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Shouldn't something big have come out of the stimulus checks if dividing $814B up to every person in America was a productive way to allocate capital?

AndrewKemendo 3y ago
Yeah it did, most people used it to survive because most people are drowning in debt and have no chance to ever retire. See that most people spent it on food and debt: https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of-stimulus-payments-in-the-time-of-the-covid-19-pandemic.pdf https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of... Getting everyone out of debt would destroy the capital class that lives off the poor though so it is unlikely to happen
- jahewson 3y ago
  I’m trying to figure out how you think that the “capital class” lives off the debt of “the poor” when the bottom 50% of US households account for just 2.6% of total income.
  - sokoloff 3y ago
    That claim would be extraordinary if true; entirely ordinarily, it turns out to be false. https://www.cbo.gov/publication/59757 https://www.cbo.gov/publication/59757 has information on income breakdown and shows that claim to be wildly incorrect. You appear to have confused total wealth with total income.
  - AndrewKemendo 3y ago
    Stolen wages + Inequitable equity distribution The people doing the actual work in the world (aka the global labor force) are having their value stolen from them because the structure of the modern firm alienates the worker from their capital by assuming it was never theirs and the “proprietor” is assumed to own all simply because they fronted the cash to get it started
  - nobut8 3y ago
    They hide behind coded socio-political and economic language to externalize their real needs on others, inflate their buying power, burn more fossil fuels. The fiat wealth model is politically contrived misdirection. Physics makes no mention of a fundamental currency policy or sacred economic model. It’s 100% socialized propaganda there’s a communal upside to capitalism as we know it, not immutable physics.

AndrewKemendo 3y ago

Yeah it did, most people used it to survive because most people are drowning in debt and have no chance to ever retire. See that most people spent it on food and debt: https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of-stimulus-payments-in-the-time-of-the-covid-19-pandemic.pdf https://www.bls.gov/opub/btn/volume-9/pdf/receipt-and-use-of... Getting everyone out of debt would destroy the capital class that lives off the poor though so it is unlikely to happen

jahewson 3y ago
I’m trying to figure out how you think that the “capital class” lives off the debt of “the poor” when the bottom 50% of US households account for just 2.6% of total income.
- sokoloff 3y ago
  That claim would be extraordinary if true; entirely ordinarily, it turns out to be false. https://www.cbo.gov/publication/59757 https://www.cbo.gov/publication/59757 has information on income breakdown and shows that claim to be wildly incorrect. You appear to have confused total wealth with total income.
- AndrewKemendo 3y ago
  Stolen wages + Inequitable equity distribution The people doing the actual work in the world (aka the global labor force) are having their value stolen from them because the structure of the modern firm alienates the worker from their capital by assuming it was never theirs and the “proprietor” is assumed to own all simply because they fronted the cash to get it started
- nobut8 3y ago
  They hide behind coded socio-political and economic language to externalize their real needs on others, inflate their buying power, burn more fossil fuels. The fiat wealth model is politically contrived misdirection. Physics makes no mention of a fundamental currency policy or sacred economic model. It’s 100% socialized propaganda there’s a communal upside to capitalism as we know it, not immutable physics.