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I wish the reality of our economy was talked about more. Without benefiting from the wealth of our parents, we'd be very poor indeed. Most people I know are be

I wish the reality of our economy was talked about more. Without benefiting from the wealth of our parents, we'd be very poor indeed. Most people I know are being supported in some way by their parents. Maybe the United States should have a discussion about why most of us our getting poorer. If the American dream is to live better than your parents, then that dream is dead.

cronix 8y ago
You'd probably be interested in watching Ray Dalios recent interview: https://www.cbsnews.com/news/ray-dalio-capitalism-needs-reform-wealth-inequality-is-a-national-emergency-60-minutes/ https://www.cbsnews.com/news/ray-dalio-capitalism-needs-refo... Here's a good one from Eric Weinstein. The whole interview is good (about AI), but at the end he discusses this kind of issue (time is bookmarked): https://www.youtube.com/watch?v=2wq9x2QcZN0&t=4260 https://www.youtube.com/watch?v=2wq9x2QcZN0&t=4260 This is part of a good lecture by Dr. Jordan Peterson on IQ, AI, and how AI is and will continue to displace people who will have no means to work to support themselves: https://www.youtube.com/watch?v=X6yLIdBikmI https://www.youtube.com/watch?v=X6yLIdBikmI
fjp 8y ago
I think as a corollary we must invest heavily in public education (and I don't mean just throwing more money at it) I went to shitty schools in shitty places but my parents always were tough on education and basically forced me to be "smart". You can't ever guarantee that someone's parents are going to care, but you can provide them an environment that cares and educates them effectively for 7 hours a day.
- HappySweeney 8y ago
  The UK tried this, and ended up with an army of baristas with master's degrees.
justfor1comment 8y ago
The current situation can be partly blamed on the quantitative easing undertaken by the Fed post 2008 housing crisis. By printing trillions of dollars out of thin air and using them to bail out AIG and other rich businesses the dollar in our pockets lost a portion of its value. The wiki section on QE talks about this effect in more detail: https://en.wikipedia.org/wiki/Quantitative_easing#Increased_income_and_wealth_inequality https://en.wikipedia.org/wiki/Quantitative_easing#Increased_...
- fjp 8y ago
  It also went directly into corporate balance sheets instead of to the average person. People that own tons of stock won BIG. People that own small-medium amounts of stock (think retirement accounts) did okay. People who didn't own stock got nothing.
  - heavenlyblue 8y ago
    >> People who didn't own stock got nothing. So they lost, since the total amount of money in the economy increased.
- KitDuncan 8y ago
  I don't know, but the situation here in Germany feels very similar.
hkai 8y ago
I think the reason why this discussion causes so much resentment is the failure to acknowledge that people don't only get rich thanks to their parents and the implied accusation that wealth is the result of privilege, not effort. I think the American point or view is skewed by politics and the fact that the country didn't have catastrophic events in the last century or so. My parents and grandparents have zero wealth because they have been born in a socialist country, and I have 100k in savings by age 30 which I consider a huge achievement. Surely you can see why I might be appalled by the suggestion that my money was earned unfairly and more socialism is the answer.

cronix 8y ago

You'd probably be interested in watching Ray Dalios recent interview: https://www.cbsnews.com/news/ray-dalio-capitalism-needs-reform-wealth-inequality-is-a-national-emergency-60-minutes/ https://www.cbsnews.com/news/ray-dalio-capitalism-needs-refo... Here's a good one from Eric Weinstein. The whole interview is good (about AI), but at the end he discusses this kind of issue (time is bookmarked): https://www.youtube.com/watch?v=2wq9x2QcZN0&t=4260 https://www.youtube.com/watch?v=2wq9x2QcZN0&t=4260 This is part of a good lecture by Dr. Jordan Peterson on IQ, AI, and how AI is and will continue to displace people who will have no means to work to support themselves: https://www.youtube.com/watch?v=X6yLIdBikmI https://www.youtube.com/watch?v=X6yLIdBikmI

fjp 8y ago

I think as a corollary we must invest heavily in public education (and I don't mean just throwing more money at it) I went to shitty schools in shitty places but my parents always were tough on education and basically forced me to be "smart". You can't ever guarantee that someone's parents are going to care, but you can provide them an environment that cares and educates them effectively for 7 hours a day.

HappySweeney 8y ago
The UK tried this, and ended up with an army of baristas with master's degrees.

justfor1comment 8y ago

The current situation can be partly blamed on the quantitative easing undertaken by the Fed post 2008 housing crisis. By printing trillions of dollars out of thin air and using them to bail out AIG and other rich businesses the dollar in our pockets lost a portion of its value. The wiki section on QE talks about this effect in more detail: https://en.wikipedia.org/wiki/Quantitative_easing#Increased_income_and_wealth_inequality https://en.wikipedia.org/wiki/Quantitative_easing#Increased_...

fjp 8y ago
It also went directly into corporate balance sheets instead of to the average person. People that own tons of stock won BIG. People that own small-medium amounts of stock (think retirement accounts) did okay. People who didn't own stock got nothing.
- heavenlyblue 8y ago
  >> People who didn't own stock got nothing. So they lost, since the total amount of money in the economy increased.
KitDuncan 8y ago
I don't know, but the situation here in Germany feels very similar.

hkai 8y ago

I think the reason why this discussion causes so much resentment is the failure to acknowledge that people don't only get rich thanks to their parents and the implied accusation that wealth is the result of privilege, not effort. I think the American point or view is skewed by politics and the fact that the country didn't have catastrophic events in the last century or so. My parents and grandparents have zero wealth because they have been born in a socialist country, and I have 100k in savings by age 30 which I consider a huge achievement. Surely you can see why I might be appalled by the suggestion that my money was earned unfairly and more socialism is the answer.