WWL>Topics>>9-12 8:15am Tommy, widening income gap

9-12 8:15am Tommy, widening income gap

Sep 12, 2013|

Tommy talks to Brad Fortier, a certified financial planner, about the growing income gap and what it means to be middle class nowadays

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Automatically Generated Transcript (may not be 100% accurate)

Johnny Tucker with you on this Thursday morning -- fortunate as certified financial planner with Ford chief financial. Joins us talk about that. They gap in income gulf between the richest 1% in the rest of America is the widest it's been since the roaring 20s morning Bradley -- -- -- are well thanks taken time with a -- -- tell me about the they began here why are the rich did the super super rich. Wide they seem to be getting richer and does that hurt the middle class at all. And I think there's a lot of competing narrative as to why I think you know we look back recently over the last five years so one of the things we. Can certainly point to is actual policy. -- -- -- a big part of that policy deer court and falling asset prices and that would be. Stocks and real estate and those are typically assets owned. By wealthier people and so as a as a deliberate act of policy only going to be a natural. Now at -- station that you would see income incoming quality increase. I had a text earlier from a guy says he tried to buy into the trickle down theory of economics but it didn't work his wages of basically remained. Stagnant throughout the last 1015 years while prices have continued to go up to see the anomaly or is set pretty much the way. That it's worked to out of the numbers look on that. -- I think you did that trickle down theory I think it -- an interest and can't and and and obviously. A lot of people find that Hamas problem I'm of the -- that. One in comment directly the result a combination training usually. Social economic policy product cultural norms and in our own behavior. And one of the things you likely to seek independent party find in com if you're looking for your age -- -- -- You're probably not in a really good environment or that. Simply because. Companies are under enormous pressure to caught caught -- -- obviously labor Florida the largest caught any business and so. Read our unemployment situation is -- it is it. Culturally except ignore you wanted to things aren't you all are minutes. We we get into the work force and immediately adopt this socially accepted form of behavior where you go buy a house yet. -- -- -- -- with furniture and that we all make individual decisions instead of party saying -- out that what you today. Very a lot of our income is. Debt service on -- lifestyle. People a lot of that late oh well. Com do when he comes to definitions are we defining middle class now. You know. A great question and I don't even know I think a lot of these are sort politically targeted term. On you know you always sort of -- year. You're top 5% of income her legacy at the top 10% are typically the chicks dig your. And then everybody else -- sort of ball somewhere somewhere along along the latter and middle. I think it's a question and and now usually put too much emphasis. I don't like bank. You know the reason -- -- popular narrative used that term that the most people accept. That you don't have a healthy society. That very well and and so I think with the with the calling our middle class is is. Trying to shatter that a little bit better. So -- comes to. -- reversing this trend. Mom I don't know you know we get a text Sears says the rich take more risk is that always absolutely true and it hit me. How to how do you turn this around and -- After the twenties the last time it was like this unions had a lot to do within. And some other factors what's there is going down its money's how it turned around after the twenties. And why it's likely or not likely to do that here. Well we go look at that point one of the things we know the income gap has not been as large and tornado we know what took place after that so we sort of know. That whenever you have. This level of structural imbalances that not help in usually leads to bad things and the challenge we have now. Is we basically have a credit based economy or debt based economy not want to -- And the Fed's balance sheet in the first and and year existence with a trillion dollar reported that this year alone. And understood the viewed it. And in all of nature and in our economy defer action her upright and I definitely think. Well fed policy may have saved from. From going into a darker hole for a short period of time it definitely have upright and I think that price is income gap to the question is. -- in what can we do an update. You know one of the things we can all do is accept the whiter light with -- debt service. On adopt a whole got a 500000 dollars house thinking are not a school. I didn't consider like a little bit more early on because the ridge definitely do take more risk and more about its network fluctuate spit you pushed out and being. Baker were and so he's willing to assume more bulk delete that that a lot of people are -- That we just -- you what Stephen is on our side a lot of -- -- read hang on after the news only chance a couple of questions for me first off you know here elderly people Lotta times say. Ham on ethics and Kamel who really aren't most of us on a fixed income and secondly. If you are in the middle class whatever that is and you get me -- line by inflation. Besides -- bag if he if you're -- feel as though you've cut back as much as she can. Tom what can you do and and is America is still the land where. If you have an idea and a dream you can you can take it all the way Ian and this card yourself out of fortune or at least a decent lifestyle or. Are a lot of people just -- for corporate America and and you're gonna get to hear Nancy it and you better be thankfully you have your job because of not. Would bring somebody else in the get a people are waiting to take it will talk to -- for Jake certified financial planner with four to eight. Financial won't come back also take your calls -- 60187203866. 