You dont understand economics so you refer to diction to move away from something you don't understand. I said that income inequality will never go away because there will never be common ground on what's enough or a healthy margin. Someone having a billion dollars vs someone having 50k a year is never gonna go well with anyone. No matter how hard they worked for it or what class (lower or upper they came from). Even if we it's a million dollars, even if tax rates are 60% there wont be a balance.
More than have the country is under 24, that's why those numbers look like that. The youth represent a bigger piece of the American population that's why in politics there's always a huge push for young people to vote.
If the majority of people cared enough to learn about how to save and manipulate money they'd be in a better position to build wealth. You can't expect to be rich or good at anything if you don't know the foundation of what it takes. Personal finance should be taught in schools as early as elementary.
We can give people universal healthcare with similar systems to Canada or the UK and it will occur within 20 years. Steps were made and then because half of yall refused to vote, Donald Trump came into office and reversed that. Yall really thought Hillary was worse than Trump and allowed him to get into office and place core and well educated members of the KKK in high ranking positions. You won't see it now but in 10-20 years your children will.
Wages will increase but the point is not to keep you on minimum wage it's to push you beyond that.
Most billionaires wealth is entirely in capital gains. So they pay the least taxes. They can also get citizenship in other countries or move to states where there's no tax rate.
Your lack of knowledge about your own 401k is what disables you from understanding why it's important to have one and to utilize one through your work if your company matches. That's money you're leaving off the table. If you dont educate yourself on personal finance how can you expect to escape the rat race or create wealth for your family ? I came from nothing and taught myself about money and now I dont ever in my life have to worry about money.
- as for the rest I am saying that you're not gonna stop the rich from being rich or people from getting there. You can raise taxes all you want, America does work but it's still far from perfect, you cant feed everyone or take care of everyone without losing something else. It sucks but resources are finite. I provided a list of every country in the world to show you the wealth gaps. Even in places like Scandinavia where taxes are 60 and 70% there's still wealth inequality (but quality of life and education is still great). Some talents are seen differently than others.
You said entrepreneurship and investing is not going to put food on the table !!???? Alright man you got it lmaooooooooo but waiting for your government to give you shit for free will !? Keep thumping your bible and pray for milk, gold and honey to fall into your lap.
This was a lot of condescension and presuming to tell me what I know. Otherwise, a lot of you talking past the same points I have made without addressing them.
Few points though.
- You alleged that I supported Trump over Hilary. That couldn’t be further from the truth and it is another straw man argument.
Everyone with two brain cells knows we should not have elected Trump. That has nothing to do with what we are discussing.
- You asserted they Universal Healthcare will just magically happen in twenty years without us pushing for it.
That alone shows the incredible position of ignorance you are approaching this argument from.
What a ridiculous thing to say.
- For the 50th time. OF COURSE THERE WILL ALWAYS BE RICH AND POOR. Not once did I argue that there wouldn’t be. But you continue to argue with an imaginary person about an obvious principle that is not germane to this conversation.
For the love of God, please stop doing that.
- You are lecturing me about the fact that “the point is getting beyond the minimum wage”.
OR COURSE IT IS.
But you are ignoring the fact that a lot of people are not in a position to invest. Those people could really use some help.
And no - demonizing the poor and middle class for not having the right combination of good fortune, circumstances, luck, or education to be successful - is not helping them.
No - “investing” DOES NOT put food on the table for someone strugglkng to make ends meet. They don’t have the time or money to invest in education, they don’t have the luxury to risk capital, they likely don’t even has the capital to invest.
And No - the anecdotal evidence that “you became successful” does not nullify the experience of millions of people. To believe so is the ultimate form of hubris
The fact that you can’t even acknowledge that simple fact shows you how out of touch you are.
- And the fact that you defended the 401K system as a way to “pull people up the economic ladder” as opposed to a scam that has gotten Wall Street rich and squandered the wealth an opportunities of millions of people; betrays the financial education you are so eager boast about.
It actually undercuts you’re own argument. You want people to educate themseleves to invest and build their own wealth. Yet you advocate for a system that charges enormous fees to Americans for dumping their money into a long position with worst investment vehicle that exists.
Mutual funds carry high expense ratios, various hidden front-end and back-end load charges, provide a lack of control over investment decisions, diluted returns, and significant tax disadvantages.
Additionally, Americans who just throw their money into their 401K, don’t utiltize any of the features that make paper Assets one of the best asset classes that exists - liquidity, options, leverage, Cashflow, and agility of positioning.
In fact, the only way you can make money with a 401K are capital gains 30 years down the road, which assumes a great deal of systemic risk.
We can just look at the 401K balance by age -
Ages 50-59: $174,100
Ages 60-69: $195,500
That doesn’t count wealth destroying inflation ...
Tell me who is living for 30 years off of that?
No one. But that’s all they have to do to become successful right?
Personally I invest in real estate and the stock market instead of wasting my money in a 401K.
It’s amazing that you offer that a solution for people being crushed in the middle class of America. It shows how much you care about the real people we are actually talking about versus your ideological notions of exceptionalism.
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