ARE YOU F%$ING KIDDING ME?

52 comments

Posted on 26th July 2011 by Administrator in Economy |Politics |Social Issues

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This chart is shocking. The median net worth of all households in the US was $70,000 in 2009 according to a new report from the Pew Foundation. Think about that for just one minute. This means that 50% of all the households in the US (57 million HH) have a total net worth less than $70,000. If you add up their home equity, 2.2 automobiles, their 401ks, their savings accounts, their furniture and their electronic gadgets and subtract their mortgage debt, auto loans, student loans and credit card debt, you get $70,000 or less.

This data supports my Peacock Syndrome theory to the max. Americans might look like they own a lot of cool stuff, but most of them are in debt up to their eyeballs. They don’t own shit. They are renting their shit on credit. Anyone looking at this info with a critical eye would realize that these people are fucked. Anyone who approaches retirement without hundreds of thousands in savings is going to work until the day they die, or live a life of squalor in their old age.

The figures for blacks and hispanics are beyond comprehension. It leads me back to my questions about the luxury cars I see parked in West Philly, the satellite dishes on $25,000 hovels, and the supposed poor talking on their cell phones. It never added up in my mind. It didn’t add up because it doesn’t add up. When 50% of all the black households in the country have less than $5,677 of net worth, you know my observations are correct.

With north of 50 million households essentially living on the edge, how far do they have to be pushed before social unrest and chaos break out? I think it is closer than anyone thinks, especially with Washington DC not stepping up to save anyone again.

Here is a link to the complete report:

http://pewsocialtrends.org/files/2011/07/SDT-Wealth-Report_7-26-11_FINAL.pdf

WEALTH

By MIRIAM JORDAN

The wealth gap between whites and each of the nation’s two largest minorities—Hispanics and blacks—has widened to unprecedented levels amid the housing crisis and the recession, according to new research.

The median net worth of white households is 20 times greater than that of black households and 18 times greater than that of Hispanic households, according to an analysis of newly available 2009 government data by the Pew Research Center, an independent think tank.

The disparities are the greatest since the government began tracking such data a quarter-century ago, with the gulf separating whites from other groups twice as wide as it was in the two decades prior to the recession and 2008 financial crisis, according to the study.

“In the four years between 2005 and 2009, there was a sudden and steep increase in wealth disparities,” said Rakesh Kochhar, a senior Pew researcher and co-author of the report. He said that “using average, as opposed to median, net worth would not paint as accurate a picture because it would give greater weight to wealthier households.”

The gloomy picture was precipitated by the housing bubble’s collapse in 2006 and the recession from late 2007 to mid-2009, which took a “far greater toll” on the wealth of minorities than whites, according to the report.

From 2005 to 2009, inflation-adjusted median wealth plunged two-thirds among Hispanic households and 53% among black households, compared with just 16% for white households.

Wealth—the sum of such assets as a home, cars, stocks, bank and retirement accounts, minus the sum of debt—is a key indicator of economic well being, alongside income. Income refers to wages, interest, profits and other sources of earnings. The main difference between wealth and income is that wealth can be passed on.

“Wealth can establish the financial status of a family for generations,” said Mr. Kochhar, who is an economist.

Late last year, the U.S. Census Bureau reported that the number of Americans living in poverty was at a 15-year high.

For all groups, home ownership is the biggest contributor to net worth. The surge in home prices early in the past decade was accompanied by a historic increase in home-ownership rate, to 69% in 2009 from 64% in 2004. But plummeting house values then became the biggest cause of the erosion in household wealth, the study found.

The price drop had a more detrimental impact on minorities than on whites: Hispanics and blacks derive more than half of their net worth from home equity, whereas it accounts for 44% of a white household’s net worth.

As a result of the declines, the median black household had just $5,677 in wealth in 2009, while the median Hispanic household had $6,325. The median white household had $113,149 in 2009.

The two-bedroom house of Laevonne Gordon, an African-American from Escondido, Calif., was worth $265,000 when she bought it in 2005. Now, it is valued at $81,000, and she is behind on her monthly mortgage payments. “I’m trying to get a loan modification so I can keep the house,” she said during a visit to Community Housing Works, a counseling agency in San Diego.

