2 ms·
Were the wealthy hurt more by 2008 compared to the working-class? And I don’t mean in percent net worth terms, I mean relative degradation in lifestyle.
by atleastoptimal 2y ago
Were the wealthy hurt more by 2008 compared to the working-class? And I don’t mean in percent net worth terms, I mean relative degradation in lifestyle.
- jostmey 2y agoNo, but investment banks were bailed out by the federal government at the taxpayer’s expense while the lower classes saw nothing
- jwagenet 2y agoOf course the wealthy stand to lose more, in relative terms. Lifestyle creep is real and expensive. However, they wont have trouble maintaining a baseline quality of life: getting jobs (if they need to), getting food on the table, paying for healthcare, and covering property costs . The poor and middle class, on the other hand, may not have as much to lose in lifestyle because they couldn't afford it anyway and they do stand to lost of quality of life if they are squeezed.
- amazingamazing 2y agobelieve it or not, but poor people aren’t affected directly by stock prices. it’s like saying poor people have been benefitting from the bull market in the past decade.