Economy is roaring

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is the individual equivalent to what the Tax Cuts for Wealthy Donors and Jobs Act did:

-- got a giant mortgage for a new house
-- home equity loan to put in a pool
-- ran up $100,000 of credit card debt to furnish the house and take expensive vacations
-- leased two brand new Mercedes SUVs with astronomical payments so that the neighbors think I am doing great

Yes people, my personal situation is roaring

My personal situation is much improved. My mother is in assisted living, which is very expensive as you know, and her stocks her gone up by enough to cover an additional year (almost). Plus, my sister and I have also seen our own investments swell, each equivalent to almost a year of AL, so we are in a better position to help her if need be. So don’t claim that the Trump economy isn’t helping the middle class.

Not previously mentioned here is how low debt service payments to personal disposable income have become. They are at the lowest level since they began tracking the percentage. That frees up more consumer for funds for spending or saving. Low interest rates obviously play a large role in this, but the ratio of household debt to disposable income also is the lowest it has been since 1980.

Not all is rosy in the economy; health care costs and the wealth gap are still worrying. But the low household debt and debt service payments we have now suggest that if we do have an economic reversal the effects will be very different than what we saw in the financial crisis, which was preceded by all time highs of household debt and debt service payments.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is the individual equivalent to what the Tax Cuts for Wealthy Donors and Jobs Act did:

-- got a giant mortgage for a new house
-- home equity loan to put in a pool
-- ran up $100,000 of credit card debt to furnish the house and take expensive vacations
-- leased two brand new Mercedes SUVs with astronomical payments so that the neighbors think I am doing great

Yes people, my personal situation is roaring

My personal situation is much improved. My mother is in assisted living, which is very expensive as you know, and her stocks her gone up by enough to cover an additional year (almost). Plus, my sister and I have also seen our own investments swell, each equivalent to almost a year of AL, so we are in a better position to help her if need be. So don’t claim that the Trump economy isn’t helping the middle class.

You realize that having stocks to cover expenses for your mom and your sister and yourself is a 1% thing, right? I mean, most people don't have stocks and would be wiped out with a $400 emergency expense. So while it is nice that you have your mother covered and your 401k is up, that simply isn't the case for the majority of Americans, who are simply not benefiting at all and to the contrary, will be called on to pay the piper when the debt and deficit spending are called on to be reeled in.

The $400 statistic is misleading at best. As this article explains, it is more like 12% of people who say they couldn't rustle up $400.

https://www.bloomberg.com/opinion/articles/2019-06-04/the-400-emergency-expense-story-is-wrong

[Anonymous]

Anonymous wrote:

This is the individual equivalent to what the Tax Cuts for Wealthy Donors and Jobs Act did:

-- got a giant mortgage for a new house
-- home equity loan to put in a pool
-- ran up $100,000 of credit card debt to furnish the house and take expensive vacations
-- leased two brand new Mercedes SUVs with astronomical payments so that the neighbors think I am doing great

Yes people, my personal situation is roaring

This is exactly what we are going to see when we see Trump's tax returns and his loans.

Minimizing one's tax liability using all legal methods and loopholes is entirely appropriate. Who in their right mind would pay taxes when one can legally minimize taxes?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Hey, all I know is that my 401k and other investments have been booming under Trump. Corporate cuts, deregulation, etc have a lot to do with that. No way I want to rock this boat.

Then you should probably max out your credit cards and your HELOC and invest it all in the stock market. That is basically what the U.S. federal government has done. And definitely don't ask questions about how the U.S. government will pay when the bill comes due. You don't want to know!

I don't get HELOCs. I pay my bills and live below my means. I do not blame politicians constantly for people's personal failings. If you're making poor life decisions, that's on you.

People come to this country with a couple of thousand in their pockets and years later, they're doing very well. This is more about individual will power, than luck.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey, all I know is that my 401k and other investments have been booming under Trump. Corporate cuts, deregulation, etc have a lot to do with that. No way I want to rock this boat.

Then you should probably max out your credit cards and your HELOC and invest it all in the stock market. That is basically what the U.S. federal government has done. And definitely don't ask questions about how the U.S. government will pay when the bill comes due. You don't want to know!

I don't get HELOCs. I pay my bills and live below my means. I do not blame politicians constantly for people's personal failings. If you're making poor life decisions, that's on you.

People come to this country with a couple of thousand in their pockets and years later, they're doing very well. This is more about individual will power, than luck.

Totally agree! We have a society today that expects to be pandered to non-stop. If you screw up then you should salvage the situation ...... not look for the government to bail you out. Financial responsibility is something that each individual needs to accept. The only exception is for those faced with catastrophic medical bills.

[Anonymous]

We have a society that demands instant gratification.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Hey, all I know is that my 401k and other investments have been booming under Trump. Corporate cuts, deregulation, etc have a lot to do with that. No way I want to rock this boat.

Then you should probably max out your credit cards and your HELOC and invest it all in the stock market. That is basically what the U.S. federal government has done. And definitely don't ask questions about how the U.S. government will pay when the bill comes due. You don't want to know!

I don't get HELOCs. I pay my bills and live below my means. I do not blame politicians constantly for people's personal failings. If you're making poor life decisions, that's on you.

