Generational wealth

[Blues Man]

Oh, I don't know how worthless they are. In fact, free spending heirs accomplish what liberals and socialists want the government to do at gun point, which is to distribute a family's fortune to the rest of the country. Paris Hilton can pump more money into the economy on a weekend shopping trip than I can all year.

And therein lies the fatal flaw in out economic model

 

[hadit]

And therein lies the fatal flaw in out economic model

What, wealthy people pumping money into the economy through high paying jobs? We're not talking Walmart cashiers here.

 

[Blues Man]

What, wealthy people pumping money into the economy through high paying jobs? We're not talking Walmart cashiers here.

An economy that depends on wanton spending is not going to last.

 

[Resnic]

Even a poor person can find money to save. I know because I did.

Then you weren't really poor. You might have been broke but you weren't poor.

From your perception you were poor, but in reality you were not. At times I feel poor but I know there are a lot of families living in a dump that I'm rich compared to, but they aren't poor compared to homeless people.

 

[Blues Man]

Then you weren't really poor. You might have been broke but you weren't poor.

From your perception you were poor, but in reality you were not. At times I feel poor but I know there are a lot of families living in a dump that I'm rich compared to, but they aren't poor compared to homeless people.

I was orphaned at 14 and homeless until I was 17 because I ran from an abusive foster home

Got declared an emancipated minor just after my 17th birthday.

I was poor.

 

[hadit]

An economy that depends on wanton spending is not going to last.

That's an argument for economists to have but define "wanton". The idle wealthy don't want garbage, they want quality. They buy multi-million-dollar yachts, not rowboats, and pay premium wages to the craftsmen making them. They buy multi-million-dollar houses, not mobile homes, and pay premium wages to the guys building them. They buy high-end clothes from boutiques, not Walmart, and on it goes. Do the guys building Morgans make more money than the guys watching the assembly lines cranking out Hyundais?

In short, the idle wealthy help to keep the economy from racing to the lowest possible price and quality.

 

[hadit]

Actually people do squander their earnings. Our entire economy is based on people squandering their earnings.

Our economy is based on the circulation of money. That's why the money you put in a bank is not just sitting there, it's being loaned out and circulating, and you hope the bank has enough funds to cover it when you want to make a withdrawal. When people spend money, they're helping it move around.

Classic example, a man visits a hotel on vacation and accidentally leaves a $100 bill on the dresser when he goes sightseeing. The maid steals it and gives it to the butcher to pay her outstanding bill. The butcher gives it to the cobbler for fixing his shoes. The cobbler gives it to his mistress as a gift. The mistress gives it to her sister, the maid at the hotel, to pay her bill at the butcher shop, not knowing that she already paid it. The maid puts the $100 bill back on the dresser, thankful that she won't get in trouble for stealing it. No one saved any money, everyone had a reason to spend money, and the total amount of money in the local economy didn't change, but the economy received a boost, none-the-less.

Individually, people are better off saving their money. Collectively, we are all better off when people spend their money.

 

[Blues Man]

That's an argument for economists to have but define "wanton". The idle wealthy don't want garbage, they want quality. They buy multi-million-dollar yachts, not rowboats, and pay premium wages to the craftsmen making them. They buy multi-million-dollar houses, not mobile homes, and pay premium wages to the guys building them. They buy high-end clothes from boutiques, not Walmart, and on it goes. Do the guys building Morgans make more money than the guys watching the assembly lines cranking out Hyundais?

In short, the idle wealthy help to keep the economy from racing to the lowest possible price and quality.

The few expensive things the rich buy does not keep the entire economy afloat.

It's the everyday crap the masses buy , throw away and buy again

 

[Blues Man]

Our economy is based on the circulation of money. That's why the money you put in a bank is not just sitting there, it's being loaned out and circulating, and you hope the bank has enough funds to cover it when you want to make a withdrawal. When people spend money, they're helping it move around.

