Do We Have an Economy for the Wealthy?

[Ringo]

Left vs. Liberal

 

[LibertyKid]

I thought this poll was an interesting observation and it's not the first time I've seen it. Look at the people who approve of Biden's job as president. One, 81% of Democrats which is no surprise since it's his party. 55% of blacks which, again, no surprise given how heavily Democratic they are as a group. The one that stands out is 53% of white college. Every other group has a negative view of his performance, especially men and whites without a college degree, two groups who tend to make up more blue-collar jobs.

So why is it that college educated whites see it differently from everyone else? College educated people generally make more money than non-college educated people. I have an MBA and my wife and I, while not rich, fall into the upper middle-class income category and I can honestly say that despite inflation we are not experiencing hardships in our household. We haven't had to make any sacrifices. We still take trips and go out to eat at nice restaurants here and there. In fact, we are headed to Europe again for two weeks next month. Strictly from the microcosm of my household we're doing well, but we were doing well before too and I gather this is what a lot of people in the college educated whites group are also experiencing. There is a disconnect between that group and what everyone else is apparently dealing with.

So that begs the question, is this an economy for the wealthy?

I think your entire premise is missing a lot.

The idea or narrative that their are "Wealthy" and there are "Poor" leaves out many of the personal choices that one has made that has put them in the position they are in. You are the perfect example:

You more than likely:
Graduated from HS
You have a secondary education that has afforded you: Knowledge that allowed you to enter a career.
This career has then allowed you to gain experience and additional skills that have added to your professional equity that allows you to barter with an employer for wages the employer feels is fair and justly pays you those wages.
Live within your means
Save your money
Don't live paycheck to paycheck
Don't commit crimes
Live a productive and peaceful lifestyle due to the choices YOU have made.

These choices have allowed you to still live comfortably even with rising inflation.

The disconnect you speak of is the false narratives that exist because it excludes the personal choices that have made ANY economy difficult for those people.

Perfect example: Gov of CA raising minimum wage. That doesn't solve the problem for people who can't live within their means and are financially irresponsible. It may help a few, but the vast majority who are stuck working jobs that pay minimum wage or a few dollars an hour over, are their mostly because they haven't applied themselves or made life choices that have negated certain paths. That doesn't mean they can't get out of their situation. Unfortunately, the narratives today remove personal culpability from the equation while blaming; rich, whites, systemic racism, capitalism, and anything else that can replace personal culpability.

 

[DGS49]

Speaking of "college graduates" as a group is not entirely valid. There are college graduates and there are College Graduates.

A degree in Ethnic Studies, or Art Appreciation, or Social Work, or a hundred other Leftist areas of interest lacks anything resembling "academic rigor." They are not the product of effort and learning, but rather voluntary indoctrination. Any time a Professor (or other college teacher) says the words, "There are no right (or wrong) answers..." you know you are sitting in a bullshit class.

One never hears that before an accounting, math, or even a legitimate history exam. In academics, there should be right answers with everything else being wrong.

To say that someone with a degree in Gender Studies and someone with a degree in Mechanical Engineering belong in the same academic category (both are college graduates) makes the category meaningless.

 

[Grumblenuts]

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[task0778]

Do We Have an Economy for the Wealthy?​

IMHO, what we have is an economy that favors wealth creation, for everybody. What we have is an economy that favors investors that put their money to work earning interest and dividends and increases in stock value or home ownership (capital gains). And who are the investors? Primarily they are wealthy people cuz they've got the means to save money over their cost of living expenses, with which they can invest and make more money. But the truth that is ignored is that in our economy, wealth can be created by non-wealthy people too if they make wise choices in their spending and investing. The opportunity to do that is unmatched by any other economic model and in any other country.

 

[LibertyKid]

Do We Have an Economy for the Wealthy?​

IMHO, what we have is an economy that favors wealth creation, for everybody. What we have is an economy that favors investors that put their money to work earning interest and dividends and increases in stock value or home ownership (capital gains). And who are the investors? Primarily they are wealthy people cuz they've got the means to save money over their cost of living expenses, with which they can invest and make more money. But the truth that is ignored is that in our economy, wealth can be created by non-wealthy people too if they make wise choices in their spending and investing. The opportunity to do that is unmatched by any other economic model and in any other country.

Great post. And what is missing in our education system is just this... How? I am not the most literate on the subject. But I know that I can give my savings and investments for others to manage, but I think that as a country, we should focus on how our current economy is supposed to work and how as citizens we can leverage good choices to make our earnings continue to earn.

 

[task0778]

Great post. And what is missing in our education system is just this... How? I am not the most literate on the subject. But I know that I can give my savings and investments for others to manage, but I think that as a country, we should focus on how our current economy is supposed to work and how as citizens we can leverage good choices to make our earnings continue to earn.

The missing part in what you mentioned is that as a society we do not teach our children by example anything about financial discipline. Both as individuals and families but also in our gov't, we borrow and spend like there's no tomorrow. But the problem is that there IS a tomorrow and sooner or later the chickens come home to roost. Meaning that individually and collectively we arrive at the point where you can't borrow more money and the SHTF.

Unless you inherit big money or hit the lottery, there's really only one way to get wealth and that is to spend less than you make and invest the difference in some manner that offers a Return On your Investment, (ROI). Every kid should be taught this before they leave high school; if you want more money then find a way to earn more and spend less than your income and then save it and invest it. IT IS NOT GOV'TS JOB TO MAKE YOU WEALTHY, THAT IS ON YOU. ONLY YOU, NO ONE ELSE.

