ST Alpha - "If the average is more than 750k, is that really 1%? -- nm" (Reading a Post)

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In response to "Sen. Dianne Feinstein, champion of the wealthy and rich 1% -- (link*)" by Strongbad

If the average is more than 750k, is that really 1%? -- nm

Posted by Will Hunting (aka Joemetz) Dec 18 '17, 03:47

(No message)

Responses:

The average person in our country can afford more than a 750K on a new mortgage? -- nm* - Strongbad Dec 18, 03:48 49
- My previous house was worth not that much away from 750k. While we are well enough off, we are fucking far from the 1%. -- nm - Reagen Dec 18, 03:55 48
  - Math is hard. -- nm - mafic Dec 18, 03:56 47
    - US median household income is approximately 60K -- (edited) - Strongbad Dec 18, 04:04 46
      - Nationwide median income is a fairly useless measure by any standard. -- nm - mafic Dec 18, 04:16 22
        
        What's a better national metric of wealth and buying power, then? -- nm - Strongbad Dec 18, 04:21 21
        
        Applying a nationwide median on a local level is stupid. - mafic Dec 18, 04:27
        
        it's kind of irrelevant to the issue at play. Local costs of living make national medians moot. -- nm - Reagen Dec 18, 04:24 19
        
        Seeing that we are discussing federal income tax changes, I think it's very appropriate to consider national measures of wealth and income. -- nm - Strongbad Dec 18, 04:28 18
        
        Sure, so making $60k in rural Louisiana and NYC is exactly the same then. -- nm - mafic Dec 18, 04:29 17
        
        If you’re applying median income across the board that’s what you’re saying, that local circumstance doesn’t matter, only average. -- nm - mafic Dec 18, 04:59
        
        ...which is something I've never stated, but keep going. -- nm - Strongbad Dec 18, 04:32 15
        
        ...but that's what gets assumed when you use national measure of wealth and income. - Inigo Dec 18, 04:36 14
        
        Completely disagree. - Strongbad Dec 18, 04:45 13
        
        I don't think you truly understand how cost of living works, then. -- nm - Inigo Dec 18, 04:48 12
        
        I refuse to define "middle class" on a sliding scale from state to state, or district to district - Strongbad Dec 18, 05:02 3
        
        You're wrong. I've lived it. -- nm - CQ Dec 18, 05:07 1
        
        I've lived it too. - Strongbad Dec 18, 05:23
        
        But tons of people live in those cities and areas, like millions and stuff. -- (edited) - Inigo Dec 18, 05:06
        
        I think his point is 60k is different place to place, but 750k isn't. I tend to agree. - volnelk Dec 18, 04:54 7
        
        With cost of living, the wages are much higher, and the cost of everything is higher. - Inigo Dec 18, 05:00 5
        
        I get it. The point is that it's difficult to compare people from the two markets as the same. - volnelk Dec 18, 05:25 4
        
        Which with your example inside that might make the one Ohio person lower middle class while the LA person might be upper middle. -- (edited) - Inigo Dec 18, 05:29
        
        they may or may not. In my Halifax/Vancouver comparison, we'd be spending most of our available income on housing with no room for vacations - Reagen Dec 18, 05:28
        
        Thank you for explaining this better than I am. -- nm - Strongbad Dec 18, 05:26 1
        
        Even if I do accept your premise (which I do not - two can play at this game, wheeee!) - Reagen Dec 18, 05:30
        
        but choices are driven by location. - Reagen Dec 18, 04:59
      - Hey, don't blame us because your framing of the issue was terrible. - Reagen Dec 18, 04:08 22
        
        The "issue" is she was caught doing exactly what people here accuse the Republicans of doing for the past month. - Strongbad Dec 18, 04:15 19
        
        She’s pointing out the inconsistency in the argument. -- nm - mafic Dec 18, 04:17 14
        
        Really? You think she's being sarcastic? -- nm - Strongbad Dec 18, 04:22 13
        
        You can't honestly be suggesting that we shouldn't consider what the results of the end of tax breaks are - Reagen Dec 18, 04:28
        
        no, I think she’s pointing out that the ‘middle class tax cut’ is going to negatively impact lots of middle class people, depending where they live. -- nm - mafic Dec 18, 04:28 11
        
        NY Times analysis from a few days ago: tax bill reduces taxes for most Americans -- (link) - Strongbad Dec 18, 04:38 4
        
        [deleted] 1
        
        I'm simply providing Mainstream Media links that ST seems to propose as Truth. Is the NY Times on David's Garbage Link list now? -- nm - Strongbad Dec 18, 07:13
        
        ...to a very small degree relative to what high income earners get, and then eventually raises it on those same low income earners - Reagen Dec 18, 04:40 1
        
        Plus, if the economy doesn't prosper to the nth degree, they'll have to raise taxes and cut "entitlements" on the middle class. -- nm - Inigo Dec 18, 04:41
        
        I disagree with your premise that "lots of middle class people" can afford 750K for a new mortgage. -- nm - Strongbad Dec 18, 04:31 5
        
        I get that you want to look at this as a stand alone policy because you think there's a moral high ground, but you can't because - Reagen Dec 18, 04:38 3
        
        I believe that if it were Ted Cruz and TX residents, it would be held up as yet another example of R's favoring the 1%. -- nm - Strongbad Dec 18, 04:40 2
        
        As far as I can tell, he couldn't say this though -- there's not a county in Texas with an average value of $750k. -- nm - Will Hunting Dec 18, 06:34
        
        I'd think Ted Cruz had a stroke if he spoke out against a tax cut. -- nm - Reagen Dec 18, 04:49
        
        I knew several people back in Calgary who had around that for a mortgage. Well off but far from the lighting cigars with 100s money. And again - Reagen Dec 18, 04:35
        
        defending the rights of her middle class constituents, who are going to get screwed over by this change for the sake of people who earn millions /y? - Reagen Dec 18, 04:17 3
        
        I disagree with your premise. Nobody who can afford a 750K new mortgage is getting "screwed over" - Strongbad Dec 18, 04:25 2
        
        [deleted]
        
        why can't the millionaires to whom this money is going? -- nm - Reagen Dec 18, 04:29
        
        (That said, I still think mortgage deduction as a policy is dumb and inflationary, but play fair about it) -- nm - Reagen Dec 18, 04:10 1
        
        agreed, glad we don't have it up here. -- nm - Beaker Dec 18, 04:35

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