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Is that surprising? Alternatively, do you have a fix in mind? Having power means you can build more things that give you more power faster than someone with les
by saurik 4y ago
Is that surprising? Alternatively, do you have a fix in mind? Having power means you can build more things that give you more power faster than someone with less power. You can't change this using inflation, as people will just hold something else instead of cash (and, in fact, inflation seems to most punish the people with the least power, as those people are spending a much much greater proportion of their income on critical consumption and are least able to hold assets that aren't cash... hell: we make laws that actively limit or even prevent poorer people from holding non-cash assets "for their own protection").
- dsign 4y agoThat blows my mind. I'm allowed to spend $10 in a bottle of alcohol or a packet or cigarettes, no questions asked, but I'm not allowed to spend those $10 in stocks of a tiny company unless I'm able to demonstrate that I sleep with the founders or make their lunch or run their accounting, or that I have so many millions on my name that investing $10 without doing any of the above really could not harm me.
- Shaanie 4y agoIt's not like accreditation exists to ensure poor people stay poor, framing it like that is disingenuous. Small-time investors are unlikely to be able to even semi-accurately estimate the value of a company, so they're much much more likely to be tricked into overpaying.
- saurik 4y agoIt isn't that it exists for that reason, it merely has that effect as a callous side effect of not really caring about the power imbalance it causes on said poorer people. "The road to hell is paved with good intentions" 100% applies to people trying to protect other people from none other than themselves.
- watersb 4y agoCan't hold more than roughly $5000 of real assets and qualify for Medicaid (subsidized healthcare). Keeping that cash in the mattress is a very real option for many people with huge responsibilities (child care) and very little power. [citations needed] - I don't know what the savings limits are as of October 2022.
- robertlagrant 4y agoAccording to elderlymedicaid.com[1] it's based on income, and varies by state. [1] https://elderlymedicaid.com/medicaid-asset-limits https://elderlymedicaid.com/medicaid-asset-limits
- ac29 4y agoThere a a lot of exemptions to the asset limit, including primary house and car, which are often the two most valuable assets many Americans own.