans access for full time workers 84%; and the access for coverage is about 90% for orgs over 100 employees…and most employers match.

anticipation….

Less than 3% of US companies have more than 100 employees. How is your 90% stat some winning argument? 

…


56 million employees work for companies with greater than 100 employees. How is that not a substantial portion of the country? And if it’s not enough for you, and their employer doesn’t offer a 401k (which was Hal’s argument) they can build wealth thru other tax advantage vehicles. In that context it was a meaningless argument.

never pictured you to be the commenter on here making the anti capitalist argument.

Lerxst1992 said:

Halifax2TheMax said:

mrussel1 said:

Lerxst1992 said:

Halifax2TheMax said:

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

“Hal” also says 42% of full time working ‘Murikkkans don’t have access to an employer sponsored retirement plan and that 50.5% that do, don’t have an employer match. Further, 22.3% of year round, full-time workers, or approximately 30-35M people, earn less than $35K.

Someone earning $35K, before taxes, who puts 5% of their annual salary into a 401K, with no employee match, a 4% annual raise and a 8% gain in their 401K, year over year, compounded, at 5 years they’d have approximately $11,835, enough for a $59K house at 20% down payment or as a first time home buyer with excellent credit and a 5% down payment, a $230,000 house. That 5% contribution is before taxes, rent, food , utilities, car payment, etc. Seeing how some posters like averages, the average cost of a house in the US is approximately $363K.

But hey, if they just give up their Starbucks and Netflix, they too can own a house in five years. Simple, easy-peasy.

back to misinformation island. I’ll post some facts, then u go hide. Mamdani island all over again…

Cue up the Carly Simon band…

Misinformation 
misinformation 
Is making me faint….

counting all types of pension plans access for full time workers 84%; and the access for coverage is about 90% for orgs over 100 employees…and most employers match.

anticipation….

Less than 3% of US companies have more than 100 employees. How is your 90% stat some winning argument? 

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

Regardless, it’s dismissive of who and under what conditions those 33-42% of full time workers who don’t have a plan to access, and if they do, the employer doesn’t contribute. Even Wally Mart while extolling the virtues of how they’re such a great place to work doesn’t list retirement benefits as a perk, probably because you have to be full time, for a certain period of time and become “vested.” 

Why no link, just screen shots?

Sorry, but I’ve got to “disappear” because I’m working on booking my 12-16 summer shows across 10 European cities with the new drummer.

The link is in part of the screen shot and there is enough info there to find the site if you think I’m some sort of adobe creative type that is drawing fake websites. At least I’m backing up my data.


And there is no way to use your stats to make the conclusion you are trying to make. The data says most employers provide retirement plans, and the small companies that don’t offer it , you think that supports whatever it is you think you are claiming?…how many of those are self employed individuals with small businesses? Are you even aware how phenomenal the self employed retirement tax benefits are? They would absolutely fall into your phantom category of no 401k.

No country generates new millionaires like the USA, and there are tools for middle class workers to save and invest to help them along. But sure, let’s convert the country to mamdani socialism. Ironically, a lot of those young millionaires love him in Bushwick and Bed stuy. And it all starts with 23 year olds cutting back on their Starbucks a few times a week, if they don’t have the money elsewhere to save and invest.

 * The following opinion is mine and mine alone and does not represent the views of my family, friends, government and/or my past, present or future employer. US Department of State: 1-888-407-4747.

To the bold, are you claiming that every full time employed ‘Murikkkan has an employer provided retirement plan with or without contributions? What’s in your pipe, bro?

Your inability to comprehend is astounding. AI much? I never said the number of FT working ‘Murikkkans with access to an employer sponsored retirement plan was zero. Simply pointing out that not every working ‘Murikkkan does have access nor does every employer provide a contribution. Further, the number of FT, year round workers that earn $35K or less, numbering 30-35M probably can’t afford the 5% to save for a house, given the cost of living in general, and even if they can and do, it’s hardly amounting to a down payment for a house as you advocate, even with generous raises and stock market performance. Is someone earning $35K middle class to you? WTF? It’s like your argument using averages. Bunk.

Someone who can afford an $80,000 per month apartment in Brooklyn can afford a 2% tax increase to support subsidized, free public buses. If not, or more likely they won’t, they can move to Flo Rida or Tejas. Hope they enjoy the pizza and vibrancy.

Why don’t you post the links? Tip: it’s easier than posting a screenshot and provides more information in context. But you do you.

And talk about mixing up topics, no one is saying The Bus Driver policies are dem party policies or applicable across the country. We’re discussing The Bus Driver’s policies and their impact on NYC. Which will be, if passed and implemented, “taxation with represent”. Sheesh. But now, if you’re in your twenties, give up 2-3 Starbucks a week, put that money in the stock market and you too can be a MILLIONAIRE! Good lord. Easy-peasy.

I need to “disappear” now because when I wake up, it’ll be 1975.

mickeyrat said:

home economics should be brought back to include financial literacy.

The Flex Loan, a new type of payday loan pioneered by Advance Financial in Tennessee, allows residents to borrow up to $4,000 at a 279.5% interest rate.

It has burdened low-income borrowers while generating huge profits for lenders.

Read more (published May): https://propub.li/4nUCJgX