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You need to be in the market to maintain buying power with stagnant wages and increasing costs. Most people do not have $400 for an emergency so they aren't par
by kurthr 10y ago
You need to be in the market to maintain buying power with stagnant wages and increasing costs. Most people do not have $400 for an emergency so they aren't participating in the market.
And if you have to borrow to buy a house/car or buy health insurance, then you are paying those richer than you to exist, their rate of return will continue to be higher than yours, and wealth inequality will continue to rise.
- briandear 10y agoPeople don't have $400 for an emergency but they have smartphones, Jeezy shoes or various other random unnecessary crap. People don't have $400 for emergencies because they choose not to. Look at Black Friday sales -- people seem to have $400 to fight over TVs or game consoles. Even the really poor in the US seem to find money to buy TVs or subscribe to cable/satellite TV. Visit any public housing complex in America and there is a large number of homes with Satelite dishes. I am not saying there's anything wrong with that but I am also saying that people do make choices. I am not a particular fan of Warren Buffet, but he's a billionaire and lives far more discretely than your typical 5 figure "millionaire" who's driving a leased BMW and drinking Grey Goose at the club. Certainly there are actual poor; that's not in dispute, but the middle classes typically just prioritize things differently -- which contributes to their station.
- sacado2 10y agoThis. We (especially you US citizens) have never be that rich ever in the whole history of mankind. Yet people keep complaining life is tough. I don't get it. But who wants to live his grandparents' life ?