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It is hard to see this trend reversing any time soon. Good paying “blue collar” jobs are hard to come by in the US. And even those lucky to find a good job in
by etempleton 6y ago
It is hard to see this trend reversing any time soon.
Good paying “blue collar” jobs are hard to come by in the US. And even those lucky to find a good job in a trade would need to have the financial literacy to accumulate wealth.
Your average citizen of the United States doesn’t understand how graduated taxes work let alone how their 401K works. I don’t think this is a class issue either, because I have heard some fairly wealthy people complain that their raise at work was going to put them in a higher tax bracket so they were going to make less money than before their raise. It is just the wealthy can pay someone to do their taxes and invest their money. And they make enough that the fees are marginal.
Accumulating wealth is teachable, but if you have come from a family that has nothing it is likely your family has no idea how it is done and you are left to navigate it on your own.