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Welfare itself isnt, the implementation of welfare via stimulus checks and QE basically meant that all that money pumped stocks and houses. The end result being
by ldjkfkdsjnv 5y ago
Welfare itself isnt, the implementation of welfare via stimulus checks and QE basically meant that all that money pumped stocks and houses. The end result being the owners of the capital got wealthy, and the lower classes who dont own assets, got poorer in relative terms.
Think about it this way,
lower classes got 600$ checks, but then houses in their area went up 50-100k. Thats a terrible trade off.
- DangitBobby 5y agoI don't really know anything about QE, but the stimulus/housing costs is a false dichotomy. Housing went up during the pandemic because wealthy people started moving out of the city and were willing to pay insane prices in cash for houses well above what they were worth, which has nothing to do with stimulus. Either housing was gonna go up or housing was gonna go up plus a tiny stimulus. I definitely need a more in depth explanation of how giving money directly to people who need it is somehow worse for the people who need it. Maybe you're just saying people got screwed because the stimulus was a drop in the bucket compared to the wealth transfer, which I agree with, but I don't think it's fair to say the stimulus was part of the problem.
- seibelj 5y agoI live in a major city and the prices went up here too! Your story doesn't align for the whole nation. It could explain suburbs and tier-3 cities but if that were the only reason the cities wouldn't have been flat or lower instead of up by just as much.
- seibelj 5y agoYou are 100% correct but somehow this truth eludes almost everybody even when explained to them as clearly as you have. I moved past getting annoyed trying to explain things to those who can’t listen, it’s too frustrating.