FIRE Economy Explosion Fallout -- Part I: Recession ends, depression begins - Eric Janszen

[Ghent12]

Re: FIRE Economy Fallout -- Part I: Recession ends, depression begins

The power of compound interest.

This may seem like a flippant answer, but it is my serious answer. "The rich get richer" is true in many respects. Obviously not true for Mike Tyson, many pro athletes, many lottery winners, etc., but definitely true for most capable wealth creators.

That reminds me of a line from Chris Rock. Of course he brings race into just about every one of his jokes, as that's his schtick, but here is his take on the difference between rich and wealthy:
"People don't know the difference between being rich and being wealthy. Most people look at Michael Jordan and say, 'Damn! He's wealthy!' but he's actually just rich. The white dude that signs his check, now that's wealthy."

[lurker]

Re: FIRE Economy Fallout -- Part I: Recession ends, depression begins

The power of compound interest.

This may seem like a flippant answer, but it is my serious answer. "The rich get richer" is true in many respects. Obviously not true for Mike Tyson, many pro athletes, many lottery winners, etc., but definitely true for most capable wealth creators.

And the tax codes.

The US is a rentier economy, run for and by the wealthy. The tax codes reflect this. Income earned from work is taxed more heavily than income from existing wealth.

And this is why the rich are getting richer.

[thriftyandboringinohio]

Re: FIRE Economy Fallout -- Part I: Recession ends, depression begins - Eric Janszen

Anyone here who is unemployed from a well paying job, like to educate us on how much unemployment insurance they receive?

In Ohio, unemployment table tops out at an annual salary of $52,312; if you made more than that your unemployment check is no bigger. Max benefit in Ohio is a person with three or more dependants receiving $503 per week.

[cjppjc]

Re: FIRE Economy Fallout -- Part I: Recession ends, depression begins - Eric Janszen

In Ohio, unemployment table tops out at an annual salary of $52,312; if you made more than that your unemployment check is no bigger. Max benefit in Ohio is a person with three or more dependants receiving $503 per week.

Thanks for the info.

Btw: You don't know thrifty and boring till you meet me.

[Rajiv]

Re: FIRE Economy Fallout -- Part I: Recession ends, depression begins - Eric Janszen

Here are the maximum weekly amounts by state

Maximum weekly benefits range from $210 in Mississippi to $900 in Massachusetts (This would be someone with 11 kids - for 0 kids it is $628)

Alabama — $235

Alaska — $320

Arizona — $240

Arkansas — $409

California — $450

Colorado — $455

Connecticut — $576

Delaware — $330

District of Columbia — $359

Florida — $275

Georgia — $320

Hawaii — $523

Idaho — $364

Illinois — $511

Indiana — $390

Iowa — $426

Kansas — $407

Kentucky — $415

Louisiana — $258

Maine — $496

Maryland — $380

Massachusetts — $900

Michigan — $362

Minnesota — $538

Mississippi — $210

Missouri — $320

Montana — $386

Nebraska — $298

Nevada — $362

New Hampshire — $427

New Jersey — $560

New Mexico — $455

New York — $405

North Carolina — $476

North Dakota — $385

Ohio — $493

Oklahoma — $392

Oregon — $463

Pennsylvania — $547

Puerto Rico — $133

Rhode Island — $641

South Carolina — $326

South Dakota — $285

Tennessee — $275

Texas — $378

Utah — $427

Vermont — $409

Virginia _$363

Virgin Islands — $454

Washington — $515

West Virginia — $408

Wisconsin — $355

Wyoming — $387