Economic, taxes, and tariffs discussion

[Sour Masher]

Is that by average or median? The net worth by average in this country is around $700k, but by median is only about $65k.

Great point. The uber wealthy skew the results for averages. In fact, the vast differences in average and median wealth is the most obvious support for TW's and Fresno's points.

[OaklandA's]

Is that by average or median? The net worth by average in this country is around $700k, but by median is only about $65k.

The Top 10% is the Top 10% - there is no median or average involved. That link says that a net worth of over $1.1M is required to be in the top 10%.

[chancellor]

The Top 10% is the Top 10% - there is no median or average involved. That link says that a net worth of over $1.1M is required to be in the top 10%.

What he said. I'm admittedly surprised by how high the number is, so if anyone has a better/different source, I'd be interested. If accurate, my best guess is high real estate values in high population areas have driven up the figure.

[Gregg]

The economy is doing great for the 3%, I still don't see the benefits at the lower levels. Stock market is at a new high, great, what percentage of the bottom 90% own any stock? I'm still terrified when I see that a sizable percentage of Americans could not handle a surprise $400 expense. Hell, I'm carrying around that in cash most days.

Can I have a couple of hundred?

[revo]

The Top 10% is the Top 10% - there is no median or average involved. That link says that a net worth of over $1.1M is required to be in the top 10%.

According to the Fed, the top 10% of households in 2016 by median net worth was $2.4m (now that may just be the median of the actual Top 10%). But by average net worth it was $5.4m.

https://www.federalreserve.gov/publications/files/scf17.pdf

More startling is the bottom quartile's average net worth was ($12,000).

What he said. I'm admittedly surprised by how high the number is, so if anyone has a better/different source, I'd be interested. If accurate, my best guess is high real estate values in high population areas have driven up the figure.

This report shows all the demographics. This is the breakdown of metro areas vs non-metro areas:
Average: $751k to $276k
Median: $99k to $88k

[Fresno Bob]

Is that by average or median? The net worth by average in this country is around $700k, but by median is only about $65k.

you beat me to it

[OaklandA's]

According to the Fed, the top 10% of households in 2016 by median net worth was $2.4m (now that may just be the median of the actual Top 10%). But by average net worth it was $5.4m.

Right, that is looking at the mean compared to the median within the top 10%. All of that is consistent with chancellor's post that to get in to the top 10%, you need a little over $1.1M. To get in the Top 5%, you would need to be at the median number of the Top 10%, or at $2.4M.

[cardboardbox]

Looks like I'm not in the top 10%. :sad:

[revo]

Sad!

"Ford is having a bad year in 2018. Its stock is down 29%, and the tariffs imposed by President Trump have reportedly cost the company $1 billion, as the company is in the midst of a reorganization. Now, the company is announcing layoffs.

Jim Hackett, Ford’s CEO, is working to engineer a $25.5 billion restructuring of the automaker, hoping to cut costs and remain competitive, the Wall Street Journal reports. But auto sales are down, and one reason is the trade tariffs that Trump has imposed on metals and other goods. According to Bloomberg, Hackett has said they have already cost the company $1 billion in profit and could do “more damage” if the disputes aren’t resolved quickly.

Ford, the No. 2 U.S. automaker by sales, is making aggressive job cuts as part of that reorganization, NBC News reported. While the company hasn’t said how many jobs will be lost, a report from Morgan Stanley estimates “a global headcount reduction of approximately 12 percent,” or 24,000 of Ford’s 202,000 workers worldwide.”

http://fortune.com/2018/10/09/ford-stock-today-layoffs-trump-trade-tariffs/

[revo]

DJIA's down almost 2,000 points in the last week alone. The Dopey one gives himself pats on the back when the market is flying, but blames the Fed when it comes back down. Classy!

[cardboardbox]

DJIA's down almost 2,000 points in the last week alone. The Dopey one gives himself pats on the back when the market is flying, but blames the Fed when it comes back down. Classy!

he's been blaming the fed for months now, at least since July. Doesnt take a genius to see whats coming when they raise interest rates so aggressively.

[nots]

DJIA's down almost 2,000 points in the last week alone. The Dopey one gives himself pats on the back when the market is flying, but blames the Fed when it comes back down. Classy!

As opposed to the deep thinkers who pat Obama on the back for the increase in the market, but blame Trump as soon as there is a correction.

[DMT]

As opposed to the deep thinkers who pat Obama on the back for the increase in the market, but blame Trump as soon as there is a correction.

Such as?

[cardboardbox]

Such as?

revo said obama created this economy.

[cardboardbox]

here's a thought, the Fed is being too aggressive with rate hikes, and Trump's trade war is starting to hurt us. We could withstand one of these, but combined they are causing some economic pain.