 

[Ringo]

Since 1978, the richest 1% of people in the US have continued to get richer while the bottom 50% continue to get poorer.
Meanwhile, the local intelligentsia is using transgender, BLM, feminism, etc. as a smokescreen.
Any fun but not about income.

 

[LibertyKid]

Since 1978, the richest 1% of people in the US have continued to get richer while the bottom 50% continue to get poorer.
Meanwhile, the local intelligentsia is using transgender, BLM, feminism, etc. as a smokescreen.
Any fun but not about income.

What do you think would happen with the 1% richest people, all of a sudden make bad choices and get poor? If you were rich in 1978, and invested properly, those investments continue to grow for you. And if you're smart, you continue to invest.

Again, what these polls, narratives and propaganda leave out is the life choices. First, I do believe that the wealthy, the middle class, and the poor all beget the same. Meaning that nurture plays a huge part in how someone views their world and the opportunities in the world. But for many of the poor, if not the majority, they have made choices that have not allowed them to take advantage of the opportunities that this country can provide.

So the blanket narrative "Poor get poorer and the rich get richer" maybe true, but to a point. As task0778 said earlier, we don't teach how prosperity can be built in this country. Instead now all we want to do is blame the rich, whites, and systemic racism for all the woes that have been inflected while never examining the life choices of those that complain.

 

[Grumblenuts]

What do you think would happen with the 1% richest people, all of a sudden make bad choices and get poor? If you were rich in 1978, and invested properly, those investments continue to grow for you. And if you're smart, you continue to invest.

Again, what these polls, narratives and propaganda leave out is the life choices. First, I do believe that the wealthy, the middle class, and the poor all beget the same. Meaning that nurture plays a huge part in how someone views their world and the opportunities in the world. But for many of the poor, if not the majority, they have made choices that have not allowed them to take advantage of the opportunities that this country can provide.

So the blanket narrative "Poor get poorer and the rich get richer" maybe true, but to a point. As task0778 said earlier, we don't teach how prosperity can be built in this country. Instead now all we want to do is blame the rich, whites, and systemic racism for all the woes that have been inflected while never examining the life choices of those that complain.

Yeah, jeez. What about all those poor rich people? They simply chose to tug on their individual bootstraps long and hard. If only the plumber, mechanic, bus or UPS truck driver would do the same..

I mean they all wear boots, right? Tug on them straps, dammit!

 

[Ringo]

If you love the privileges of capitalism, love its poverty.
If you love the right to profit from others, love the profit of blood.
If you love the bright worlds of megacities, love the decaying provinces.
If you love nationalism, love segregation and massacre.
Stop thinking of yourself as an elite, you are just as much mincemeat for the masters as everyone else.

 

[LibertyKid]

Yeah, jeez. What about all those poor rich people? They simply chose to tug on their individual bootstraps long and hard. If only the plumber, mechanic, bus or UPS truck driver would do the same..

I mean they all wear boots, right? Tug on them straps, dammit!

There are plenty of plumbers, mechanics, UPS Drivers who absolutely do well for themselves. Many of these jobs have unions, provide pensions, profit sharing and other benefits.

The narrative that you and many on the left or far left is to ignore the wealthy middle class who aren't in the 1% of the rich, but also do fairly well for themselves and have allowed this economic system to provide a great lifestyle for them. They may not be business owners, inventors, CEOs, but they are people who have educated themselves, obtained skills, that have allowed them to have meaningful and profitable careers. On top of that, they were financially responsible. You vile the rich and parade the poor as your proof, but the antithesis are people like me, who have done well for themselves, are happy where their life choices have put them, and live a comfortable life due to making GOOD LIFE CHOICES.

You ignore the choices of the poor (and yes, some poor have had no choice in the matter, and I do believe in social safety nets for those that can't provide for themselves, or due to situations out of their control, need assistance, but also work to remove themselves from that assistance).

Your communistic conjectures ignore the whole story and ignore the wealth of examples of those who either are born here or immigrated here and allowed this system to bring them prosperity. Continue to focus on the extremes, but the truth is in middle that you so conveniently ignore

And on the other side of that coin are the personal choices that have led some to poverty as well.

 

[Ringo]

Elon Musk said that AI will eventually free people from having to work
“There will come a time when work will no longer be necessary, you will be able to work only if you want, for personal satisfaction,” the businessman said.

And this means that capitalists will no longer need people.

 

[initforme]

Elon Musk said that AI will eventually free people from having to work
“There will come a time when work will no longer be necessary, you will be able to work only if you want, for personal satisfaction,” the businessman said.

And this means that capitalists will no longer need people.

You mean people won't be miserable for 40 years now? No way.

 

[Ringo]

For capitalists, war will always be more important than space, a cure for cancer, or the eradication of poverty. Having won the Cold War, they took away progress from several generations, turning the 21st century into another senseless meat grinder, a colossal waste of human and natural resources.
The final battle with capital will inevitably be in its fascist form. Foreseeing the finish line, capital will inevitably be bristling with brown storm troopers, whether in "traditional" or virtual-drug form. Fascism is capital's natural defensive reaction, its mobilization hypostasis.