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Federal Reserve raises rates by 0.75%

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Re: Federal Reserve raises rates by 0.75%

#381

Post by nemo44x »

JaimeThompson wrote: post #330
nemo44x wrote: post #199

Earlier quoted context omitted.

Wealthy people pay almost all the taxes. the top 10% pay 71% of taxes and the top 25% pay 87%. 75% of the country contributes nearly nothing but complaints.

>75% of the country contributes nearly nothing but complaints. Only if you ignore sales tax, car tax, property taxes, and other such taxes. The top 10% typically included major corporations but without a source I don't know if the percentage you use does.

Sales tax, property tax, fees, etc are a rounding error essentially and are local. At a Federal level they are meaningless.

Saying that I'd be all for a Federal sales tax of 20% if we could nearly eliminate income taxes.

Re: Federal Reserve raises rates by 0.75%

#382

Post by trashtester »

alephnan wrote: post #335
jmyeet wrote: post #251

The returns that capital demands (and the government obliges to) are ultimately unsustainable. That's the core problem here. Rising wages? There has been no meaningful real increase in wages in 40 years despite a massive increase in productivity. Profits keep going up and up. The expectations for profits keep going up. The problem here is that the people who make companies possible don't get to share in the proceeds…

Thanks to serfdom, we have IPhones and Gadgets. Which consumer products do you own come from Norway?

Norway doesn't produce consumer tech products. Most of Norway's tech exports are oil or shipping related, in particular some state-of-the art offshore machinery.

The only consumer product that is produced in volume, is fish.

Keep in mind that Norway only has a population similar to South Carolina. There is a limit to how diverse the tech sector can be.

Sweden, the closest neighbour, is governed in very similar ways, and has plenty of familiar consumer oriented products.

Re: Federal Reserve raises rates by 0.75%

#383

Post by hypersoar »

TheBlight wrote: post #279
jmyeet wrote: post #251

The returns that capital demands (and the government obliges to) are ultimately unsustainable. That's the core problem here. Rising wages? There has been no meaningful real increase in wages in 40 years despite a massive increase in productivity. Profits keep going up and up. The expectations for profits keep going up. The problem here is that the people who make companies possible don't get to share in the proceeds…

>What we're allowing to happen here through investors buying up housing stock (and jacking up the prices), second homes, AirBnB and so on has reached the point of being a human rights violation IMHO. There are plenty of affordable places to live. People just don't want to move there. Buying a house in a hip U.S. city/suburb isn't a human right.

Why shouldn't we expect people who work in cities to be able to live dignified lives in those cities? There are always going to be janitors, home care providers, baristas, grocery store employees, etc. Our daily lives depend upon them. It's insane to me that we have a system that requires those people to exist but barely pays them enough to afford to live.

Re: Federal Reserve raises rates by 0.75%

#384

Post by nemo44x »

baal80spam wrote: post #247
nemo44x wrote: post #199

Earlier quoted context omitted.

Wealthy people pay almost all the taxes. the top 10% pay 71% of taxes and the top 25% pay 87%. 75% of the country contributes nearly nothing but complaints.

> top 25% pay 87% Wow, this is pretty eye-opening.

It is but it isn't surprising. Pareto Principal and all. So naturally, 20% of the people contribute 80% and 80% of the people contribute 20%, or thereabouts.

The bottom 50% contribute nothing and in fact are a net negative contributor when you consider welfare, housing, etc, and other benefits. Of course, this doesn't stop certain scumbag pols like Warren from lying to them that it's the other half that's ripping everyone off.

Re: Federal Reserve raises rates by 0.75%

#385

Post by trashtester »

bko wrote: post #203
JumpCrisscross wrote: post #20

Earlier quoted context omitted.

> personal preference is to trigger a recession and reduce inflation These aren't binary outcomes. Tight money does nothing to ease supply-side bottlenecks. It does little to target demand displaced by rising energy prices. If those are the principal drivers of inflation, tightening could depress non-energy demand in a way that causes a recession without alleviating inflation. Stagflation. (To be clear, we're not at…

> If those are the principal drivers of inflation, tightening could depress non-energy demand in a way that causes a recession without alleviating inflation You don't think the inflation has anything to do with printing $14 trillion out of thin air, or increasing the M1 money supply from ~4tn in march 2020 to over $20tn today? https://www.covidmoneytracker.org/ https://fred.stlouisfed.org/series/M1SL

The good thing about money printed through QE, is that it can be easily burned through QT. Which is exactly what is being done, now.

Re: Federal Reserve raises rates by 0.75%

#387

Post by coryfklein »

tagami wrote: post #347
jmyeet wrote: post #251

The returns that capital demands (and the government obliges to) are ultimately unsustainable. That's the core problem here. Rising wages? There has been no meaningful real increase in wages in 40 years despite a massive increase in productivity. Profits keep going up and up. The expectations for profits keep going up. The problem here is that the people who make companies possible don't get to share in the proceeds…

Alaska has been paying residents since 1976 https://en.wikipedia.org/wiki/Alaska_Permanent_Fund

And if you're not interested in the daylight issues that far north, Tulsa, OK is paying a $10k incentive to attract remote workers. At least two of my coworkers moved there during COVID.

Re: Federal Reserve raises rates by 0.75%

#388

Post by gilbetron »

TheBlight wrote: post #312
ervine wrote: post #306

Earlier quoted context omitted.

It's not just the hip spots anymore. This comment is pretty out of touch.

Plenty of homes available for https://www.zillow.com/detroit-mi/

As a big naysayer of Detroit, the place is finally starting to bounce back because of the intended and unintended contraction.

Re: Federal Reserve raises rates by 0.75%

#389

Post by sumy23 »

imtringued wrote: post #370
ren_engineer wrote: post #156

Earlier quoted context omitted.

takes guts to do this and it was needed. Problem is that it will expose that most of the US economy is a sham that needed 0% interest rates to even fake growth. our "leaders" have been kicking the can down the road for a long time. US economy used to grow even with very high interest rates, now even a slight increase puts us into a recession.

Why do people assume that an economy will grow forever. If that were the case, how come the Roman empire failed to conquer the galaxy? 3% over 2000 years is a lot of growth, a lot, I can't stress how unimaginably large that amount of growth is.

People assume the economy will grow forever because they don't want the future to look like feudal Europe where economic stagnation led to a millennium of toil and suffering.

Re: Federal Reserve raises rates by 0.75%

#390

Post by [deleted] »

whiplash451 wrote: post #292
jmyeet wrote: post #251

The returns that capital demands (and the government obliges to) are ultimately unsustainable. That's the core problem here. Rising wages? There has been no meaningful real increase in wages in 40 years despite a massive increase in productivity. Profits keep going up and up. The expectations for profits keep going up. The problem here is that the people who make companies possible don't get to share in the proceeds…

The Norway example is really annoying. It keeps coming back as an example to follow, when everybody knows it is a complete outlier that cannot be reproduced elsewhere. Norway is sitting on a gigantic pile of offshore gas that it uses to generate massive profits that go into a huge fund they don't know what to do with, all of that for a 5M population that drowns into social programs. There is literally no country in t…

[deleted]
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