Hispanics were hardest hit by the housing meltdown because they are concentrated in areas that suffered the biggest depreciation in home values—Arizona, California, Florida and Nevada.

The median value of directly held stock and mutual funds dropped the most for Hispanics and blacks. The value fell 32% for Hispanics and 71% for blacks. For whites, the value fell 9%. Blacks and Hispanics in financial distress might have been compelled to sell stocks or stop contributing to their pension plans, diminishing the value of their holdings, Mr. Kochhar said.

Given that a bigger share of whites own stocks and mutual funds, and have retirement accounts, the stock-market rebound since 2009 is likely to have benefited white households more than minority households.

Extended unemployment and shrinking income are also likely to have adversely affected household wealth, said the Pew study.

Ms. Gordon, a mother of three in the process of getting a divorce, has been delivering newspapers since her home day-care-center business went downhill because many of her clients lost their jobs and their homes.

The findings are based on Pew’s analysis of data from the Survey of Income and Program Participation, an economic questionnaire distributed to more than 36,000 households by the U.S. Census Bureau in late 2009.

52 Comments
  1. matt says:

    I wonder what it would be today. I think maybe worse for hispanics now because they have a large population that work in construction, home improvements, retail, etc…those jobs are still dropping.
    The funny thing about wealth is that only a few understand it’s meaning. A friend of mine is a doctor and makes a very good income, but has little actual wealth. He bought a big new house 3 years ago and a Lincoln Navigator and BMW for the 4 car garage, as well as 3 other properties for rentals before the bubble burst. I am genuinely happy for his success, but when he talks about what he “owns” I realize he does not understand that he “owns” nothing but the deeds to underwater property and vehicles. Sure he has stocks and savings, but if he subtracted his debt from his wealth,not his income, he would be stunned at the balance.

    26th July 2011 at 5:33 pm

  2. Jackson says:

    As for net worth, what did you expect? Millions survive on unemployment benefits, welfare, and social security. Millions live from pay check to paycheck. The media message is spend and consume. Who tells Americans to save?

    As for social unrest and chaos – it ain’t going to happen. Subsistence payments, sports, t.v., easy access porn, video games, and other electronic smack will keep the masses entertained. Any who do get out of line will be subdued by the police and military. As George Carlin says about the elite, “They own you.” They do and they’re very good about keeping control of their possessions.

    26th July 2011 at 6:18 pm

  3. Persnickety says:

    Regarding the low numbers for blacks and hispanics vs. the luxury cars – what is the data source? What proportion of “wealth” for those minorities is off the books and not discussed with surveyors? What portion of it is “possession is 9/10″ rather than with good clear title?

    26th July 2011 at 6:45 pm

  4. Administrator says:

    Jackson

    I’m not so sure about no social chaos. The debate in Washington is who can cut more. That is a brand new dynamic. The spigot is beginning to be closed. The 99ers are rolling off unemployment bennies. This Congress will not be expanding SNAP and funding states so they can not balance their budgets. The noose is getting tighter. It’s the middle class who are living on the edge. When this economy officially goes back into recession, all bets are off. Fourth Turnings don’t proceed like Unravelings. The last two decades were an Unraveling. The bad shit is about to happen.

    26th July 2011 at 7:28 pm

  5. Drowning in Parasitism says:

    “… It never added up in my mind. It didn’t add up because it doesn’t add up.”

    I think the answer may be found in Heather MacDonald’s “The Burden of Bad Ideas.” She has an entire chapter devoted to the staggering growth in “social security disability income” following a typically radical court decision which upheld that children with “learning disabilities” are eligible for SSDI opening a Pandora’s box of reckless abuses that have followed in its devastating wake.

    As you might imagine, in the ensuing years every enterprising member of the underclass (FSA) has caught on and is gaming the system. There have, of course, been NO NEEDED reforms from Congress to reign in the activist courts.

