Middle Class Will Vanish

[texasredneck]

Brainless Ben just delivered another hit to all the retired on fixed income.

Remember it when adding up your tax deductions next year.

[vonna]

I am a volunteer tax preparer, and do a lot of returns for seniors . . . It is really getting ugly --

and I will also have to be preparing those who are used to writing off medical costs about the upcoming changes due to Obamacare:

Currently, those facing high medical expenses are allowed a deduction for medical expenses to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). The new provision raises the threshold to 10 percent of AGI. ( This provision will be waived for 65+ taxpayers in 2013-2016 only.)

I have a lot of clients under the age of 65 who have such large medical costs.

[jarhead1976]

Bens own words....... " it will make the average American FEEL wealthier. " I just love feeling wealthier. Even if gas goes to $8.00 a gallon at least Ben knows I feel good about it.

[Virgil Showlion]

Bens own words....... " it will make the average American FEEL wealthier. " I just love feeling wealthier. Even if gas goes to $8.00 a gallon at least Ben knows I feel good about it.

Most people were expecting the Fed to say no because indefinite QE is patently immoral.









Welcome to phase 2 of the end, my friends.

[texasredneck]

Best lock and load for phase 3.

[decoy409]

Phase 3?

[Deleted]

I have a lot of clients under the age of 65 who have such large medical costs.

working Stiff is eating too much Junk food.

[Deleted]

Kill the Ben. ( Aka, God)

[texasredneck]

ZRIP, zero interest rate policy, will continue for infinity. The US can not pay higher rates with the size of the debt.

Therefore saving for a car, a house, your kids education and even your funeral is a zero sum gain. Inflation over time destroys anything you save.

We must now live pay check to pay check. Spend everything and save nothing.

[Deleted]

Sept 25, 2012 15:00:51 GMT -5 texasredneck said:

ZRIP, zero interest rate policy, will continue for infinity. The US can not pay higher rates with the size of the debt.

Therefore saving for a car, a house, your kids education and even your funeral is a zero sum gain. Inflation over time destroys anything you save.

We must now live pay check to pay check. Spend everything and save nothing.

This post makes no sense. The US would love to inflate their way out of the debt. That is the way countries get out of debt. But they are trying not to derail the economy in the process.

[texasredneck]

Archie the country might get out of debt, but its citizens go broke in the process.

[decoy409]

Say Texas,middle class were stated to be in the $250,000 range. Wonder what that new number is?

[texasredneck]

On the lighter side from a Zero Hedge article "When in doubt who can destroy the economy the best, just leave it to BENVER."

[Driftr]

Sept 28, 2012 11:53:48 GMT -5 texasredneck said:

On the lighter side from a Zero Hedge article "When in doubt who can destroy the economy the best, just leave it to BENVER."

It was a sad day for me when ZH got blocked here at work.

[texasredneck]

Obama has tried twice to tax municipal bonds, but failed.

Now he has put it in his 2013 budget to make state and municipal bonds fully taxable.

[texasredneck]

Today is expected to be a monumental day.

Because the Dow is expected to set a new all time high.

Need to suck in a few more of the middle class starved for income on their retirement funds.

The big boys of course need to sell, sell, sell.

[texasredneck]

Zero hedge just posted ICI's recently released retirement plan data through Q3 of 2012.

Each working age person has average of $79,651.00 saved for retirement and is no better off than they were in 1999.

[decoy409]

It's comical texas when you get a shoe shine star.


Always the same old 50/50.


Archie just don't look.

[sunrnr]

[sunrnr]

It's a shame ain't it??

[texasredneck]

Dylan Grice Explains How "Crackpot" Central Bankers Are Destroying Society.

The debasement of the currency and death of the middle class.

www.zerohedge.com/news/2013-03-11/dyla

[frankq]

I thought Texas had one of the fastest growing state economies in the country?

[decoy409]

The debasement of the currency and death of the middle class.

www.zerohedge.com/news/2013-03-11/dyla

and that topple continues on hey texas. Reminds ya of monkey see monkey do and the three monkeys on the log. One with hands over eyes,one with hands over ears,and one with hands over mouth.

[decoy409]

Why with all of that gathering and none contributing from texas,middle class does not have (or above) a very prosperous outlook in material land that is.

[decoy409]

Say texas. What happened to USA and that constant barrage of we don't know and we will SEE? Why first they were cheering on the 225,000 jobs to be added by month,and now with the 'actual'  and on a constant drop from that cheering does not make sense as the number grows lower and lower.

And they did not even mention the 1300 being said good bye to upstate NY from bofa yet they are stock holders (supposebly).

[decoy409]

Why the new bofa that dumped some BIG trash onto another in roll it,yet the tab builds and is growing by the day.

www.foxbusiness.com/news/2013/04/02/bank-america-to-lay-off-1320-employees-in-upstate-new-york/

It is written cute. 1300 chopped but don't worry as 400 positions are open elsewhere. Just need to tell the folks putting in their apps ahead of these folks that they can't because 1300 are coming their way with room for 400.

Now just need to come up with 900 more openings.

When we take that same type of scenario and apply it to the greater vs less formula,why no wonder the lips keep on a trying to cover things up.

[frankq]

dealbreaker.com/2013/03/layoffs-watch-13-bank-of-america/

FYI: additional layoffs at BAML over the past three days, in NY sales and trading. At least thirty cut, primarily affecting MD and director levels.”

So, you complain that these banks are in the investment and trading business, then you complain when they cut from these businesses as they reduce their exposure. What is it that you want, other that to bitch and moan? Yes, we get it. Your glass will be perpetually half empty. What about the fact that they can't find enough people to work in some places, like North Dakota? Texas, in spite of what one guy out here says, looks like it's doing well. Lots of construction in Florida too. I know.....it's all bullshit....

[frankq]

When we take that same type of scenario and apply it to the greater vs less formula,why no wonder the lips keep on a trying to cover things up.

The only thing being covered up here is the fact that you're losing on the gold you allegedly own.

[frankq]

www.advisorperspectives.com/newsletters13/Dylan_Grice-Witch_Hunts_Inflation_Fears_and_Why_Im_Bearish_in_2013.php

For someone who started his remarks proposing to “kill all the economists,” Dylan Grice can wax surprisingly sentimental, with a fresh, human take on monetary policy that leads him to some worrisome conclusions.

Kill all the economists? Really? And from the same text:


Witch hunts, beheadings, and the Sex Pistols

Grice came armed with historical data intended to illustrate that the link between inflation and societal breakdown has a long track record, dating back at least as far as ancient Rome.

According to Grice’s data, the silver content of ancient Roman currency dipped from approximately 50% to next to nothing during the 3rd century, around the same time that the emperor Diocletian began widespread persecution of Christians within the Roman Empire.

Grice presented an overlaid graph purporting to show that, as the rate of inflation rose in England during the late 16th and early 17th centuries, the incidence of witch trials spiked. Similarly, the beginning of Robespierre’s infamous guillotine-heavy “Reign of Terror” during the French Revolution “coincides with a collapse in the currency,” Grice said. (“Notice I say ‘coincides,’” Grice cautioned, “not ‘causes.’”)

Perhaps the “most spectacular” – and most familiar – example, according to Grice, is the rampant inflation in Weimar Germany that paved the way for Hitler’s rise to power and the Holocaust.

[frankq]

Boy, that Dylan Grice is quite the financial guy.......not too extreme at all...