8890870. Right now -- time for -- WL traffic. -- -- Tommy Tucker -- WL at 827 talking a red Ford. Certified financial planner with -- financial about a new. Survey that's out talking about the well being concentrated at the very top more so than an ever has since the twenties and of course the questions are. -- is the middle class still alive if not where -- go. And get a text here -- that says I worked as a bartender bought rental property and -- of the proceeds. And now I'm -- law school Biller writes doesn't say we're entitled to a BMW. And the mansion and I guess that makes me think. Are we in in you'd be instant gratification. Society now in -- people just not doing the right things with their money where they. At the TV on any out of hand -- shiny -- the thing -- the latest that and as a result. They're just doing the wrong thing -- their money. Mean there's no question that individual behavior. -- -- -- I'm a huge opponent in the government has never of the salt problem the government wouldn't matter what station on the problem a lot of our policies are. -- -- -- of -- individual behavior thought that -- thinkpad that a lot to do with it and you know -- great question earlier. You know a whole idea of the American dream Danica would. I would ask that you -- First say that in my own XP here. Are simply to read on that -- -- read on what it means to be successful. And it's not so monetary anymore and and then the other thing I would suggest it is. You know even their policies. Are step up you know or more -- and and maybe not not as much of -- -- in the that you beat of the main thing we only do recognize that the economy is structurally different and they're they're deep structural flaw that. Some of adaptations we make our own behavior deal that. But we -- and Buick it's just like you said you'd yet. You've got to be willing sacrifice the consumer the debt based consumer driven lifestyle which is basically group and foundation of the American economy right now. And you know and just think we aces I think a lot of us -- -- we've they haven't they would give compliments. Her -- and hang on does that it will. Talk about it when we come back after news because. I think part of it is with technology a lot of us have bills and we didn't have before. And like the invite the audience to join in a T 60187. Needle free. 866 inning and we are busier than on -- a lot of feel like we're haven't that once a year sale we're talking about. Red light cameras in the city right out the Sports Illustrated article with less. Well -- talking about less miles days at Oklahoma State and then college football as a college athletes being paid. And in the Vatican you know second anchor man talking about maybe they would be open to a conversation a -- -- priest get married in the frame culled from Dallas and and there's no more right or wrong in this country. Now we're going -- editors opened the door and whatever during their dances she's things about priest get married and we're gonna talk to Brad fortune in a minute and in certified financial planner about this disparity of wealth in the country how the rich seem to be getting richer and the wells as being concentrated at the top. Andy are you afraid if you middle class that. Maybe you gonna get caught on the wrong side of the rich poor divide that Lauren has been holding its talk about married priest -- Lauren -- under the W good morning. I think. That trichet last great act and act. I am Ali how they relate to it and the issues. Why. Said no problem. And you can do what -- -- simple life shatter all the old church made by any lag other. It priests can marry and it seems to. -- he has status are you single. I if you were would you date a priest there wouldn't be kind of different. I think that marriage as a lot obviously other a gala and money. Everybody at night even on a three day that they -- act they got up early and here I go to pre can do and it. And why not a lot is that not for me to judge that aren't intricate -- try that -- Don't -- out that it -- that they don't. They don't do the things that they need to our. Are they still priests. What are -- -- and the other or territory and still dating. -- -- people. Consider movies but he's still seen people. Not. Dicey using them and -- gonna be delicate here but he sees them but he doesn't take in the viewers like a booty call. I don't know exactly what their relationship it. But -- as it may not get it only on your pre relationship. While. Lauren I'm glad you -- -- have a good day we -- talking about wealth in this country in the middle class when we come back on that need to be you -- Tiger -- -- on this Thursday morning -- fortunate as certified financial planner with Ford chief financial. Joins us talk about that. They gap in income gulf between the richest 1% in the rest of America is the widest it's been since the roaring 20s morning Bradley Dillon. Margaret are you well thanks taken time with a saints raskin tell me about the they big -- here why are there -- -- the super super rich. What they seem to be getting richer and does that hurt the middle class at all. And I think there's a lot of competing narrative as to why acting you know we look back recently over the last five years -- so one of the things we. Can certainly point to is is actual policy armed. I mean that a big part of that policy geared toward and -- in asset prices and that would be. Stocks in real estate and those are typically assets owned. I wealthier people and so it as a deliberate act of policy only going to be a natural. Now at that station that you see income incoming call the increase. I had a text earlier from a guy says he tried to buy into the trickle down theory of economics but it didn't work his wages of basically remained. Stagnant throughout the last 1015 years while prices have continued to go up to see the anomaly or is set pretty much the way. That it's worked to out of the numbers look on that. Did not think that the trickle down theory