Quote:
Originally Posted by Botten
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First I don’t really care if Castle ignores me. Often he gives off feelings of a conMan; a used car salesman with get rich schemes. His account is fairly old been probably pedaling them for sometime while telling others to join him. Pyramid
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I too was Skeptical until I saw the wages of those paid in the past and the wealth distribution of the past.
For example boomers have no problem owning a home and paying for their education.
An education equals more often a larger salary.
But what if the larger salaries of the past were worth more than majority of the larger wages paid out today.
In 1972 $6 dollars an hour paid to a simple construction worker was equivalent to $39 an hour today.
https://www.in2013dollars.com/us/inf...1972?amount=39
Year after year the Inequality of Wealth distribution of the rich and the poor is getting larger and larger
https://rwer.wordpress.com/2018/11/1...united-states/
Usually It is advantageous for workers to get an education. This is why social programs for education are funded. IE Putting money in to educating your workers yields more wealth for the rich.
https://www.epi.org/publication/stat...h-foundations/
The economy is self healing and the minimum wage does need to go up.
And even without the minimum wage increase.
Salaries are already on the rise and they are the new norm. Starbucks by next year will be paying a new Barista $23 an hour.
https://chainstoreage.com/starbucks-...ing-recruiters
Until the lower class is paid more of a fare share the inflation will keep growing and will not settle.
Those with rich retirement savings just expect what you have to be worth less as it should rightly go to the newer generation that has been robbed year over year by the older generation.
There is a bit to unpack up there but I really should be working in the lab and may come back to this. |
Printing more money, mandating higher wages, awarding jobs/contracts with no regard to cost because hey it is always someone else's money, i.e. government intervention, is the root cause of inflation. This is not even debated by serious economists. Education costs go up because of federal loans (this loan stays with bankruptcy, you permanent government slave!), hiring costs go up and wages go down because of payroll taxes, and minimum wage reduces the minimum amount you can pay a worker to ZERO, just hire a machine or eliminate the job! "What would you say you do here?"
When listening to a proponent of supply side economics like Friedman, really listen, you can see he doesn't throw out demand side economics philosophies like those of Keynes completely. Supply and demand are in equilibrium... if either gets out of whack, prices/economics are dramatically affected.
Wealth inequality is the biggest BS, almost as big a red herring as "trickle down economics", which is just a made up term parroted by talking heads. There is nothing wrong with inequality of wealth when the standards of living is getting better. Bezos having a bajillion dollars doesn't affect me if I live a better life than my ancestors. In fact because of those innovators, most of us live better lives. Socialism/communism guarantees equal misery for all.
We don't need minimum wage laws; you mentioned salaries are rising EVEN without minimum wage increases... good. That is a natural demand response to a low supply of skilled workers, all without the government messing it up. The education/jobs are there for the picking if people want to work. As long as the government gets out of the way (except in extreme circumstances) economic machine goes whirrrrr.
The best way for lower/middle class people to become wealthy is to spend less, invest more, and wait. WAIT is the key part... wealth is built over time, period. Exponential growth requires time to ramp up.
https://www.visualcapitalist.com/vis...ge-in-america/ . The reason older people are wealthier is because they have had time to receive compounding returns. Time in the market not timing the market, as the saying goes. Boomers have been in the market longer, thus they are further on the exponential growth curve... just math, that's all. We can't get mad at math; we must follow its lead! The older generation is not robbing the younger generation, they are just older and have been in the market.
Every young person should avoid superfluous spending, live below one's means, start investing as early as possible, and always look to reduce costs where possible. The most easily digestible, eye-opening launching point is
https://www.mrmoneymustache.com/2012...ly-retirement/ . If all 28 year olds (assuming independent from parents by then) invested 50% of their money in broad-market index funds, they could retire easily at 45. We have a fundamental problem in America with thinking credit is free money... this goes from the liberal arts major with >100k in loans, the government with >30 trillion in debt, and the average household debt >50k. Loan forgiveness, modern monetary theory/inflating the debt away, and credit card payment plans won't solve this problem because it is behavioral. Going into debt is literally stealing from your future self... what kind of short-sighted fool would do this?
It is a tough pill to swallow, but pooer people are worse with money and make bad short-term decisions, and wealthier people are better with money and make good long-term decisions.
Work hard, save more/invest, and wait. It is the only thing that works or ever will.