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A Good News Story. Literally.
Friday's update on consumer sentiment was an uneventful affair.
Americans' perceptions of the economy and business conditions were mostly unchanged in early August from July, according to the preliminary read on the University of Michigan survey.
At 71.2, the headline print was in line, both with consensus and with last month's final reading. The range of guesses, from more than four-dozen professional blindfolded dart slingers, was 67.5 to 75.
The expectations gauge slipped, while current
Walt, entertaining and informative as always. Hoping your new hamster cage is agreeable and less prone to hurricanes, tornadoes, fires and polar vertices. It is unfortunate that people watch news for affirmation versus information, but here we are. Funny about the dart slingers…they are well compensated for something we as a species are not terribly qualified to do.
You are so right ! It is so sad to see so many people accepting the lie they have been told since Reagan that supply-side economics works. Congressional Budget Office data show that taxes and means-tested public assistance narrow the income divide somewhat, but the gaps remain staggering.
Between 1979 and 2019, the richest 0.01 percent of households had a cumulative income growth rate of 507 percent after accounting for taxes and aid transfers.
That’s more than five times the 94 percent growth rate for the bottom 20 percent of households.
Tax cuts for the rich are a key driver of this rising inequality. The top U.S. marginal tax rate in 1979 was 70 percent, compared to just 37 percent today.
I get the 35% bracket for a home + the ever-popular 3.8% tip. It used to be much better but my wife passed away and I flew from 24 to 35. However, such things can be managed so I only paid a total of 9.9% to the IRS for ’22. But like the man said, I am not rich. I can buy about anything I need for comfort but that beautiful Bentley SUV I ogled yesterday, while reachable, wasn’t a great color and at my age and situation, ridiculous. I had two rich mentors in grad school. One was worth about $250 mil in the late 1960’s. He co-founded the CFA institute, owned his own nine-figure REIT, had an NYSE seat for a decade or two, and had a huge bond portfolio. He told me I couldn’t get really rich in the market but that I could do alright in bonds. That was correct. He was the only full prof in the college without a PhD. He didn’t need it. In my way I always figured that he was really rich. I still think that kind of money qualifies as rich, but not three $30 mil houses rich. Only big CEOs, entertainers and founders get there. The main way I lower my taxes is to donate 25% of my income to people who need food, shelter and joy for their lives. That makes all my best friends development directors. The ones I work with are some of the only really nice people I know. H. Enjoy your new homestead. I hope it meets all your expectations.