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I strongly agree with this and relate as someone who makes a very good living as a computer programmer but has received nearly no financial assistance from pare

I strongly agree with this and relate as someone who makes a very good living as a computer programmer but has received nearly no financial assistance from parents (a few thousands dollars for college tuition but not all of it covered) who do not have much in liquid assets. The parent comment highlights is an important divide that's exacerbating the wealth gap in the USA: The difference between millennials whose Gen X parents are a financial liability versus a financial advantage. The Gen X'ers are either passing onto their kids either hundreds of thousands in investment and savings income, or tens of thousands in medical and elderly care liabilities. Few in my "millennial" generation are talking about it, but as their parents get older, the contrast is getting more noticeable among friends who have to deal with very different parental situations. It's dangerously perpetuating "wealth gaps" across generations. I fear it will not end well for society when more debt-laden adults see others who are coasting off of what their parents' gave them.

marktangotango 8y ago
I personally think this reality will make social democrats mainstream in no time (speaking of US). Especially with people like AOC stating the position so eloquently.
- perfmode 8y ago
  Indeed. Either they will take over the Democratic Party or they’ll form a third and leave the old one to rot. Since there are probably thousands of DB tables with dem and republican hardcoded, my money is on take over.
- ethbro 8y ago
  > Especially with people like AOC stating the position so eloquently. You mean the person who was 1 at the time Bernie Sanders, having already been involved in the 60s Civil Rights movement and mayor of Burlington for 3 terms, was first elected to the US Congress?
40acres 8y ago
Yes, this is income inequality, generational wealth, and the racial wealth gap all rolled into one. The worst thing about it is that I've completely reoriented my free time to prepare for interviews so that I can double my salary -- that will hopefully give me enough breathing room to accelerate my savings to buy a home and pass on wealth to my children. The game is the game...
- adventured 8y ago
  > this is income inequality, generational wealth, and the racial wealth gap all rolled into one. To put that disparity into specific financial terms. According to the Federal Reserve, the average white US household crossed the $1 million net worth line sometime in the past two years with the climb by the stock market and property values. Emphasis that that is the average, the median is closer to $190k-$210k, which is comparable to some of the wealthiest median household wealth nations such as Belgium, Australia and Switzerland. The median white household wealth figure is only surpassed by the median asian household figure (asian households still trail white households on the average figure; due to a difference in duration of time to accumulate larger generational wealth). The average black US household has an average net worth of about $150k for 2018, and a median of about ~$20,000. The Fed's figure is generally that black US households have less than 15% the wealth of white and asian households. The average hispanic US household has an average net worth of about $200k for 2018, and a median of about ~$22,000. Of note, as you'd expect there's an enormous difference in all households when it comes to education and wealth attainment. The average white household net wealth figure hits about $2 million where the lead earner has a bachelor's degree or higher; without that education level, the average wealth figure for white households is about 20% that (roughly $400k). In black households, a stark example of the importance of education attainment is that the median wealth figure increases by seven fold in households where the prime earner/s have a bachelor's degree or higher. In hispanic households with a bachelor's degree or higher, the average household wealth figure is around $650k (a great figure for most any wealthy nation). That hispanic demographic saw about a 60% (!) increase in their net worth between 2013 and 2019. Every way you look at the education vs wealth figures it puts an emphasis on the huge gap in wealth between households with more education vs less. Besides the giant budget deficit problem, I don't see any scenario where taxes (on capital gains, income and estates) on the top ~10% don't go up a lot over the next 10-15 years or so. The largest lever the government is perceived to have to go after wealth disparity is aggressive wealth redistribution through taxes. You of course also see this gap in other nations like France and the UK (which have some of the highest median household wealth levels), where they have very poor minorities with high unemployment rates and little personal or household wealth. Social cohesiveness obviously falters in situations where you have such wealth disparities over time. That's particularly true if you have the triple hit of little economic growth, aging demographics and ever rising social demands (an increasingly common scenario in developed nations today).

marktangotango 8y ago

I personally think this reality will make social democrats mainstream in no time (speaking of US). Especially with people like AOC stating the position so eloquently.

perfmode 8y ago
Indeed. Either they will take over the Democratic Party or they’ll form a third and leave the old one to rot. Since there are probably thousands of DB tables with dem and republican hardcoded, my money is on take over.
ethbro 8y ago
> Especially with people like AOC stating the position so eloquently. You mean the person who was 1 at the time Bernie Sanders, having already been involved in the 60s Civil Rights movement and mayor of Burlington for 3 terms, was first elected to the US Congress?

40acres 8y ago

Yes, this is income inequality, generational wealth, and the racial wealth gap all rolled into one. The worst thing about it is that I've completely reoriented my free time to prepare for interviews so that I can double my salary -- that will hopefully give me enough breathing room to accelerate my savings to buy a home and pass on wealth to my children. The game is the game...

adventured 8y ago
> this is income inequality, generational wealth, and the racial wealth gap all rolled into one. To put that disparity into specific financial terms. According to the Federal Reserve, the average white US household crossed the $1 million net worth line sometime in the past two years with the climb by the stock market and property values. Emphasis that that is the average, the median is closer to $190k-$210k, which is comparable to some of the wealthiest median household wealth nations such as Belgium, Australia and Switzerland. The median white household wealth figure is only surpassed by the median asian household figure (asian households still trail white households on the average figure; due to a difference in duration of time to accumulate larger generational wealth). The average black US household has an average net worth of about $150k for 2018, and a median of about ~$20,000. The Fed's figure is generally that black US households have less than 15% the wealth of white and asian households. The average hispanic US household has an average net worth of about $200k for 2018, and a median of about ~$22,000. Of note, as you'd expect there's an enormous difference in all households when it comes to education and wealth attainment. The average white household net wealth figure hits about $2 million where the lead earner has a bachelor's degree or higher; without that education level, the average wealth figure for white households is about 20% that (roughly $400k). In black households, a stark example of the importance of education attainment is that the median wealth figure increases by seven fold in households where the prime earner/s have a bachelor's degree or higher. In hispanic households with a bachelor's degree or higher, the average household wealth figure is around $650k (a great figure for most any wealthy nation). That hispanic demographic saw about a 60% (!) increase in their net worth between 2013 and 2019. Every way you look at the education vs wealth figures it puts an emphasis on the huge gap in wealth between households with more education vs less. Besides the giant budget deficit problem, I don't see any scenario where taxes (on capital gains, income and estates) on the top ~10% don't go up a lot over the next 10-15 years or so. The largest lever the government is perceived to have to go after wealth disparity is aggressive wealth redistribution through taxes. You of course also see this gap in other nations like France and the UK (which have some of the highest median household wealth levels), where they have very poor minorities with high unemployment rates and little personal or household wealth. Social cohesiveness obviously falters in situations where you have such wealth disparities over time. That's particularly true if you have the triple hit of little economic growth, aging demographics and ever rising social demands (an increasingly common scenario in developed nations today).