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Forums - Politics - Herman Cain: It is your fault you are not rich...

Meet the "53%":

http://www.washingtonpost.com/blogs/ezra-klein/post/conservatives-launch-we-are-the-53-percent-to-criticize-99-percenters/2011/10/10/gIQA70omaL_blog.html

Conservative activists have created a Tumblr called “We are the 53 percent” that’s meant to be a counterpunch to the viral “We are the 99 percent” site that’s become a prominent symbol for the Occupy Wall Street movement. The Tumblr is supposed to represent the 53 percent of Americans who pay federal income taxes, and its assumption is that the Wall Street protesters are part of the 46 percent of the country who don’t. “We are the 53 percent” was originally the brainchild of Erick Erickson, founder of RedState.org, who worked together with Josh Trevino, communications director for the right-leaning Texas Public Policy Foundation, and conservative filmmaker Mike Wilson to develop the concept, according to Trevino.

The overriding message is that the protesters have failed to take personal responsibility, blaming their economic troubles on others. “Suck it up you whiners. I am the 53 percent subsidizing you so you can hang out on Wall Street and complain,” writes Erickson, in the Tumblr’s inaugural post. “I don’t blame Wall Street because it doesn’t matter what Wall Street or anyone else does. I am responsible for my own destiny. I will succeed or fail because of me and me ALONE,” writes another contributor, who describes himself as a Marine Corps veteran. Another irate contributor writes: “I take risks so my kids can have a better life. Not so you can sit on your [expletive] at my expense.”



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richardhutnik said:
Paul said:
If you spend less than you earn you'll probably become wealthy in the long run. People waste a lot of money on stuff that doesn't change the quality of their life. People are too concerned about what their neighbours have and overlook what's important in their lives.

People don't get rich saving.  They get rich owning assets that produce more money for them, and they leverage their time heavily.  And then, from this, there is a compounding effect that happens.  The saving is needed in order to be able to have extra resources that can be mobilized for more, and theoretically lead to an improved quality of life later.  Save to day, get more tomorrow.  But today, saving likely is running less than the rate of inflation.

What was discussed earlier in another post was about how America no longer had saved, and fell behind.  This CNN article goes into further details on this, on America getting soft:

http://globalpublicsquare.blogs.cnn.com/2011/10/09/america-is-getting-soft/?&hpt=hp_c2

Obviously investing your surplus cash in assets that generate more cash gets you further ahead than stuffing it under your matress. I believe that saving and investing go hand in hand. I don't really understand what your point is.  If you spend more than you earn the only guarantee is paying lots of interest or going bankrupt.



Sometimes the truth hurts but the reality is most people are not driven enough to be uber-successful. We have people who chose to stay at home and unemployed because the check they receive from the government is actually more than a 9-5 job, that's the truth.

I don't blame those people for sitting at home though when the government gives them that option, I blame the government for babying people. Personally I'd like to see either an immediate reduction in unemployment benefits or 90 suspension of benefits. Some people right now need a good kick in the ass to get off the couch.



Paul said:
richardhutnik said:
Paul said:
If you spend less than you earn you'll probably become wealthy in the long run. People waste a lot of money on stuff that doesn't change the quality of their life. People are too concerned about what their neighbours have and overlook what's important in their lives.

People don't get rich saving.  They get rich owning assets that produce more money for them, and they leverage their time heavily.  And then, from this, there is a compounding effect that happens.  The saving is needed in order to be able to have extra resources that can be mobilized for more, and theoretically lead to an improved quality of life later.  Save to day, get more tomorrow.  But today, saving likely is running less than the rate of inflation.

What was discussed earlier in another post was about how America no longer had saved, and fell behind.  This CNN article goes into further details on this, on America getting soft:

http://globalpublicsquare.blogs.cnn.com/2011/10/09/america-is-getting-soft/?&hpt=hp_c2

Obviously investing your surplus cash in assets that generate more cash gets you further ahead than stuffing it under your matress. I believe that saving and investing go hand in hand. I don't really understand what your point is.  If you spend more than you earn the only guarantee is paying lots of interest or going bankrupt.

Saving is the equivalent of placing cash under a matress.  The difference is that savings is there is interest on the money.  You don't get wealthy doing this.  Who gets wealthy putting surplus into a bank savings account?  You don't.



richardhutnik said:
Paul said:
richardhutnik said:
Paul said:
If you spend less than you earn you'll probably become wealthy in the long run. People waste a lot of money on stuff that doesn't change the quality of their life. People are too concerned about what their neighbours have and overlook what's important in their lives.

People don't get rich saving.  They get rich owning assets that produce more money for them, and they leverage their time heavily.  And then, from this, there is a compounding effect that happens.  The saving is needed in order to be able to have extra resources that can be mobilized for more, and theoretically lead to an improved quality of life later.  Save to day, get more tomorrow.  But today, saving likely is running less than the rate of inflation.