People come to this country with a couple of thousand in their pockets and years later, they're doing very well. This is more about individual will power, than luck.

Some people get a HELOC as insurance for an emergency source of funds, particularly if they have little or nothing left on their mortgage. We personally have a paid off mortgage and no HELOC, preferring instead to make sure we have a good store of emergency funds.

I find that native born Americans seem less wary of debt than immigrants. My DH is an immigrant and insisted on paying off the mortgage in five years despite the negative tax implications.

[Anonymous]

Stock market returns under Trump still not outperforming those under Clinton and Obama.

https://www.washingtonpost.com/business/2019/12/28/trumps-stock-market-rally-is-very-good-still-lags-obama-clinton/

[Anonymous]

Anonymous wrote:We have a society that demands instant gratification.

This is your hot take on the issue of generational poverty? Good to see magat brain problems.

And there continue to be signs that the economy is nowhere near as rosy as the GOP would like to pretend. https://mobile.twitter.com/carlquintanilla/status/1210579620694777857

[Anonymous]

Anonymous wrote:Stock market returns under Trump still not outperforming those under Clinton and Obama.

https://www.washingtonpost.com/business/2019/12/28/trumps-stock-market-rally-is-very-good-still-lags-obama-clinton/

Yeah. Go figure. Trump is a little late on the quantitative easing curve, which is a good thing.

[Anonymous]

You silly gooses are still talking about something that has proven to NOT be true? Why? Entertainment?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is the individual equivalent to what the Tax Cuts for Wealthy Donors and Jobs Act did:

-- got a giant mortgage for a new house
-- home equity loan to put in a pool
-- ran up $100,000 of credit card debt to furnish the house and take expensive vacations
-- leased two brand new Mercedes SUVs with astronomical payments so that the neighbors think I am doing great

Yes people, my personal situation is roaring

My personal situation is much improved. My mother is in assisted living, which is very expensive as you know, and her stocks her gone up by enough to cover an additional year (almost). Plus, my sister and I have also seen our own investments swell, each equivalent to almost a year of AL, so we are in a better position to help her if need be. So don’t claim that the Trump economy isn’t helping the middle class.

You realize that having stocks to cover expenses for your mom and your sister and yourself is a 1% thing, right? I mean, most people don't have stocks and would be wiped out with a $400 emergency expense. So while it is nice that you have your mother covered and your 401k is up, that simply isn't the case for the majority of Americans, who are simply not benefiting at all and to the contrary, will be called on to pay the piper when the debt and deficit spending are called on to be reeled in.

Owning stock is NOT a 1%er thing at all. You keep repeating this lie over and over again ITT. Over 50% of all Americans own stock in some form whether that is through an IRA, 401k, or 403b. Huge amounts of young people are now getting involved in the market more with apps like Robinhood offering $0 fees for buying and selling stock.

[Anonymous]

Anonymous wrote:
Owning stock is NOT a 1%er thing at all. You keep repeating this lie over and over again ITT. Over 50% of all Americans own stock in some form whether that is through an IRA, 401k, or 403b. Huge amounts of young people are now getting involved in the market more with apps like Robinhood offering $0 fees for buying and selling stock.

Yes indeed! The two most oft repeated falsehoods by Democrats when they try and play down the economic success that the Trump administration has enjoyed is that stock market gains are something that does not benefit most Americans. It is a lie because studies have shown that 50-55% of Americans have an investment in stocks whether directly or indirectly. The second bit of disinformation is that stock market performance has nothing to do with the economy. Of course it does although there are other factors that come into play including eg Fed policy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Owning stock is NOT a 1%er thing at all. You keep repeating this lie over and over again ITT. Over 50% of all Americans own stock in some form whether that is through an IRA, 401k, or 403b. Huge amounts of young people are now getting involved in the market more with apps like Robinhood offering $0 fees for buying and selling stock.

Yes indeed! The two most oft repeated falsehoods by Democrats when they try and play down the economic success that the Trump administration has enjoyed is that stock market gains are something that does not benefit most Americans. It is a lie because studies have shown that 50-55% of Americans have an investment in stocks whether directly or indirectly. The second bit of disinformation is that stock market performance has nothing to do with the economy. Of course it does although there are other factors that come into play including eg Fed policy.

Agree. The Democrats are so eager to downplay the fact that, under Trump, we have the most successful economy in modern history that they diminish the tremendous lift half of all Americans have gotten via the roaring stock market as "it's only helping the [evil] rich." (I am the one with the mother in assisted living who is relieved that the big jump our family got can ensure Mom's continued care. And yes....we moved it to cash for protection. Most of it.)

The other thing I hear, from Democrats who deign to acknowledge that half of all Americans own stock, is that well...…"it's not helping the low-income." Besides the obvious shrug-off of the value to America's middle class, we now have the lowest unemployment rate in history AS WELL as increasing wages for those in the lower strata. So all are better off - rich, middle, and low.

[Anonymous]

We have a low unemployment rate because people are working 2 and 3 jobs to make ends meet.

The "economy" (ie DOW) is up because of the tax cuts and goosed interest rates. At some point, that will need to be paid for, but when the sugar high crashes, it will be ugly. As posted above, the "QE" charts are getting very ugly.