Classic example, a man visits a hotel on vacation and accidentally leaves a $100 bill on the dresser when he goes sightseeing. The maid steals it and gives it to the butcher to pay her outstanding bill. The butcher gives it to the cobbler for fixing his shoes. The cobbler gives it to his mistress as a gift. The mistress gives it to her sister, the maid at the hotel, to pay her bill at the butcher shop, not knowing that she already paid it. The maid puts the $100 bill back on the dresser, thankful that she won't get in trouble for stealing it. No one saved any money, everyone had a reason to spend money, and the total amount of money in the local economy didn't change, but the economy received a boost, none-the-less.

Individually, people are better off saving their money. Collectively, we are all better off when people spend their money.

Our economy is based on consumerism

 

[hadit]

The few expensive things the rich buy does not keep the entire economy afloat.

Nor should it, but you can't deny they feed well-paying jobs. Paris Hilton can pump more money into the economy on a weekend shopping spree than I can in a year.

It's the everyday crap the masses buy , throw away and buy again

And?

 

[hadit]

Our economy is based on consumerism

And what do you want it to be based on?

 

[Blues Man]

And what do you want it to be based on?

actual value.

Durable goods, high quality goods.

An economy based on throw away crap is unsustainable not to mention prone to wild swings of boom and bust

 

[hadit]

actual value.

Durable goods, high quality goods.

An economy based on throw away crap is unsustainable not to mention prone to wild swings of boom and bust

Durable, high-quality goods are what the wealthy purchase. Basically, you're dooming everyone below a fairly high income level to not being able to afford things.

 

[Blues Man]

Durable, high-quality goods are what the wealthy purchase. Basically, you're dooming everyone below a fairly high income level to not being able to afford things.

you really do not understand economies of scale do you?

200 million people buying a few hundred dollars worth of crap every month then having to buy that crap again in a few months brings in far more money than a few rich people buying one or 2 very expensive things that last for years

You just think that there is no alternative to rampant consumerism.

 

[hadit]

you really do not understand economies of scale do you?

200 million people buying a few hundred dollars worth of crap every month then having to buy that crap again in a few months brings in far more money than a few rich people buying one or 2 very expensive things that last for years

You just think that there is no alternative to rampant consumerism.

Without cheap crap, the poor don't get to enjoy much of anything.

 

[Blues Man]

Without cheap crap, the poor don't get to enjoy much of anything.

More erroneous thinking that things make you happy

 

[hadit]

More erroneous thinking that things make you happy

And you think you can decide for the poor what makes them happy, to the extent that we should restructure our economy around them not being able to afford things?

 

[Blues Man]

And you think you can decide for the poor what makes them happy, to the extent that we should restructure our economy around them not being able to afford things?

YEs buying throw away crap makes people happy we know that's what you think.

 

[DGS49]

I think that the entertainment Media paints a false picture of "white" prosperity and of generational wealth.

In the real world, LA cops are not living in multi-million dollar homes overlooking the Valley, and so on.

I grew up working class, and almost none of my comrades got any significant help from their parents with college, or got lavish wedding gifts so that they could buy or furnish their first house. We did that on our own, and it took a long time.

Our offspring will inherit a good bit, but sadly, they will be in their 60's before it happens.

 

[Blues Man]

I think that the entertainment Media paints a false picture of "white" prosperity and of generational wealth.

In the real world, LA cops are not living in multi-million dollar homes overlooking the Valley, and so on.

I grew up working class, and almost none of my comrades got any significant help from their parents with college, or got lavish wedding gifts so that they could buy or furnish their first house. We did that on our own, and it took a long time.

Our offspring will inherit a good bit, but sadly, they will be in their 60's before it happens.

Our entire media industry is geared to promote consumerism and people's unhappiness with their lives.

Cell phones and Social media have taken that to the next level. It used to be that people had to be home to be bombarded with messages that they aren't good enough and that buying this ot that thing will just make their lives so much better and now people are exposed to the programming 24/7.

Seriously if you want to start feeling happier shut off the TV and cell phone