[Grammar] "People do not know what they have got till it's gone."

[sky3120]

"People do not know what they have got till it's gone."

Here in the sentence, is "it's gone" an abbreviation of "it is gone" or "it has gone"? And do we have to distinguish the meanings all the time as in She is gone and She has gone? I think in the end she is not here in both cases. What do you native English speakers think? Thank you so much as usual and have a good day.

 

[emsr2d2]

There has been another thread on this before, I just can't find it. In the idiom you quoted, I think it can be taken to mean either:

It has gone = present perfect tense of "to go".
It is gone = present tense of "to be", followed by "gone" as an adjective.

 

[sky3120]

Thank you so much and how about meaning? I think that in the end the implied meaning is the same or so similar that we do not have to sweat it. What do you think? Thank you so much again.

 

[emsr2d2]

The meaning is the same.