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I'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 po
by TAForObvReasons 7y ago
I'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.