    She also documents a single NY family who “moved” to her native NEW York from Puerto Rico and have collectively cost taxpayers millions of dollars owing to their large clan and subsequent ever-larger clans.

    Her fantastic book which delves into the myriad of madness that passes for “liberalism” in the multi-culti miasma that is New York City (but which is really a microcosm of the bigger forces at work to destroy a nation) is one of the most blood-boiling, enraging books you’ll ever read.

    The exponential growth in SSDI for “learning disabilities” is where you’ll find your missing income. Guarandamnteeit!!!

    26th July 2011 at 7:55 pm

  6. KaD says:

    “I think it is closer than anyone thinks, especially with Washington DC not stepping up to save anyone again.”

    I have no doubt Mordor on the Potomac WILL be saving someone; it just won’t be the little guy.

    26th July 2011 at 8:08 pm

  7. Buckhed says:

    Matt…the trouble is when it comes to property you NEVER own it…it belongs to the government . Don’t pay your property taxes and then tell me who owns it ?

    26th July 2011 at 8:15 pm

  8. llpoh says:

    What a racist, slanted article. The fact is, the current situation relates to EDUCATION and Admin’s Peacock theory. Educated folks are still employed. Uneducated and unskilled folks have bit the dust. Guess which category Blacks and Hispanics tend to fall into. The fact that these groups still feel the need to preen and prance even though they have lost their jobs and houses is one of the great mysteries of the world. My dad used to call it “signifying”. He was dead right.

    26th July 2011 at 8:20 pm

  9. howard in nyc says:

    cool. llpoh is calling out ‘racism’ in the platform. this means i can go on vacation. (wearing my bling, so that i may properly ‘signify’, bitches)

    26th July 2011 at 8:22 pm

  10. llpoh says:

    Hey Howard – I will wear my eagle feather headdress and my beaded deerskin shirt, and we can go out and terrorize whitey. Maybe I should leave my tomahawk at home, tho.

    I don’t know if you are poking fun at me or not. But when an article simply states that a certain minority or another is doing poorly without any mention of the underlying cause, I tend to call it a piece of crap. And in this case, until the situation of education is addressed, there will be a huge disparity in wealth. It is not a racial issue – it is a cultural issue.

    26th July 2011 at 8:33 pm

  11. Mikey says:

    @persnickety

    Actually this data can be gathered relatively easily from public records. Do a bit of data mining on that data and you can generate a surprisingly large amount of data. I’m going to be using the Australian system as an example, as I know it, however I’m absolutely certain similar systems exist in the US.

    For instance, in most places even if property prices aren’t publically released, there is always taxes like ‘stamp duty’ that are charged at a fixed percentage of the value of the property. This information is publically available for a small fee, though anonymised of course, with only the property ID number, or suburb listed.

    From the local councils, you can gain access to the town plan with property ID linked to street address – this is where things like google maps gather their street addresses for. If not from the local councils, then from the telephone providers.

    For the debt information, call yourself a debt collector and pay a surprisingly small amount and you have access to financial records of all individuals. Call yourself a researcher and pay significantly more money and you have access to anonymized financial records, with users listed via suburb. This financial information lists all individuals’ credit checks for;
    – credit card applications with limits,
    – utilities applications,
    – credit card limit upgrades requests,
    – home loan applications,
    – home rental applications,
    – appliance rental applications,

    Go to the Census beauro and you gather the breakdown of suburbs based on income, job role, job industry, age demographics, relationship demographics, racial and religious demographics, the percentage of properties owned/rented, method of travel to workplaces, etc, etc, etc.

    Pay some more money and you can access RPData – the real estate agent’s database. It contains sales information down to the street level (though biased information as it only shows direct sales, and some auctions). It also has detailed information about rentals, non-anonymised.

    Feed the database a search query based on work location, living location, and familial demographics. Do some maths and link all these tables together and you can generate a very accurate portrait of individuals. As in down to the level of how many credit cards they’ll have, shop cards, limits, homeloan amount and age, likelyhood of other investments and what they would be, car loan, what car they do or do not drive.

