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Untrue based on what? You may not agree with him, but isn't that the point of the comment section - to comment on the subject. If everyone had the same though

Untrue based on what? You may not agree with him, but isn't that the point of the comment section - to comment on the subject. If everyone had the same thoughts, there would be no need for comments ;) His statement was "financial education rather than handouts". Considering more than 60% of american's are in non-mortgage debt, this is a fair statement for both sides. The rich are in debt as well as the poor. If the "wealthier" had less debt and more available "liquid" income, it's possible to easily promote a percentage of your available wealth to those that have less. Along with poorer-side, it's quite easy to spend thing's on stuff that will not help you out of your slump 5 years from now. There are a lot of people just don't have enough...but the majority of people are in debt, which causes them not to have enough. Either way, financial responsibility would dramatically increase the U.S. economy more than any job's package from the government (taxes increase, travel expenses increase, home buying increases...etc). Imagine if everyone in the U.S. drove a "beater" car and saved up to pay cash for their next car...imagine if you had no credit cards and everyone had to pay cash....a lot less debt, a lot more savings, a much greater economy, and the 1% would swindle down to 0.01%

js8 10y ago
"You may not agree with him, but isn't that the point of the comment section - to comment on the subject." I said I agree with other comments that disagree with him - I don't see why I should comment when there is nothing more to add. However, your comment is a fair argument, so let me comment on it. "His statement was "financial education rather than handouts". Considering more than 60% of american's are in non-mortgage debt, this is a fair statement for both sides." This misses the fact that many people do borrow because they are poor. In the U.S., IIRC, biggest cause of bankruptcy is medical care. And as was already pointed out, these problems are solvable with a good social safety network (as we empirically know from other countries). On the other hand, there is also financial responsibility of the lenders, or rather, lack of it. Perhaps we should start educating them? However, that misses the big point. Debt slavery is a very real thing - for many lenders, it is convenient that people are in debt. If you think many people go in debt because they are financially illiterate, you are the one who is ignorant about the world. Of course they often know it - they just don't have a better choice. It's just like people who go to fight in wars - of course they know they can die. And regarding the economy, if you successfully teach people in debt how to save, you are going to have a recession due to debt deleveraging, but that's for another discussion. But in long term, I agree (if that's your point) that more equal society is better for economy.

js8 10y ago

"You may not agree with him, but isn't that the point of the comment section - to comment on the subject." I said I agree with other comments that disagree with him - I don't see why I should comment when there is nothing more to add. However, your comment is a fair argument, so let me comment on it. "His statement was "financial education rather than handouts". Considering more than 60% of american's are in non-mortgage debt, this is a fair statement for both sides." This misses the fact that many people do borrow because they are poor. In the U.S., IIRC, biggest cause of bankruptcy is medical care. And as was already pointed out, these problems are solvable with a good social safety network (as we empirically know from other countries). On the other hand, there is also financial responsibility of the lenders, or rather, lack of it. Perhaps we should start educating them? However, that misses the big point. Debt slavery is a very real thing - for many lenders, it is convenient that people are in debt. If you think many people go in debt because they are financially illiterate, you are the one who is ignorant about the world. Of course they often know it - they just don't have a better choice. It's just like people who go to fight in wars - of course they know they can die. And regarding the economy, if you successfully teach people in debt how to save, you are going to have a recession due to debt deleveraging, but that's for another discussion. But in long term, I agree (if that's your point) that more equal society is better for economy.