Author Topic: Larry Summers says Elizabeth's economics advisers are con artists  (Read 3355 times)

Gregmal

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Re: Larry Summers says Elizabeth's economics advisers are con artists
« Reply #60 on: November 05, 2019, 11:25:05 AM »
Or that you could take a massive payout from your SV salary, relocate, lose all the stress and suicide drama, AND still substantially increase the quality of life elsewhere.

Is it any different than the folks on the East Coast who work NYC jobs? Many of these people want to be in the city/Hoboken/Westchester/Bergen County area for convenience and lifestyle reasons. But then bitch about the cost of living, private school costs, traffic.... LOL


LC

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Re: Larry Summers says Elizabeth's economics advisers are con artists
« Reply #61 on: November 05, 2019, 01:16:01 PM »
So it seems like we all agree that the NIIT which impacts investment income on joint filers with $400K+ salaries is not a middle class problem.

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Capital and talent will migrate to where they are treated well

Makes you wonder why NY and CA have accumulated so much capital given they are high tax, high cost states.
"Lethargy bordering on sloth remains the cornerstone of our investment style."
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Cardboard

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Re: Larry Summers says Elizabeth's economics advisers are con artists
« Reply #62 on: November 05, 2019, 03:22:16 PM »
"I just wish we could be intellectually honest when they are discussing some of these political topics."

I have found that communists are highly intellectually dishonest.

It is nice that Jamie agrees with me. Hopefully that Buffett will end his life being on the right side of things too:

https://www.cnbc.com/2019/11/05/jamie-dimon-says-sen-elizabeth-warren-vilifies-successful-people.html

Spekulatius

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Re: Larry Summers says Elizabeth's economics advisers are con artists
« Reply #63 on: November 05, 2019, 03:47:44 PM »
Yup those are good points. Its also worth mentioning that anyone with the skillset required to be employed by a big tech company out in SV, can easily utilize that skillset to make reasonable enough money to get by, ANYWHERE, in the country. So it's a choice. Someone making 400K a year and not getting by in SV, can move to Lehigh Valley PA, and make $150K and live like a king....

Couldn't agree more. I know plenty of people making 100k+ in normal or low cost living areas. The average engineer salary in SV is 123k a year. Not to mention it seems like the majority of those jobs are extremely high stress and ball busting. To each their own though.

I just wish we could be intellectually honest when they are discussing some of these political topics. If the tax being discussed is on families making over 400k, discuss that. Don't start talking about middle class families making 400k when they are in the top 2.5% of wage earners in the entire country and justifying it by making up a fake budget in SV (which still sounds pretty good). Be honest and realize a family making over 125k in Lehigh Valley PA isn't middle class either! The country can't write the check for the goods and services already provided and taxes will have to increase; if the country decides healthcare or UBI what have you is valued, then taxes are going to go up. Thus far, since 1980, the top 20% of wage earners have been winning the game of capitalism and have been taking home a growing allocation of the total economic pie. This is even more evident when you look at the top 10%, 5%, 1%, .1% etc.

The other 80% of Americans are doing better than they were 40 years ago, but nowhere near as well as the top 20%. That 80% contingent is fed up. They elected Obama in 2008, the leader promising change and the outsider Trump in 2016. If the 80% loses interest in the wedge issues of gun control, abortion, immigration, etc. and starts pushing for the same privileges as the family making 150k in Lehigh VAlley PA; there is going to be some major wealth redistribution. We are already seeing the seeds from candidates like Sanders and Warren.

Trump got elected to save the well paying factory jobs people in middle America depend on. Thus far, the economic recovery started under Obama has continued, and Trump's tax policy has led to a big give away to the same people winning already. The middle class making between 38k and 120k is not doing significantly better than they were, and will eventually move on the the next candidate who promises to give them a shot at living like a king. 

When you use high-cost areas such as DC and NYC as example you are just making my point. Lying Liz wants to grab everything from the high-cost areas. You just made my point because you were forced to use DV and NYC as examples.

SV has unique stresses, e.g. the companies cut say the bottom 5-10% of their staff every year. The electrician on his feet doesn't have to worry about that, and if he gets paid in cash needs to worry about whether he wants to pay taxes at all.

If you offer someone a job that has 3x the stress but you get to save 10% more than the electrician, they will tell you to find someone else.

The most important thing the Right wants is to create the correct incentives. If there is a small difference in savings for an engineer in SV compared to Katie Hill, everyone would want to be a Katie Hill or AOC. You will be left with a nation of Katie Hills and all the workers in SV will move to Canada.

Lying Liz has not yet told us who will pay the $2 trillion in unrealized capital gains taxes under her Medicare for All plan, and the $1.4 trillion in increased income under existing tax laws. These crooks won't stop until they kill the golden goose.


I actually like some of the things Trump has done with regards to Nato, the increase in the minimum deduction and curtailing the mortgage interest deduction (though i think it should be eliminated completely) and some of the budget and regulatory cuts. I dislike the political discourse he seems to have foster. Some of the "lying Liz" (I thought it was lying Ted?) like comments sound like they came straight from a grade school playground. Just because the POTUS does it, doesn't mean we have to as well.

I think you were missing my point. My point was, even the poor SV tech family making 400k has options. The government worker in DC, the Add agency worker, and electrician don't have the option. They must live in the 1500 SF home 1+ hours away from their place of employment, and at the end of their 30 year slog, they won't have a 2.5M+ asset. Pretending the SV couple is middle class is laughable.

I don't think anyone said a family in PA making 125k a year is middle class. I think Greg was simply pointing out that you can earn the same SV salary in a lower cost of living area. So living in SV is a choice predicated by your desire to live in a near perfect climate with endless entertainment options while sacrificing the possibility of owning a home etc.

If the high stress Job in SV isnít worth it, move somewhere else, take a bit of a pay cut, but have your $ go further, itís that simple. FWIW, the Trump tax cuts and eliminating the deduction of state income and mortgage interest make moving to a lower cost location even more worthwhile. Whining doesnít do anything.
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