    Pay a bit more to the banks and you can buy the anonomysed usage of individuals with their home suburb.

    if you have any toll roads, bridges, or tunnels contact the local council or the owners of those facilities and you can purchase the usage of that facility by make/model of vehicle. Cross reference that against everything else.

    Add that into the mix, do statistical analysis and stir. You now have a detailed profile of the likely breakdown of all households, almost down to the street level. Including the likely route to work for those individuals. Think about it a bit more and you can even include the dietry habits of most people.

    …. and for those that think I’m full of it — I’ve done it, made a company that farmed that data, and sold it after it started to bore me. Took me 9 months in my spare time to get the algorythm correct.

    26th July 2011 at 8:37 pm

  12. Administrator says:

    llpoh

    The PEW Foundation skews left. I ignored their take on the data. I had to go into the report to find the overall median net worth of $70,000. They try to make it seem like the white HHs with a net worth of $113,000 are doing well. That’s a crock. When over 50 million HHs have a net worth less than $70,000, you have a big problem for the country. The white – black – hispanic angle is a red herring.

    26th July 2011 at 8:42 pm

  13. Administrator says:

    howard

    PHILLIES 6
    GIANTS 1

    26th July 2011 at 8:43 pm

  14. Muck About says:

    Admin sez: “With north of 50 million households essentially living on the edge, how far do they have to be pushed before social unrest and chaos break out? I think it is closer than anyone thinks, especially with Washington DC not stepping up to save anyone again.”

    WTF? Washington’s “help” has put us here in the first place. Since FDR, D.C. slime crawlers have encouraged dependency rather than production. After WWII America’s productive capacity was more than the rest of the worlds’ combined. So we push for “Free Trade” to keep that capacity busy but in the long run, it only encouraged that productive capacity to migrate out of the country where it was cheaper to build widgets. That further encouraged “consumption” which, a the D.C. slime bags see it is Free Shit.

    Please don’t chide the Fed’s to help those poor folks – they’ll probably kill ‘em all with more kindness, control and inflation the whole thing to death.

    MA

    26th July 2011 at 8:44 pm

  15. AwholeDr says:

    Mikey:

    can you teach me how to hack and rob Admin’s pay pal donation account?

    26th July 2011 at 8:49 pm

  16. llpoh says:

    Absolutely, Admin. Last I looked, college educated folks have an uneployment rate of around 4%. For everyone else, the position is very bleak. That is essentially full employment. And we have a significant portion of folks with college degrees. The net wealth position then comes back to thrift, or lack thereof, for these college educated folks. But if you aren’t educated in today’s world, you are fucked.

    And when you look above at case of Laevonne (who the fuck would name their kid Laevonne, anyway. I didn’t know if it was a man or woman until they said it later in the article), who bought a $250k house while running child-care out of her home. What a fucking joke. Did she overcapitalize or what? Who gave her that loan? I am sorry for her plight, but she made a horrible decision.

    26th July 2011 at 8:50 pm

  17. Administrator says:

    Muck

    I didn’t mean the Feds should step up. They have run out of free money. I have to give the Tea Party freshman kudos. They aren’t rolling over for Boehner or anyone. They want real cuts and real soon.

    The facts are that there will be no new stimulus between now and the 2012 election. The FSA will get restless, but the middle class with no jobs and no UC bennies will get angrier and angrier. They will likely ignite the spark.

    26th July 2011 at 8:53 pm

  18. GT says:

    Being and old timer and good at statistics you can basically skew any to get the result you intend to present. Most people will never check them. Most people do not care as long as what they present supports the audience they are trying to reach. Don’t you know all white folks are racists and holding the man down! I can bring in all kinds of stats to debunk Pews research. They do not take into alot of factors.

    This is just another tool the politician use to make you and I give up more of our hard earned money to help the poor down troddened minorities. Most of the racism in this country does not come from common people, it comes from think tanks, and politicial organizations, and actually some racist you see spouting their crap on TV all the time. The biggest promoter of Racism is you got it the main stream media!!! Gotta keep us folks stirred up yah knoe!!

