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There's a famous quote: > Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed m
by TAForObvReasons 7y ago
There's a famous quote:
> Socialism never took root in America because the poor see themselves not as an exploited proletariat but as temporarily embarrassed millionaires.
If you were aspiring to be the next Bezos or Gates, you too might be inclined to support tax policies that would benefit your future self.
- dumbfoundded 7y agoIf you had a heart, you may care about the financial outcomes for other people. And if you had any sense, you would realize balancing economic inequality remains precarious and our current levels are closest to the period right before the depression. Socialism isn't an absolute, it's a spectrum. Most people don't seem to care about the lack of privatized fire fighting as it existed in ancient Rome.
- TAForObvReasons 7y agoI'm in complete agreement with you, but we're on a forum with many people who have had great financial success and definitely benefit short-term from the tax policies. That's the reality of the community.
- dumbfoundded 7y agoI would add that I'm one of the people who's benefited. There seems to be an unspoken belief that progressives are only those who have lost economically. I've gone from an ivy-league education to a 6-figure salary out of college to self-funding a profitable business making $4M/year. I'm also in my mid 20s. In my business, almost all of my employees are low-skill. I pay everyone at least a living wage and it's impossible to ignore the realities of their lives. When I make more money, it goes to our savings. When I give an employee a raise, they buy something they need immediately, like a new car or new clothes.
- WalterBright 7y agoYour savings go into a bank, which loans it out to people who spend it.
- JCharante 7y agopeople like his employees who get a loan to pay for their new car.
- WalterBright 7y agoYes. Nobody borrows money and sits on the cash, they take loans to spend it. In fact, due to fractional reserve banking, a multiple of the amount put into a savings account is loaned out and spent!
- spiralx 7y agoBanks don't loan out deposits, their ability to make loans isn't dependent upon savings: https://www.bankofengland.co.uk/-/media/boe/files/quarterly-bulletin/2014/money-creation-in-the-modern-economy.pdf https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...
- sokoloff 7y agoIn your mid-20s, putting excess savings in a bank is probably not the ideal asset allocation.