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God you have no clue about statistics, do you? Most people have almost no savings, tens of millions are uninsured or underinsured (and one illness away from bankruptcy), education debt is rising while employment prospects are dwindling, so on and so on. Use all that night school education to critically assess the world, not just look at your own example - contrary to popular belief "if I could do it, everyone can" actually does not transfer to the real world at large.
Furthermore, the whole economy is based on debt and most people when you subtract what they owe from what they make and have in savings are in the gaping, red negative. The only reason why they are still around driving that new Nissan or Mercedes is because they are maintaining steady employment (with stagnating wages, increasing taxes, increasing medical insurance bills, so on and so on) but at the same time living paycheck to paycheck. If the economy would slow down for any reason, 75% of these people would not last longer than 3-6 months before being homeless. The whole system is made to keep them chugging along in this state of constant race to the bottom, month to month.
If that does not qualify as scraping by, I don't know what does...
While your post is not a reply to mine, I do have a question for you. This is a real question. Do you honestly believe personal attacks like the one above are going to change someone's mind?
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Originally Posted by HeartWantsWhatItWants
Most people have almost no savings
Untrue.
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Originally Posted by HeartWantsWhatItWants
tens of millions are uninsured or underinsured
There are many who are voluntarily uninsured -- my brother being a prime example. He does not believe the US Government has any business telling him what he is required to purchase, so he does not purchase health insurance on philosophical grounds. He objects to the Supreme Court ruling.
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Originally Posted by HeartWantsWhatItWants
education debt is rising
There you are correct. The root cause of increasing college debt is government subsidies of higher education. Universities have a strong incentive to raise the nominal tuition knowing that the federal government steps in to provide loan guarantees. If we eliminate government loan guarantees, college tuition will drop overnight.
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Originally Posted by HeartWantsWhatItWants
while employment prospects are dwindling
Untrue.
Quote:
Originally Posted by HeartWantsWhatItWants
Furthermore, the whole economy is based on debt
Untrue.
Quote:
Originally Posted by HeartWantsWhatItWants
and most people when you subtract what they owe from what they make and have in savings are in the gaping, red negative.
Untrue.
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Originally Posted by HeartWantsWhatItWants
...with stagnating wages
Untrue.
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Originally Posted by HeartWantsWhatItWants
increasing taxes
You don't know that; we'll see what happens in the final tax law.
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Originally Posted by HeartWantsWhatItWants
increasing medical insurance bills
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Originally Posted by HeartWantsWhatItWants
but at the same time living paycheck to paycheck.
Untrue.
Quote:
Originally Posted by HeartWantsWhatItWants
If the economy would slow down for any reason, 75% of these people would not last longer than 3-6 months before being homeless.
Untrue.
Quote:
Originally Posted by HeartWantsWhatItWants
The whole system is made to keep them chugging along in this state of constant race to the bottom, month to month.
Untrue.
Quote:
Originally Posted by HeartWantsWhatItWants
If that does not qualify as scraping by, I don't know what does...
The America you describe above can only be found at Barnes & Noble. In the Fiction aisle.
While your post is not a reply to mine, I do have a question for you. This is a real question. Do you honestly believe personal attacks like the one above are going to change someone's mind?
Untrue.
There are many who are voluntarily uninsured -- my brother being a prime example. He does not believe the US Government has any business telling him what he is required to purchase, so he does not purchase health insurance on philosophical grounds. He objects to the Supreme Court ruling.
There you are correct. The root cause of increasing college debt is government subsidies of higher education. Universities have a strong incentive to raise the nominal tuition knowing that the federal government steps in to provide loan guarantees. If we eliminate government loan guarantees, college tuition will drop overnight.
Untrue.
Untrue.
Untrue.
Untrue.
You don't know that; we'll see what happens in the final tax law.
Untrue.
Untrue.
Untrue.
The America you describe above can only be found at Barnes & Noble. In the Fiction aisle.
You're untrue, the whole economy IS based off debt.
Income and product. Current account and capital account. Payables and receivables. Assets and liabilities. Debits and credits. The double-entry accounting of the economy embraces each and every one of them.
The sky is neither falling, nor rising. What is happening, is that a mere dedication to one’s job, without foresight into bigger-picture questions about finance, is no longer sufficient. This is the case, up and down the economic-class ladder. Those on the lower rungs, have always been struggling. What is however relatively new, is that those at the middle, and slightly above, must now train themselves to think like “the wealthy”, if they’re going to secure their present position, let alone to improve it.
What’s also happening, much to the chagrin of many elements in America, is that American exceptionalism is ebbing. What was for some decades an especially dynamic economy, is now one of many peers. This doesn’t mean an American decline, but it does mean an elevation of others, who formerly were far inferior.
And as for hard work building wealth, once again: certainly, those who work sedulously harder, are much more likely to build wealth, than those who lollygag. But building real wealth is unlikely, for anyone – hard working, or otherwise. many work hard, but only a small fraction will become wealthy.
You're untrue, the whole economy IS based off debt.
Of course the economy is based on "debt". Corporations and individuals borrow for all sorts of reasons including getting the money to build or expand businesses. It is a system that has worked really well for a great many hundreds of years.
and long after we are all gone , it will still be working .
we have been hearing how debt will kill us off ever since we became a debtor nation after world war II. endless books were written since then about our doom .
Of course the economy is based on "debt". Corporations and individuals borrow for all sorts of reasons including getting the money to build or expand businesses. It is a system that has worked really well for a great many hundreds of years.
Why does your tone come across as defensive. I made one statement saying the economy is based off debt, without any of my own opinion on whether that's a good thing or bad thing. It's not "debt" it's debt. Don't hide behind the fence, call it like it is, debt. Money that needs to be paid back at some point or someone eats the bill.
You're untrue, the whole economy IS based off debt.
And what does debt equal?
A=L+E.
Every time the nations debt increases....
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