    I never judge a man by his skin color or langauge, I judge him or her by their actions.

    Mikey you can actually now subscribe to national databases that can do that by store and income levels and post it in geographicval areas it is amazing. SQL databases to boot!

    26th July 2011 at 8:54 pm

  19. Administrator says:

    AwholeDr

    Mikey would charge you more than you’d get from the account.

    26th July 2011 at 8:55 pm

  20. Persnickety says:

    Mikey – I’m sure the methods you describe would work in a great many areas, but I don’t think you understand the urban poor minority population in the US. Whether black or hispanic, these are to a great extent people who don’t have bank accounts (certainly not regular checking accounts), use check-cashing “stores” for a lot of financial transactions, mostly don’t have credit cards (hard to pay them without a checking account, eh?), have no or terrible credit ratings, use prepaid mobile phones, rent from either governmental or private slumlord type landlords, the former paid with a voucher if at all and the latter paid in cash, have spotty employment records etc. etc. Many of their cars won’t be titled or registered in their names, and often aren’t registered at all. They were probably bought for cash, mostly through essentially legitimate dealers, some through uh, black market avenues. These people mostly don’t own real property, and in Detroit where they do it’s 99% curse, and the land title records are often inaccurate there anyway. This population has nearly as much in common with people in the third world as they do with the typical US/UK debt-slave.

    What I’m describing is poor people in big cities, and of course a large proportion of the minorities discussed here are quite different. But enough of them are as I’m describing to really skew the data, as far as I can project.

    26th July 2011 at 9:01 pm

  21. GT says:

    llpoh now you know wwe are not suppose to make sense in this day and age. How dare you actually tell the truth that she made piss poor decisions and now is paying for them. I have made many during my 60 years. Today we are suppose to feel bad for her and buy her a new place so she can again make piss poor decisions. Welcome to the new America!! No one is a loser and everyone is a winner.

    If you make poor decisions do nto worry uncle sugar got your back baby!

    26th July 2011 at 9:07 pm

  22. howard in nyc says:

    admin–i’m gonna go ahead and mail my check tonight. i’ve been dreading this series all summer. timmy was supposed to start tonight, but he has the flu or ate something bad (probably that slop they served them at the white house yesterday). hopefully he’ll go against cole tomorrow night.

    chase’s inside the park hr was pretty cool.

    26th July 2011 at 9:10 pm

  23. Buckhed says:

    This is a something that I don’t understand.

    I’ve told you all about my friend who defaulted on his home. He got a letter a year or so back from both of his credit card companies informing him of a change in his credit status ( no shit he was 3 months behind in his mortgage) . As such they were going up on his interest rate from 14% to 21% and his minimum payment was going up too . He asked why they were doing this in that he had never been late,was making more than the minimum payment and had paid off several thousand dollars in principle in the last year. Both told him that this was the way it was…tough shit. He told both that he’d struggle to pay both of them and in addition he’d never be able to pay them off if they changed all of this….again…tough shit. So he defaulted on them too. A year goes by and a third party calls him and offers a settlement….he paid them both off at 20 cents on the dollar . He said why did they do this when I’d have paid them off in full in a bout 24 months….now they got waaay less than I would have given them in the long run.

    Makes no sense what so ever !

    26th July 2011 at 9:11 pm

  24. howard in nyc says:

    llpoh–poking fun.

    if you always assume i am poking fun, you will have a high win percentage.

    26th July 2011 at 9:12 pm

  25. Administrator says:

    Ryan Howard just hit one to dead center that is still going.

    I think we poisoned his Philly cheesesteak.

    26th July 2011 at 9:15 pm

  26. howard in nyc says:

    that mayberry kid can hit. and look at raaaauuuuuulllll flash the leather! i actually like the phillies.

