Are you in the 1%

Never quite made a 1%er, but I agree I don't have squat now.

Actually I think I may need a definition. I know what squat is, I do not know what a 1%er is. Net worth of 1,000,000? ? that does not go very far

Then it's a good thing we weren't talking about "net worth"... It was talking about an annual AGI (Adjusted Gross Income) of >$340,000.

Hoot Owl wrote: Actually I think I may need a definition. I know what squat is, I do not know what a 1%er is. Net worth of 1,000,000? ? that does not go very far

If you consider it one million dollars. (Doctor Evil voice) in house wealth, I wonder how many 1%'s we lost in the last few years?

You'd have to go back at least to 2000 to watch it drop... Since the deregulation and removal of Glass-Steagal allowed the slimebags at the banks to gamble with everybody's money. And then everybody who had 401Ks got to see their nest eggs evaporate, mostly through 2007-2008....

Yeah, I wonder how many 1%'ers and mid-99%'ers Bush and his cronies managed to wipe out...

$2 trillion wiped out of retirement funds
October 7, 2008

The financial meltdown has demolished Americans' retirement savings, wiping out $2 trillion — or about 20% of value — in the past 15 months, Congress' top budget analyst said Tuesday.

This estimate probably comes as no surprise to millions of Americans who have reviewed their 401(k) statements in recent weeks.

"This is a financial panic right now, and one reason it feels so bad is that everything is going down," says Kurt Brouwer, a financial planner in San Francisco.

The sharp drop in savings has led Americans to postpone contributing and, in some cases, delay retirement, Peter Orszag, head of the Congressional Budget Office, told the House Education and Labor Committee.

A new study by the AARP found that one in five workers 45 and older have stopped putting money into a 401(k), IRA or other retirement savings account during the past year.

http://www.usatoday.com/money/perfi/ret ... sses_N.htm

Hmmmm.... October, 2008.... Who knew.... And they stopped putting money in it "for the past year", i.e., 2007-2008, as things started to tank. Hmmmm.... From 2007-2008, the conventions hadn't happened yet, the primaries, then the general elections...

Well, as posteryoyo suggested:

posteryoyo wrote: .. no matter who made a law or signed it, the leader that leaves in a bad law is repsonsible every moment he/she leaves it in place.

I guess all the bad laws and policies that started tanking the economy during the 8 failed years of Bush can only be blamed on Bush...starting with tax cuts for the rich, two unnecessary wars, a $750Billion unpaid-for medical benefit, and all the other loopholes and giveaways to the 1%'ers...

LadyJazzer wrote: You'd have to go back at least to 2000 to watch it drop... Since the deregulation and removal of Glass-Steagal allowed the slimebags at the banks to gamble with everybody's money. And then everybody who had 401Ks got to see their nest eggs evaporate, mostly through 2007-2008....

Yeah, I wonder how many 1%'ers and mid-99%'ers Bush and his cronies managed to wipe out...

$2 trillion wiped out of retirement funds
October 7, 2008

The financial meltdown has demolished Americans' retirement savings, wiping out $2 trillion — or about 20% of value — in the past 15 months, Congress' top budget analyst said Tuesday.

This estimate probably comes as no surprise to millions of Americans who have reviewed their 401(k) statements in recent weeks.

"This is a financial panic right now, and one reason it feels so bad is that everything is going down," says Kurt Brouwer, a financial planner in San Francisco.

The sharp drop in savings has led Americans to postpone contributing and, in some cases, delay retirement, Peter Orszag, head of the Congressional Budget Office, told the House Education and Labor Committee.

A new study by the AARP found that one in five workers 45 and older have stopped putting money into a 401(k), IRA or other retirement savings account during the past year.

http://www.usatoday.com/money/perfi/ret ... sses_N.htm

Hmmmm.... October, 2008.... Who knew.... And they stopped putting money in it "for the past year", i.e., 2007-2008, as things started to tank. Hmmmm.... From 2007-2008, the conventions hadn't happened yet, the primaries, then the general elections...

Well, as posteryoyo suggested:

posteryoyo wrote: .. no matter who made a law or signed it, the leader that leaves in a bad law is repsonsible every moment he/she leaves it in place.

I guess all the bad laws and policies that started tanking the economy during the 8 failed years of Bush can only be blamed on Bush...starting with tax cuts for the rich, two unnecessary wars, a $750Billion unpaid-for medical benefit, and all the other loopholes and giveaways to the 1%'ers...

Sure enough... and I guess all the bad laws and policies, unsuccessful financial schemes, payouts to the Political Class, failed promises, dead soldiers in foreign countries that that we have seen in the past 3 years can only be blamed on Obama. Works for me.

Never have been close to being in the 1% group...and since I don't play the lottery, I doubt I ever will be.

And I'm content being where I am.

I'm content where I am too, I'm also content knowing that it's still possible to become wealthy in this country, even if it's not me.

LLIB wrote: I'm content where I am too, I'm also content knowing that it's still possible to become wealthy in this country, even if it's not me.

It's much easier than you think... you can still do it... just support the government taking it from the rich and giving it to you. Problem solved. And quick. (see OWS)

I was close once-upon a time. Even then, though - the figure I reported - while seemingly high - was barely adequate for living where I was employed. My rent alone was almost $50,000/yr.

(ever try living in a place like San Francisco on a 5 digit salary?)