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Wawa....
I agree with your assessment. Technology, including robotics, computers and automation, have altered the meaning of work. There are other changes as well. Agriculture and ranching have become consolidated and big businesses. Production is way more efficient with much less labor. Retailing has changed. In addition to internet shopping, Walmart replaced lots of small corner stores with more convenient shopping, better prices, better quality and much, much improved selection. In the process retailing became more efficient and requires very little labor.
Everywhere you look low skilled jobs have vanished and many jobs that used to be "middle" class have also vanished. In the meantime the bottom of the economic ladder continues to grow with a huge number of low skilled, often illegal aliens.
The Great Recession has hastened all of these changes. To survive businesses had to become more efficient with lower labor costs. The economy will continue to heal, but none of the trends that have occurred will be reversed. Not only are they permanent but the rate of change continues to accelerate. This is GREAT news for those who work to get a good education and for those who are ambitious and work hard. It is HORRIBLE for those who want a good middle class salary but lack the needed education, ambition and work ethic.
Okay. So one lacks the needed education,nam iron and with ethic. And somehow that person expects a middle class salary? The problem is their expectation.
LOL. Yes feel free to deny reality, and discuss "Penis Envy and Butt/Breast-Implant Envy" (notice all the caps?) as your justification for denying that income inequality is real, then correlate it to a discussion of economics.
Here let me help you with the actual definition
Income inequality refers to the extent to which income is distributed in an uneven manner among a population.
Now the VAST majority think income inequality is great (including me). The problem is when the level of it becomes too great. In fact many economist think that extreme inequality harms everyone-including those at the top.
To really see the effects of it, instead of looking at income inequality, examine the resulting wealth inequality.
Wealth inequality doesn't come from just income inequality. Much research shows that financial literacy plays a central role in the accumulation of wealth. The fact is that the same income can still result in great wealth inequality. One person invests wisely and lives frugally. Another person spends money like pouring water. Give it 20 years, the wealth inequality is going to be extreme.
I think extreme economic inequality is an issue. But it isn't just the affluent to blame. Americans need to learn to respect wealth, to have financial literacy, to be a thinking customer. You give people more handouts and it results in people never ever learning how to actually do it smartly. The handouts will always flow. The lessons are never learned.
You just want this to be a one way street. Blame the rich and give more exceptions to the poor. Economic inequality is not going to reduce unless you also demand that people take on responsibility and act like adults. You are not reducing inequality. You are creating a victim mindset, telling the poor how bad the rich are., encouraging the poor to get away with "small thefts" simply because the rich have too much. That's no way to reduce inequality. This mindset is prevalent among progressives today.
And which generation is that? Since college education has increased, I suppose you could be talking about the 20 somethings. Of course, many of them are recently out of school and lack experience and job related skills. Anyway I have a 20 something daughter and know many of her friends and I have a hobby that has attracted an extended group of 20 something facebook friends. I know more about 20 somethings that I want to know. Lots of them had a slow start especially those who graduated college right after the 2008 crash. Times have changed and that group is overall doing very well.
Lots of people seem to want to use unemployment as an excuse. That is getting harder to do now that BLS statistics show extremely low unemployment in many careers.
The young people today aren't very skilled. In fact these degrees don't nexessarily give you marketable skills. These degree programs think about how to make themselves marketable to students in order to generate enrollment.
The people who have skills can do very well in this economy. Our economy is doing better and jobs are created more and more. I think the left just like to whine because they do not like this system whether they unemployment rate is high or low. The fact that people do better doesn't fit their rhetoric of the evil of capitalism.
Wealth inequality doesn't come from just income inequality. Much research shows that financial literacy plays a central role in the accumulation of wealth. The fact is that the same income can still result in great wealth inequality. One person invests wisely and lives frugally. Another person spends money like pouring water. Give it 20 years, the wealth inequality is going to be extreme.
I think extreme economic inequality is an issue. But it isn't just the affluent to blame. Americans need to learn to respect wealth, to have financial literacy, to be a thinking customer. You give people more handouts and it results in people never ever learning how to actually do it smartly. The handouts will always flow. The lessons are never learned.