I think it is an interest and can't and and and obviously. A lot of people find that Hamas problem I'm of the -- that. One in -- directly the result a combination training usually. Social economic policy kind of cultural norms and in our own behavior. And one of the things you likely to -- to depend on party line income if you're looking for your -- comptroller. You're probably not in a really good environment or that. Simply because. Companies are under enormous amount of pressure to -- caught -- -- obviously labor law. Artist caught any business and so. Read our unemployment situation is way it is right. Culturally except ignore your wanted to think Archie all the time it's. We we get into the work force and immediately adopt this socially accepted form of behavior where you buy a house yeah. These are yet pillar with archer and we all make individual decisions instead of party saying -- out what should stay. -- a lot of. Com do when it comes to definitions are we defining middle class now. You know. Great question -- now in not a lot of these are sort of politically targeted term. On you know you always sort that your. You're top 5% of income our legacy of the top 10% are typically the chicks dig your. And then everybody else to sort of ball somewhere somewhere along along -- latter in the middle. I think it's a question and I don't usually put too much emphasis. I don't like bank. You know the reason -- -- popular narrative to use that term that the most people accept. That you don't have healthy society out very well and and -- tinker with we're calling our middle class is is. Trying to -- -- a little bit better. So -- comes to. -- reversing this trend. -- I don't know you know we get a text Sears says the rich take more risk is that always absolutely true and it hit me. How to how do you turn this around and -- After the twenties the last time it was like this unions had a lot to do within. And some other factors -- there's going down its money's how it turned around after the twenties. And why it's likely or not likely to do that here. Well we go look at that point one of the things we noted that the the income gap has not been as large and twenties and we know what took place after that so we sort of know. That whenever you have. This level of structural imbalances that not help -- usually leads to bad things. And the challenge rehab -- now. Is we basically have a credit based economy -- debt based economy and not want shed. And the Fed's balance sheet in the first year existence of the trillion dollar reported that this year alone. And understood the abuse it. And in all of nature and in our economy temporary action or upright and I that we think. While fed policy may have saved. From going into a darker hole for short period of time -- we have upright and I think upright is income gap to the question is. -- in what can we do an update. You know one of the things we can all do is accept the whiter light -- with less debt service on adopt a whole got -- 500 out dark house thinking are not a school. And consider like a little bit more early on because ridge definitely do take more risk and more about its network fluctuate spit you -- China and being. -- -- and so he's willing to assume more well we'll leave that that a lot of people are are -- that we just have walked you -- -- -- -- on our side a lot of -- -- read hang on after the news only chance a couple of questions for me first off you know here elderly people -- times say. -- on ethics and Kamel who really aren't most of us on a fixed income and secondly. If you are in the middle class whatever that is and you get -- maligned by inflation. Besides cotton bag if he if you're -- feel as though you've cut back as much as you can. What can you do and and is America is still the land where. If you have an idea and a dream you can you can take it all the way -- and this carve yourself out of fortune or at least a decent lifestyle or. Are a lot of people just -- for corporate America and and you're gonna get to hear Nancy it and you better be thankfully you have your job because of not. Would bring somebody else in the get a people are waiting to take it will talk to -- for Jake certified financial planner with four -- -- financial won't come back also take your calls. And -- 60187203866. 8890870. Right now -- time for -- WL traffic. -- -- Tommy Tucker Devin WL -- Tony seven talking a red -- Certified financial planner with -- financial about a new survey that's out talking about the well being. Concentrated at the very top more so than -- ever has since the twenties and of course the questions are. -- there is the middle class still alive if not where dated go. And get a text here bread that says I worked as a bartender bought a rental property and socks with the proceeds. And now I'm -- law school Biller writes doesn't say were entitled to have BMW. And the mansion and I guess that makes me think. Are we in in you'd be instant gratification. Society now in -- people just not doing the right things with their money where they. At the TV on any out of hand they shiny and the thing -- the latest dad and as a result. They're just doing the wrong thing -- their money. Then there's no question that individual behavior. -- -- -- -- huge proponent and the government never muscle problem in the government issued him a vision of a problem on our policies Kirk. I met the stations of the individual behavior thought that we think that -- that a lot to do with it and you know -- great question earlier about. As a whole idea of the American dream Danica I would. Wouldn't -- -- -- First say that in -- and expect. Are simply to read on that form itself read on what it means to be successful. And it's not so monetary anymore and and then the other thing I would suggest it is. You know even their policies. Are set up you know or -- have -- and and maybe not not at much of a tail wind that you beat of the main thing we only do recognize that the economy is structurally different and they're they're deep structural flaws that. Some of the adaptation