    26th July 2011 at 9:22 pm

  27. llpoh says:

    Howie – I have seen you in full battle mode – so I just wanted to make sure I knew what was coming. If it was this I figured I beeter get prepared:

    37022_AfricanWarrior_f.jpg

    with this:

    indian-warrior-medicine-wheel-old-guy-winters.jpg

    But sneaky bastard that you are I figure you would distract me with this:

    gisele141106_468x723.jpg

    And I of course would counter with this:

    commission_african_warrior_by_elwinne.jpg

    26th July 2011 at 9:29 pm

  28. marissa says:

    My net worth is close to zero.

    I kind of like it that way.

    I mean I have enough money for housing and food and some new petticoats from time to time. But don’t you think that having all that stuff–house, cars, boats, couches and fridges–is a burden? I’m glad to be free of it all. I don’t have all kinds property to protect and take care of and polish and paint and guard and pay for. If somebody robs my apartment they’d be lucky to walk out with $200 worth of used stuff. Hell I bought this refurbished computer for 180 bucks in April, and if it disappears or craters, meh.

    I like being free of stuff that gives me a net worth. I can walk out the door any day, close it behind me, and say goodbye. That feels good.

    26th July 2011 at 9:30 pm

  29. llpoh says:

    Marissa – to save money on petticoats you can always go commando.

    26th July 2011 at 9:32 pm

  30. Administrator says:

    Howard

    I think we’ll have a rematch in the League Championship Series.

    26th July 2011 at 9:33 pm

  31. Thinker says:

    Speaking of petticoats, where have Pirate Jo and Hope@ZK been?

    26th July 2011 at 9:42 pm

  32. ed says:

    Why is anyone surprised at the disparity?

    Compare the crime rates of the three populations. I do not care if you DO get a free attorney, the time spent sitting in the jailhouse while you should be out making a buck is devastating.

    Compare the education levels of the three populations. Dropout rates exceeding 50% will not help the economic outlook of any ethnic group, especially if the time taken from school is spent “representin” on the street corner, or sitting in jail. Not that our public schools are anything to brag about, but I digress.

    Compare the percentages of single parent households, especially never-married single parent households with three or more children between ethnic groups. Northeastern Asians win out here, although they are not in this “sample”.

    Referring to the previous article on “Peacocking”, white folk are certainly susceptible, even rural ones who should know better. You do not have to drive very far on the backroads in the rural south to see plenty of trailers plopped out in treeless fields with a new diesel 4×4, a fairly new SUV or luxury-sport sedan (for mama, of course), and several four wheelers parked around it. Wherever the tree line is, pay particular attention. There is usually a clapped out whale-bodied Camaro (or five) sinking into the ground. No trash like white trash.

    However, minorities seem to spend a great deal more effort and resources on such frivolity. It would be impossible to swing a dead housecat around your head five times at the local Wal-Mart and not hit a single mother with multiple children wearing $100 worth of manicure, and a couple of layers of 10K “gold”. She will load her brood and merchandise into a leased Altima riding on rented (yes, several tire shops do it around here) rims four inches too large in diameter for the car, yakking on her bluetooth all the way to her home filled with rented appliances. None of this is the fault of banksters or whitey. You can spot her kids in the school cafeteria eating their free lunch wearing the $200 sneakers.

    The simple fact is if you finish high school, stay out of jail, work steadily (even at so called menial jobs), get married before chldren and stay married, more than likely you wil do well if you avoid overspending. A much larger percentage of black and hispanic people than whites do not follow these guidlines and drop out of school, get arrested, have kids out of wedlock, never marry, refuse work and spend their limited resources on bling.

    Social Darwinism will occur, regardless of how much is spent to fight poverty.

    Hey Admin! You seem to have a great love of charts. How about doing one covering the years 1970 to present charting two trends. One line would be food assistance program spending in constant dollars. The other would be Body Mass Index. Co-occurrence does not prove causality, but feeding people more whose largest energy expenditure is copulation, or twisting caps after a trip to “dalickasto” might be a large contributor to our collective obesity rates.

    26th July 2011 at 9:44 pm

  33. Administrator says:

    Thinker

    I think some regular commentors stopped commenting after the Police calling me incident. That’s my guess.

    26th July 2011 at 9:48 pm

  34. llpoh says:

    Having 10% of adult males in prison will tend to reduce the wealth of the group being discussed, I suppose. It will tend to reduce the wealth of the entire population, as well.