What was discussed earlier in another post was about how America no longer had saved, and fell behind.  This CNN article goes into further details on this, on America getting soft:

http://globalpublicsquare.blogs.cnn.com/2011/10/09/america-is-getting-soft/?&hpt=hp_c2

Obviously investing your surplus cash in assets that generate more cash gets you further ahead than stuffing it under your matress. I believe that saving and investing go hand in hand. I don't really understand what your point is.  If you spend more than you earn the only guarantee is paying lots of interest or going bankrupt.

Saving is the equivalent of placing cash under a matress.  The difference is that savings is there is interest on the money.  You don't get wealthy doing this.  Who gets wealthy putting surplus into a bank savings account?  You don't.

Saving is the difference between what you earn and what you spend. Where you choose to invest that money is another matter, investing in an asset with a higher return will obviously get you further. Having money to invest will get you further than having debts that you have to service. That's my point.

I never said people get rich by dumping money in a savings account. I'm 80% invested in equities and have averaged about 5.5% over 18 years. I was able to invest in equities because I saved some money.





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Im rich and I don't even have $100.



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scat398 said:
Sometimes the truth hurts but the reality is most people are not driven enough to be uber-successful. We have people who chose to stay at home and unemployed because the check they receive from the government is actually more than a 9-5 job, that's the truth.

I don't blame those people for sitting at home though when the government gives them that option, I blame the government for babying people. Personally I'd like to see either an immediate reduction in unemployment benefits or 90 suspension of benefits. Some people right now need a good kick in the ass to get off the couch.

So, do you think the laziness could be cured if the government would go into homes of people who didn't find jobs after their unemployment rant out and execute them and then show this is what happens to people who don't get work?  Do you think the unemployment rate could drop to zero if the penalty for not finding work happened to be upped?  Consequences works wonders, right?

You do know that, at least in NY state, they require people who are unemployment to apply to a certain number of jobs each month to keep their unemployment, right?



I don't want to be rich i just want live withing my means. I can't do that when the big corporations refuse to hire people and pay them appropriate wages.



kowenicki said:
scottie said:
kowenicki said:



1) Yeah Bill Gatses is  a real  looker and an athlete thats for sure...  and he had bazillions of contacts when he was 17.

2) I dont doubt people can get a leg up, particularly through contacts and parents.... but you are looking at CEO's of Fortune 500.... thats the top top slice of the biggest firms.

3) It is possible to get rich under your own steam from nothing... I came from an extremely poor background and have done very very nicely thank you.  I didn't sit there bleating about how  it isnt fiar that I was competeing with private school kids and people with money behind them.  I just got on with it.


@ 1) Did I say it was impossible? I just said the odds were very much against you

 

@ 2/3)  The 'It's your fault that you are not rich' is in response to the 99%/1% thing that has spread at the moment. The cutoff for 1% is about 350k / year for a household. 350 (even divided between two) ispretty much the upper limit for what you can get from jobs that require skill, Almost all jobs that pay that much are unskilled jobs. It is very easy to become wealthy off of nothing but hard work and talent, but it is extremely difficult to become rich.

 

I also love how you use the word 'bleating', whereas when right wing nutjobs protest you would describe it as freedom fighting or some bollocks.



richardhutnik said:
scat398 said:
Sometimes the truth hurts but the reality is most people are not driven enough to be uber-successful. We have people who chose to stay at home and unemployed because the check they receive from the government is actually more than a 9-5 job, that's the truth.

I don't blame those people for sitting at home though when the government gives them that option, I blame the government for babying people. Personally I'd like to see either an immediate reduction in unemployment benefits or 90 suspension of benefits. Some people right now need a good kick in the ass to get off the couch.

So, do you think the laziness could be cured if the government would go into homes of people who didn't find jobs after their unemployment rant out and execute them and then show this is what happens to people who don't get work?  Do you think the unemployment rate could drop to zero if the penalty for not finding work happened to be upped?  Consequences works wonders, right?

You do know that, at least in NY state, they require people who are unemployment to apply to a certain number of jobs each month to keep their unemployment, right?

Who said people need to be shot and executed? All that needs to happen is that failure needs to be an option again. Sometimes people will fail at life, and if we stop these people from failing they will not learn from their mistakes and make the right choices. I am sure the impending starvation and homelessness would keep enough fear in people to et them motivated when they get that close, or to save for a rainy day so they do not get that close to the edge. Instead we have been rewarding the wrong behavior by giving those who too much help too soon. It rewards bad behavior that will han be retaught and redone. The government are also not the only ones that are able to help, people can often go to a church of any denomation and get help. Especially if they are willing to work and to clean up their act. About the onley ones in society that really need the governments help should be  the mentally ill.