You just want this to be a one way street. Blame the rich and give more exceptions to the poor. Economic inequality is not going to reduce unless you also demand that people take on responsibility and act like adults. You are not reducing inequality. You are creating a victim mindset, telling the poor how bad the rich are., encouraging the poor to get away with "small thefts" simply because the rich have too much. That's no way to reduce inequality. This mindset is prevalent among progressives today.
Will financial literacy make a low income person wealthy?
Wealth inequality doesn't come from just income inequality. Much research shows that financial literacy plays a central role in the accumulation of wealth. The fact is that the same income can still result in great wealth inequality. One person invests wisely and lives frugally. Another person spends money like pouring water. Give it 20 years, the wealth inequality is going to be extreme.
I think extreme economic inequality is an issue. But it isn't just the affluent to blame. Americans need to learn to respect wealth, to have financial literacy, to be a thinking customer. You give people more handouts and it results in people never ever learning how to actually do it smartly. The handouts will always flow. The lessons are never learned.
You just want this to be a one way street. Blame the rich and give more exceptions to the poor. Economic inequality is not going to reduce unless you also demand that people take on responsibility and act like adults. You are not reducing inequality. You are creating a victim mindset, telling the poor how bad the rich are., encouraging the poor to get away with "small thefts" simply because the rich have too much. That's no way to reduce inequality. This mindset is prevalent among progressives today.
If the rich move into my neighborhood, that impairs my standard of living. How is that not bad?
Okay. So one lacks the needed education,nam iron and with ethic. And somehow that person expects a middle class salary? The problem is their expectation.
Wealth inequality doesn't come from just income inequality. Much research shows that financial literacy plays a central role in the accumulation of wealth. The fact is that the same income can still result in great wealth inequality. One person invests wisely and lives frugally. Another person spends money like pouring water. Give it 20 years, the wealth inequality is going to be extreme.
Wealth inequality comes from several factors. Income inequality is something we can correct today.
Quote:
Originally Posted by Costaexpress
You just want this to be a one way street. Blame the rich and give more exceptions to the poor. Economic inequality is not going to reduce unless you also demand that people take on responsibility and act like adults. You are not reducing inequality. You are creating a victim mindset, telling the poor how bad the rich are., encouraging the poor to get away with "small thefts" simply because the rich have too much. That's no way to reduce inequality. This mindset is prevalent among progressives today.
Actually the exceptions go to the rich. All the rules and favoritism goes to the rich. Victim mindset be damned. We live in a reverse-robin hood society. Day after day, the rich bribe more politicians to funnel wealth to them through privatization schemes, tax cuts, legislation loopholes, and reduction of government spending that would help the 99%.
Quote:
Originally Posted by Costaexpress
The young people today aren't very skilled. In fact these degrees don't nexessarily give you marketable skills. These degree programs think about how to make themselves marketable to students in order to generate enrollment.
Nonsense.
Quote:
Originally Posted by Costaexpress
The people who have skills can do very well in this economy. Our economy is doing better and jobs are created more and more. I think the left just like to whine because they do not like this system whether they unemployment rate is high or low. The fact that people do better doesn't fit their rhetoric of the evil of capitalism.
Many of the high-paying financial positions are not what I would call "skilled."
Quote:
Originally Posted by Costaexpress
So your logic is you would try financial literacy if it's going to get you all the way from low income to wealthy? Otherwise you won't do it?
No, his logic was as clear as the post. What financial literacy will turn a poor person into a wealthy person? Enlighten us.
So your logic is you would try financial literacy if it's going to get you all the way from low income to wealthy? Otherwise you won't do it?
No, that's just silly. I've taken a number of financial literacy tests and they suggest I am financially literate, but since I live on a poverty-level shoestring, I don't have any money to invest and grow.
Mathematically one could say that financial literacy is necessary to become wealthy, but is not sufficient. One could also say that financial literacy alone will not make a burger flipper wealthy.
For financial success, skills matter much less than timing, being at the right place at the right time, and having access to either capital or leverage, preferably both.
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