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A hit-and-run troll post by someone who primarily hangs out in P&OC with other low-information people who never passed a University level course in Economics and who lack the capacity for rigorous analytical discussion.
But in the event the OP wanders back here from P&OC to see how much dissention he has fomented, he is 100% incorrect:
^^^This. Bad analysis is rife there and frankly I would hope that this forum holds some standards beyond the hack-job the OP did.
No consideration of time value of money because "payback period" is moot and they flip back and forth between ignoring interest rates on capital investment to championing them for their own returns.
I'm going to stop there, this thread belongs in the politics forum instead of stinking up this one.
Being poor also comes with a set of advantages. It changes the risk equation and opportunity cost to allow for chances, innovation, and bold moves. It’s freeing in many ways. You’re not bound by tradition or rules. They’re disrupters. People who have had it hard can be destroyed mentally and give up, but for some this constant cloud and bad news eventually makes them unbreakable because they’ve overcome obstacles time and time again. A common example of it was London during the blitz from Nazi Germany. The terror bombing eventually became a siren that people would ignore and go about their day. “a near miss leaves you traumatized, a remote miss makes you feel invincible.” If you being poor isn’t traumatic enough to break you, it can be the single greatest advantage a person can have.
It’s why some of histories greatest empires have been brought down by guerrillas. It’s why generational wealth is gone within 3 generations across most cultures. You can’t duplicate an underdog mentality that isn’t real.
“If you came from a place of nothing, that’s everything you need”.
Is this why people overwhelmingly stay in the relative class position that they were born into? You mention these empires being brought down by guerillas, that’s awesome, but how prosperous are these places right now. The rules have changed. You can get other nations to put one nation under economic sanctions and screw up the lives of the people within that nation. Being poor might help with a certain mindset, but it would be way more advantageous to have that mindset and already be rich and have some wealth.
The actual stats about how wealth is gained and kept don’t bear out in the example you posted. You talk about generational wealth being gone within 3 generations across most cultures. I would need to see a) what is the actual cumulative wealth the average family has in this study, b) what qualifies as wealth in this study, is it just money, or is it land, housing, or other assets?
A hit-and-run troll post by someone who primarily hangs out in P&OC with other low-information people who never passed a University level course in Economics and who lack the capacity for rigorous analytical discussion.
But in the event the OP wanders back here from P&OC to see how much dissention he has fomented, he is 100% incorrect:
Care to provide the source for this chart? I wonder how much of this stat has to do with the fact that average household sizes have been increasing as of late as there are more multi generational households as millennials and younger generations are more likely to stay at home with their parents at older ages than previous generations.
What percentage of two income earner households are there today versus the past? You aren’t looking at the entire picture and are cherry-picking data without providing details and context behind the data.
It’s not unusual for people to live with multiple roommates or live at home into their 30s and 40s nowadays. I’m the only one in my friend group that owns their own house. A good portion of my friends either live at home with their parents or have roommates. My own personal anecdote, but average household size has been increasing as of late.
Is this supposed to be some kind of breaking news? Of course those with more money can afford things those with less money cannot. Just like those born with a silver spoon in their mouth will have an advantage at birth over those that don't. Those with rich parents are more likely to be rich themselves compared to those with poor parents. Those who can afford college are more likely to go to college than those who can't afford it, and as a result have higher earnings.
Precisely my point. Those with wealth have a huge leg up on those that don't and this delta will only increase, leading to the situation we have today.
Worse yet, they will use their wealth in less-than-ethical ways to ensure that they maintain their wealth and power for generations to come.
And no one is doing anything about it because they already hold positions of power to keep it this way.
25K solar system- based on $2500 a year in previous bills = 10+ yr payback. 25000/2500 yr = 10 yrs
Bought an EV- ok but what did you spend. Lets imagine you spent $200 a month on gas for your old car and you spent 40K on an EV. 16.6 yrs before you get your first dollar back.
Same game on lawn equipment- Lets imagine you burned 2 gallons of gas a month ($8), $96 a yr assuming you mow/trim year round. But you spent $1500 on new equipement. So you get your first saved dollar back in 15.6 yrs.
You are so excited about the rise in rates, did you ever consider inflation? Shocker that inflation is higher than the rates too!
Lastly- How old are you? If you are 65, you might not live to see all these savings!
You have good intentions but there are huge holes in the theories you presented.
Solar credit is 30%, not including state incentives. Like I said, payback is less than 6 years, possibly under 5 if electricity costs continues to rise.
I purchased an EV to replace a gas guzzler on its last legs so the savings are from day 1, and time to recoup is only a few years, not 16. The price difference between a comparable gas car is only a couple thousand.
You forget that electric driven devices have basically zero maintenance. I have power tools with batteries that are 10+ years old that are still going strong.
I'm in my 30s (I know, a huge outlier among these boards). I've done the math. I will come out financially ahead.
Guess I'm the only one who gets what the OP is saying about tax breaks for the wealthy......but the pull yourself up by the bootstraps crowd here completely missed it.
Maybe one of the resident genuises here can explain why when an individual makes 41,775/yr they only get a 12% Fed tax bite, but, when they earn 41,776/yr they can suddenly "afford" a 22% Fed tax bite?
There goes that EV and solar panels purchase.
Must be because they were "lazy".
Correct, but it's not just tax breaks (which most definitely do contribute). It's the entire system, and it's bad for the country and society as a whole.
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