The 1% grabbed 82% of all wealth created in 2017

[Sonea 138]

Just now, Italian_in_NYC said:

Is it right that soccer (or basketball, football, name the pro sport of your liking) players make millions just by playing sports (although at extremely high levels)?

It's market driven. No one would pay to come see me play basketball or buy my jersey. They instead opt to go see Lebron James. It's not fair.

Actually most sports have unions and there are still issues. Look at Major League Baseball this offseason. The free agent market imploded and you could argue a degree of it was collusion by owners. Owners see more value picking up a prospect at the league minimum of 500,000 a year versus paying out 10 million a year for a free agent in their prime.

[Italian_in_NYC 259]

1 minute ago, Sonea said:

Actually most sports have unions and there are still issues. Look at Major League Baseball this offseason. The free agent market imploded and you could argue a degree of it was collusion by owners. Owners see more value picking up a prospect at the league minimum of 500,000 a year versus paying out 10 million a year for a free agent in their prime.

Unions or not, they make millions and do not work more than 20/25 hours a week.

[Sonea 138]

2 minutes ago, Italian_in_NYC said:

Unions or not, they make millions and do not work more than 20/25 hours a week.

But without market controls they could be making alot more. Are you arguing we should run the US economy like MLB then? With luxury taxes and all?

Edited April 3, 2018 by Sonea

[Italian_in_NYC 259]

2 minutes ago, Sonea said:

But without market controls they could be making alot more. Are you arguing we should run the US economy like MLB then? With luxury taxes and all?

There are plenty of regulations and a highly progressive tax system enacted already.

[Sonea 138]

2 minutes ago, Italian_in_NYC said:

There are plenty of regulations and a highly progressive tax system enacted already.

MLB taxes the employer for going over the luxury tax.

[Italian_in_NYC 259]

1 minute ago, Sonea said:

MLB taxes the employer for going over the luxury tax.

The League does it only to maximize the TV rights income, not for philanthropic purposes.

[Sonea 138]

1 minute ago, Italian_in_NYC said:

The League does it only to maximize the TV rights income, not for philanthropic purposes.

They do it to keep teams competitive. Its a salary cap basically.

[Italian_in_NYC 259]

5 minutes ago, Sonea said:

They do it to keep teams competitive. Its a salary cap basically.

More competitive league = more money

[jyaku 138]

1 hour ago, Italian_in_NYC said:

I disagree.

Most doctors, lawyers, professionals, business owners work A LOT.

 

Except they're not the 1%. More like the 4-10%.

 

Unless you're making like 10 million a year or more, you're really not the 1%.

 

So you still think doctors, lawyers, professionals, business owners are not getting screwed by capitalism?

Edited April 3, 2018 by jyaku

[The Nature Boy 7,659]

1 hour ago, Il Mango Dulce said:

As do most teachers, nurses, parking lot attendants, cashiers, baristas, iron workers, etc...............

and mods. Mods work hard

[TBoneTX 43,124]

But it's a poor career choice.

[jg121783 3,907]

15 hours ago, Il Mango Dulce said:

http://money.cnn.com/2018/01/21/news/economy/davos-oxfam-inequality-wealth/index.html?utm_content=buffer0dd57&utm_medium=social&utm_source=facebook.com&utm_campaign=buffer

More than $8 of every $10 of wealth created last year went to the richest 1%.

That's according to a new report from Oxfam International, which estimates that the bottom 50% of the world's population saw no increase in wealth.

Oxfam says the trend shows that the global economy is skewed in favor of the rich, rewarding wealth instead of work.

Does anyone here actually know how much you have to earn per year to be in the top 1% worldwide? The answer will surprise you. To be in the top 1% worldwide you only need to earn $32,400 a year. Chances are most of the people posting in this thread if not everyone are in the top 1% worldwide. Of course CNN would never point out that easy to source statistic. That would turn their story into a non story.

[Amica Nostra 4,803]

1 minute ago, jg121783 said:

Does anyone here actually know how much you have to earn per year to be in the top 1% worldwide? The answer will surprise you. To be in the top 1% worldwide you only need to earn $32,400 a year. Chances are most of the people posting in this thread if not everyone are in the top 1% worldwide. Of course CNN would never point out that easy to source statistic. That would turn their story into a non story.

the article is clearly about global wealth

[charmander 692]

52 minutes ago, jyaku said:

 

Except they're not the 1%. More like the 4-10%.

 

Unless you're making like 10 million a year or more, you're really not the 1%.

Not really. The percentiles would surprise you. https://dqydj.com/2017-family-household-income-percentile-calculator-united-states/

 

Household income of $200K puts you in top 10%, $480K puts you to top 1%. You don't even have to make half a million to be in the top 1%. $10M annual income would probably put you close to the top 0.01%.

 

 

 

[jg121783 3,907]

13 minutes ago, Il Mango Dulce said:

the article is clearly about global wealth

As far as wealth goes if your net worth is more than $770,000 you are in the top 1% worldwide. Anyone who owns a home and invests wisely in a retirement account for a couple decades should be close to that if not well above that. Also despite the myth that all wealth is inherited 80% of millionaires are first generation. So basically to sum up the article using logic and facts if you work hard and invest wisely you will be in a group of people who collectively receive a majority of the world's wealth. There's no evil conspiracy here.