    26th July 2011 at 9:55 pm

  35. Mikey says:

    @persnickity

    You make a good point, a bit more information from a couple of other sources and you’re no longer tracking ‘Earnings’ but ‘Spendings’. This picks up those holes that you mention finding the cash economy.

    Here in Aus, all transactions over $2k in cash are required by law to be lodged with the Reserve Bank under anti-money laundering provisions. These are available (anonymised of course) for $15k/year.

    Pawn brokers, payday lending firms, GE Finance (which do most of the world’s store based ‘buy now and have 18 months interest free’ loans) and the other ‘Dodgy Brothers’ firms provide a surprisingly large amount of information to databases that are used by debt collection firms. Find one of those large debt collection firms and they’ll sell you an anonymised copy of their database happily.

    As for the other aspects of the ‘Black’ economy, the Australian Federal Police have surprisingly detailed maps and databases that are fed by all the various other state police that you can access for free if you’re a researcher. I’m certain the FBI has the same information.

    Remember, you don’t need to have ‘complete’ information (whatever the hell that means). You just need statistically significant sampling. For most situations you only need 3-7% sample sizes to get well into the 98% significance range. The rest can be done by extrapolation. You won’t get the outliers, but then you’re not after them. You’re after the ‘middle’ of the bell curve. Hell, you can effortlessly pick up 75% of the population with sample sizes well under 1/2%

    Statistics is an incredibly powerful tool when used properly.

    In terms of modelling the earnings of gang activity, this has already been measured and published in the US. Turns out the average drug dealer in Chicago is lucky to earn as much as if they were working at McDonalds (see the 1st Freakanomics book for a summary)

    26th July 2011 at 10:07 pm

  36. Mikey says:

    @AWholeDr

    I’m a Certified Ethical Hacker – I’m not going to hack Admin or TBP!

    (unless it’s for a really, really cool reason that is :P )

    26th July 2011 at 10:08 pm

  37. Buckhed says:

    LLPOH…That gal in the White Headdress takes me back to my Indian roots,a place were I am known as Chief Lickalottapuss !

    26th July 2011 at 10:26 pm

  38. Administrator says:

    I just saw this comeback response on another blog. It is a classic. Not as good as Smokey’s phone booth line, but still good:

    “What you have just said, is the most insanely idiotic thing I have ever heard. At no point, in your rambling incoherent response were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points and may God have mercy on your soul.”

    26th July 2011 at 10:33 pm

  39. Mikey says:

    @Admin

    It’s from “Billy Madison” btw.

    I tend to prefer a shorter quote from “The Adventures of Ford Fairlane” – ‘So many jerks, so few bullets’

    26th July 2011 at 10:35 pm

  40. howard in nyc says:

    when i come full battle mode, it will look more like this:

    26th July 2011 at 10:35 pm

  41. llpoh says:

    Dat you, Buckhed?

    Stephen-Taylor-longest-tongue.jpg

    26th July 2011 at 10:39 pm

  42. Opinionated Bloviator says:

    If it was $70,000 in 2009 it will be much less now once imploding real estate values, accelerating unemployment and the effects of the slow motion economic collapse are taken into account, say $60,000 to be conservative…

    If that trend continues or accelerates (and IT WILL) then the United States is headed towards a level of economic implosion that not only impoverishes 95% of the population but leads to civil war…

    Economic disaster drives civil collapses…

    26th July 2011 at 11:55 pm

  43. Buckhed says:

    LLPOH…ROTFLMMFAO….tongue yes…face …HELL NO !

    27th July 2011 at 2:33 am

  44. Dave says:

    So Obama is really saying…”We need to tax rich old WHITE PEOPLE more!