we make our own behavior deal that. But we do and Buick it's just like hit you yet. You've got to be willing sacrifice the consumer the debt based consumer driven lights which is basically group and foundation of the American economy right now. LaDainian on distinguish a's I think a lot of us do is we pay a detail would get a couple minutes. Her it and hang on -- -- will. Talk about it when we come back after news because. I think part of it is with technology a lot of us have bills and we didn't have before. And I like to invite the audience to join in -- -- 60187803866. NA and 087 media think. In America and -- thirteen we have to start settling for less in your children. And I'm going to be able have the lifestyle you had you'll have to redefine. What it means to be successful or. Is everything still wide open entity in America like the person attacks and -- if you will and that cut back. And save and invest wisely you can still have anything you want. In the United States of America calming let me know right now time for data WL traffic. And news for that we go to David thank you David just a couple of minutes left with -- -- foot -- as certified financial planner. With four chase financial as weak discuss though the concentration of wealth in his country the top 1% handing more than they've. Ever had since the twentieth century and -- before we went to the news I was asking about. You know may be read. A defining what we consider the American dream -- redefining what we considered the American. Middle class but if you look at it today if you look a cable TV if you look at -- and Internet access. If you look at cell phones although some people had that in lieu of a land line. Texting -- -- we have expenses that we didn't hand just a couple of years ago and I don't think salaries have gone up proportionally to make up for that having. No not at all topic I was disagreeing with -- point met a topic a big part of the problem -- Incomes are stagnating but -- lifestyle demands. The cost associated -- increase largely a result of current. Economic policy and so the question is. What do we do do we. We screamed about needing more wages -- we make. Behavior changes -- -- the problems is simply abdicating in terms of the banking bit about success is. -- mean gosh well no smiling and why I was asked. Yeah you know and -- like I think what I discovered. Is right out of college bought that success meant you had to have a lot of money and out at night car -- -- house. And what I quickly discover what that really what I'll agree. Well what an idiot got cable -- riding a cable bill what does they're really watch on TV anyway. Take the money. And and and and that somewhere is if you want more in concrete yourself. Another alternative idea you know my own kids. One of the things I'm strongly considering Dolan is using. What might have been their first two years mission caught trouncing them current business. Well the police that. If somebody fails at their own business for their first two years Specter likely bark a lot more than a very warm day in four years collagen. Visitors always in which we can adapt our behavior and change our our approach. Recognize that the economy struck with different recognizing the corporation in your arm or -- We're gonna cut back on labor costs such a top manager and so we can either want outlawed under job bill what we can make jobs ourselves and then create ourselves and about action epic American dream. Google. Now one variable you mentioned was the policy by the said. And I any chance of change in that to change anything in America for the middle class. I take the view coaches. Very much against consensus that it had the sides to stop paper and the economy is gonna go into a deep recession and I think it's. It's that important so propping up the ship and you know free market folks are clamoring for the Fed -- for just drop the reasoning get the big -- like we got during the depression. But I don't know I don't know how beautiful that -- Com -- being young people to realize right now is here taking the traditional approach to college and you're gonna get yourself heavily college education. What younger folks grapple with the Fed's plan and that group. Did eagle to deal with the amount of money they present system. The other thing they're into it didn't get a vote and they're gonna have rising debt costs as it were a college education are also have banks and lending institution tightened up lending standards because we're not the sport -- money -- the economy so. You know those girls just realities that we have to. We have to approach and it doesn't mean -- hope it just means we need to we need to change strategies. And I think what economists sometimes -- recognizing their analyses are of that if you look at the reset after the depression or after the Taiwanese -- it was depression they had a lot of pain. And a lot of disruption of families of what you which was caused by that and sometimes. The economists say well eventually it's gonna all sort itself out but there's tremendous cost to society of of it doing that. Right and you can -- take that step further and does do you politically look what took place as a result of the economic chaos and do. You know. We we didn't have quite so comfortable and -- it. On a cropped up. Across leadership. So you know there's a lot of consequences to that -- And and to expect that the market. In the first we have to accept -- recognize that the government literally management economy and they -- spending 25 cents of every now and pretty content the government responsible for -- our percentage EPA. I'm not arguing that good or bad understand except that how years. And then out a lot yet to adapt and in that structure. On there's no question we've got some challenges the Fed do and things that are unprecedented in peacetime. And it's going to be very interest in and out worked out but I do think individuals. You know still can't take control their lifestyle. Read it's a pleasure every time -- on with a as the -- hockey again. -- --