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Originally Posted by InformedConsent
Financial illiteracy rears its ugly head, yet again. /SMH... How do you think that "$130,000 or whatever" average wealth was determined without including millionaires' net wealth? And 80% of those millionaires are first-generation wealthy, meaning they DIDN'T inherit "family wealth."
Wide-spread financial illiteracy is a serious problem in this country. It's what keeps so many poor, struggling financially, etc., for life.
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So about 7% of Americans are millionaires, so this means the wealth gap isn't determined by this 7%. So why are you still bringing this up. What does derive the accumulation of wealth in the US? Home ownership and home appreciation.
While social mobility is decreasing over the past 20 years - family social class aka the social class of your parents correlates with your future social class. Considering more white Americans own their homes (due to policy), this means they are more likely to be middle class or higher and this contributes to the wealth gap. This represents the "wealth" passed down to the next generation. Wealth is not only monetary - access to a certain set of values and role models also impacts where you end up. White collar parents beget white collar kids.
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Why do you have to turn shopping into a racist thing? It's not. Like I said, the fact that I prefer to patronize businesses owned by locals to support our town's folks doesn't make me a xenophobe.
. I'm done with you.
