The Rich Get Richer And The Poor Well You Know The Thing...

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   Sharlee01posted 4 years ago

   
   
   The elite on wall street to include investment banks have smashed earning expectations today.  While American worker struggles with rising consumer good prices due to President Joe Biden’s inflation.
   
   JPMorgan Chase ---   “second-quarter earnings of $11.9 billion, or $3.78 per share, which exceeded the $3.21 estimate of analysts surveyed by Refinitiv,” CNBC reported.
   
   Goldman Sachs  ---  "reported second-quarter earnings of $15.02 per share, topping analysts’ expectation of $10.24 earnings per share,” CNBC continued, “The bank posted its second-best ever quarterly investment banking revenue as a rush of IPOs hit Wall Street last quarter.”
   
   The investment banks shattering expectations comes as the American worker is experiencing inflation at a 13 year high.
   
   The Labor Department on Tuesday released its Consumer Price Index for June, showing that prices rose 0.9 percent in the past month. The price hike in June marked the largest 1-month increase since June 2008.
   
   Inflation has outrun expectations for three months in a row. The June monthly figure is the highest since June 2008, when prices increased 1 percent in a single month.
   
   Inflation pressures remain more acute than appreciated and certainly appear that they are going to be with us for a longer period than has been previously reported.
   
   Are we returning to the 1970s?   Inflation has reached a three-decade high. The past two years with the need for  several emergency’ spending packages, bond buy-backs, and printing lots of money  it seems to mirror the same  mistakes Government made in the Carter era.”
   
   Since President Joe Biden has taken office, prices for consumer goods and energy have dramatically risen.
   
   In my view, our history shows when you tax the rich, they just pass these losses on to the consumer.
   
   Didn't Biden promise to tax the rich, and bring back our economy? It seems we are headed down a path that the rich get rich, and the poor --- "well you know the thing!"
   
   Where do you think the Biden economy is headed?
   
   Does the current growing inflation concern you?

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      CHRIS57posted 4 years agoin reply to this

      I understand you want to discuss the current administration efforts on economic recovery.
      
      But "...seems we are headed down a path that the rich get rich, and the poor - " is nothing that can be attributed directly to any former or current administration.
      
      As Vilfredo Pareto https://en.wikipedia.org/wiki/Vilfredo_Pareto  found out, this progression of unequal wealth and income distribution is as old as historic data is available. Was found already 500 years ago in Europe.
      
      This process may slow down or accelerate, but is keeps on. There is only one big equalizer, a war, a war on own soil. And as we all don´t want wars, we will have to live with growing inequality. Don´t blame someone who tries to slow down the process and don´t promote someone who accelerated the process. You know who i mean.

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2. 84

   Kathryn L Hillposted 4 years ago

   "the thing" = the saying, or the quote, or the phrase, or the motto, or the familiar verse.
   So now we can all use "the thing" for any of these terms.
   
   right?

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3. 83

   Sharlee01posted 4 years ago

   It seems like the phrase is becoming synonymous with Biden.

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4. 84

   Kathryn L Hillposted 4 years ago

   If you tax the rich they will box your ears.

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      Sharlee01posted 4 years agoin reply to this

      Well, they will get you one way or the other. They did not get rich by accident.

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   Charles Emerenwaposted 4 years ago

   Well, this seems to be the reality not only in America, Sharlee. From my perspective of a citizen in an Asean country, it's quite prevalent here as well, where I'm from.
   
   I may be unable to comment much on Biden's handling of the economic situation over in America, but I would like to share my point of view if it's welcomed. 
   
   Quite frankly, this case of the rich getting richer is something that is a given; well the rich has access to resources that people from the lower rung of the societal ladder is deprived of. The rich and privileged certainly have an unfair advantage in life in terms of being ahead than the rest of the other community members. The social ladder that separates people into different strata depicts that the higher at the top you are, opportunities sort of become more accessible and wealth accumulation gets easier.
   
   For those that are at the base usually gets served the crumbs of what is left over. At times, they might not even have a chance to snag a portion of the pie because it's simply just too overcrowded. For instance, job opportunities itself may be scarce and with the economy taking a turn for the worst due to the pandemic, the poor and underprivileged  may have an even tougher time to cope. Significant impact on the global economy is evident across the globe due to trade disruptions and reduced productivity especially during the lockdown periods. Inflation will be an even bigger blow especially for the down-and-out.
   
   On the other hand, the rich might still be able to maintain their lifestyle or even source for alternative means to diversify their wealth to cope with the rising cost of living. Although the economic effects might ruffle their feathers a little, the affluent can divert their attention to perhaps greener pastures and make money work for them instead through investments and numerous other means that are not possible for those without liquid assets at their disposal.
   
   It seems unfair but it is the way the world has worked for the longest time. It will take a lot of work to ensure the check and balance when it comes to wealth distribution in an economy where the difference between the rich and poor is so great. It also boils down to the government to play an active role to fine tune and keep the situation in check.

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6. 83

   Sharlee01posted 4 years ago

   So well said, I appreciate you taking the time and effort to comment. Your opinion is very much right in my view. It's a shame that there are no checks and balances to make. it all much fairer.

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      Kathryn L Hillposted 4 years agoin reply to this

      How would fairness would look?

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