    27th July 2011 at 9:26 am

  45. Drowning in Parasitism says:

    I found the critical chapter online: “Welfare’s Next Vietnam” by Heather MacDonald: (Note the date the analysis was published; one can imagine the NUMERS TODAY – Can you say Boondoggle Extraordinaire, Folks?)

    http://www.city-journal.org/html/5_1_a1.html

    The results of both Zebley and these 1990 regulations have been spectacular. Children now account for just under 20 percent of the SSI disability rolls, receiving $4.35 billion a year in benefits. In 1993, more than 770,000 children were on disability, up from fewer than 300,000 in 1989. The rate of growth from 1992 to 1993 alone was 23.5 percent. In New York State, says Lloyd Moses, associate commissioner of disability determinations, Zebley has changed the entire disability program. With 500 to 600 new children’s cases being added to the rolls in the state every two weeks, children are now a major part of the agency’s workload.

    The most important effect of Zebley and the 1990 regulations was to open the rolls to the vast and growing world of behavioral and learning disorders. “Under the old ways, we didn’t think learning disabilities interfered with the main business of life,” explains Jack Schmulowitz, chairman of the SSA’s Office of Research and Statistics. Now the agency knows better. Mental impairments account for more than two-thirds of the growth in children’s awards since 1990, with behavioral problems now constituting almost one- quarter of all child mental impairment cases and attention deficit disorder constituting an ever-rising portion of the total.

    Two influences helped fan the rapid rise in children’s cases. After Zebley, the agency embarked on an aggressive publicity and outreach campaign to sign up more children, sending out brochures to local welfare offices and schools. Its allowance rate for children’s cases also shot up, initially to around 60 percent. For a period of six to eight months after the decision, says Abe Anolik, income maintenance program specialist for the SSA in New York State, “if you were a kid and you knew someone who sneezed, you got benefits.”

    Equally important has been word of mouth. “This is one that’s really out on the street,” says John Hoffman, a Detroit administrative judge. “It’s common knowledge that you might as well try for SSI because it’s not that hard to get. I’ve seen cases where the problems were extremely minor.” Parents have threatened teachers who’ve refused to fill out applications for their children; mothers have called the agency trying to get their unborn children on SSI.

    27th July 2011 at 10:35 am

  46. platoplubius says:

    hey admin can you provide me with a link or give me the low down on the police calling you story? i have been out of the loop for a bit.

    27th July 2011 at 4:25 pm

  47. Administrator says:

    plato

    Here was the post:

    http://www.theburningplatform.com/?p=18407

    27th July 2011 at 4:30 pm

  48. AwholeDr says:

    Mikey:

    How much to make my student loans disappear? I’m totally serious…

    27th July 2011 at 4:32 pm

  49. Persnickety says:

    Awhole – shall I list out all the felonies you just “committed” with your cute little question?

    Debt Brother is watching you.

    27th July 2011 at 4:59 pm

  50. platoplubius says:

    admin,

    that’s interesting….a couple of weeks ago i got an email from yahoo stating that my e mail had been “compromised”…

    then…I got an e mail from another site I post stuff on from the admin of that site which stated that a blog I had posted had been compromised. The blog was only visible to me and the admins of the site…no one else could even link to it or view it. I wonder how often this kind of shit happens? The blog wasn’t malicious but thought provoking and discussed our movement towards a complete police state with specific details of police tactics in my hometown.

    For those who are being paid to monitor this site…I hope you are ashamed to call yourself a human being, let alone a True American

    27th July 2011 at 5:10 pm

  51. platoplubius says:

    @ Awhole Dr

    Ever watch “Fight Club?” Besides having some great quotes like this one:

    “You are not your job…you are not how much money you have in the bank…not the car you drive…not the contents of your wallet. You are not your fucking khakis. We are the all-singing, all-dancing crap of the world.”

    But “project mayhem” in the film targeted the credit card companies’ buildings that held their servers which stored the data on all their accounts. Theoretically this would wipe out all the debt….but who knows this information is probably stored at countless sites…Maybe a computer worm/hydra like in “Hackers” or “Swordfish” might do the trick. I know, I know, I’ve watched too many movies.

    27th July 2011 at 5:22 pm

  52. Colma Rising says:

    Plato: check the last few comments on the Boston Military thread…

    27th July 2011 at 5:47 pm

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