Thanks a ton Obama, really appreciate it.

[SANguru]

jeff, what you're missing is this is household income (dual income). What you are also missing is the US census bureau number does not account for all metropolitan areas in CA. Remember also there was a huge jump from 2007 to 2008 in not only household income but the inflation with the cost of goods. on a 60K income, you will not be able to survive or even rent in a metropolitan or suburbia of CA.

Originally Posted by JCL

That might be just a bit of a stretch. I used Wikipedia (sorry, it was convenient). It says that the US Census Bureau in 2007/2008 ranked California median household income at #8 of the US states. The figure is $59,950 for California, well above the national median household income of $50,740. You could double it, or triple it, if you like, but to suggest that four times the median is really lower middle class doesn't seem right. Just saying. Maybe I am missing something.

[JCL]

Originally Posted by SANguru

jeff, what you're missing is this is household income (dual income). What you are also missing is the US census bureau number does not account for all metropolitan areas in CA. Remember also there was a huge jump from 2007 to 2008 in not only household income but the inflation with the cost of goods. on a 60K income, you will not be able to survive or even rent in a metropolitan or suburbia of CA.

I was quoting median household income, just to be generous, and not highlighting that the actual median personal (individual) income is in the $40k range. I assumed that the $250k limit was household, and so wanted to compare apples to apples.

I agree that there are differences between metro and rural areas. I also think that inflation will add to the figures for 2008, but perhaps deflation will correct some of that going forward.

My point, possibly poorly made, was that exactly half of the population of California (by household) do have to survive on $60 k of household income, if that is the median. They can't all be living in rural areas.

[Wagner]

Originally Posted by jewelthief

No family on a $300,000 mortgage could afford a yearly mortgage interest of $50,000... at rates over the last 10 years the principal would have to be around a million to result in that amount of interest even in the early years of the loan....BUT their other deductions will also be limited like state and property taxes...

Real question is why the double blow.. why raise the income tax bracket and LIMIT deductions.. seems like one is hard enough to swallow.....Although according to usa today only 2.3% of Americans earn >$250k annual

The double blow is because, unlike the real world, government feels like it can spend and NEVER cut. We are f_--- doomed in 2-3 years. All I can say is...

MITT ROMNEY 2012!!!!

[jewelthief]

just to clarify i went back to the print edition to check the numbers...this is based on 2006 tax files..and also on adjusted gross income

<50k..............66.7%
50-100k..........21.7%
100-200k.........8.7%
200-500k.........2.3%
>500k..............0.7%

it's a shame that everyone over 250k adjusted income couldn't just decrease their productivity or defer their income to below that 250 limit...but i suppose that would only lead to more medicare cuts

[jewelthief]

i sure miss mccain

[jewelthief]

according to the media x5dawg most support his plan

Polls: Most support Obama's economic plan - White House- msnbc.com

Maybe the poll results are correct.....but all of the people that support it I'm sure [#1] Understand NOTHING about what is in it, and [#2] Are surely NOT the people that will ever have to PAY for it.


They are probably the leeches who were laying home from work and able to be in a poll.

[X5Dawg]

Originally Posted by jewelthief

but all of the people that support it I'm sure [#1] Understand NOTHING about what is in it, and [#2] Are surely NOT the people that will ever have to PAY for it. They are probably the leeches who were laying home from work and able to be in a poll.

Exactly!!!! Hell, the people who approved the bill didn't know what all was in it!!! Thank goodness, there were no earmarks in it!!!!

[JVegas]

[QUOTE=jewelthief]according to the media x5dawg most support his plan

let's not forget who controls the media...

[jewelthief]

Sooo we are recommending more accountability for personal spending and credit use at a time when the government can't get their spending under control......

Bailout Bank Blows Millions Partying in L.A. - TMZ.com

The streets need to run red with the blood of greedy bankers and incompetent and lazy regulators in order to teach future generations a lasting lesson. Mostly, it should be the guiltiest ones, but also a few hundred of the ones who did nothing else wrong except not question what was going on. None of this, of course, will happen, which ensures that the cycle of greed, incompetent regulation and bust will be repeated.

And yeah, probably a large portion of the entire population was actually guilty, spending and borrowing more than they could afford, but the punishments have to start somewhere, and the public is already paying for it. O and just to be sure that personal spending is kept in check lets take away the mortgage interest dedcution???? Sounds like that would lead to more foreclosures and then more government help...lol...

[JCL]

Originally Posted by jewelthief

Sooo we are recommending more accountability for personal spending and credit use at a time when the government can't get their spending under control......

But the government is just the collective will of the people. That is a little idealistic, but let's leave that aside for a moment. We should hold the government accountable, although I will pass on the rivers of blood analogy. It is hard to say it is all the governments fault though, when they are doing exactly what the average citizen has been doing, spending beyond their own means. It has to start with a new sense of what is affordable, and sustainable, at both the personal level and at the government level.

In the meantime, Wagner says it best. We are f**ked, because I don't see that new responsibility catching on anytime soon. Too much self interest out there.