Constitutional Sheepdog
][][][%er!!!!!!!
A very informative video for those who hate the right and defend the poor blows the fvck out of socialism and big government must provide for us mentality
The difference between the poor You and the rich Me
- Thread starter Constitutional Sheepdog
- Start date
georgephillip
Senator
connieb
Senator
So very true. I think that number 2 is really the most important and actually a component of all the other ones. If you concentrate on playing the long game, you will automatically put getting ahead over relaxing now, you actively make progress, you are too busy to be sitting around, etc.
I see it every year around this time.. people salivating to get their refund checks. Do they invest them? Do they use them as a down payment on income generating real estate. NOPE. They take vacations and buy consumer products.
Then they spend the entire rest of the year, complaining about how broke they are.
Interesting. Though I think it's simpler.. dumb as f&$k and not earning enough..? That's the individuals fault...
georgephillip
Senator
connieb
Senator
Considering household debt is on the rise, probably not many.How many are using their refunds to pay down nearly record levels of private debt?
https://www.creditkarma.com/studies/i/average-debt-american-household-on-rise/
georgephillip
Senator
Your link:
"Indeed, the cost of living has been rising — but wages haven’t kept up.
"As of 2014, median income plummeted by 13 percent from 2004 levels while expenditures increased by nearly 14 percent.
"The widening gap between income and expenses looms as a major factor driving American household debt toward unsustainable levels.
"But that’s just one part of the equation."
According to Steve Keen's analysis, the US had a private debt/GDP ratio of 37% in 1945 and by 2008 the ratio had risen to 165%:
"A slowdown in the rate of growth of debt was inevitable, and this alone was enough to cause total demand in the economy to fall."
Can We Avoid Another Financial Crisis?
Steve Keen. P. 103.
Kindle Edition.
https://www.reuters.com/article/us-review-crisis-breakingviews/review-can-we-avoid-another-financial-crisis-idUSKBN1811XP
connieb
Senator
Um.. so? The point was - people aren't paying off the debt with their tax refunds.Your link:
"Indeed, the cost of living has been rising — but wages haven’t kept up.
"As of 2014, median income plummeted by 13 percent from 2004 levels while expenditures increased by nearly 14 percent.
"The widening gap between income and expenses looms as a major factor driving American household debt toward unsustainable levels.
"But that’s just one part of the equation."
According to Steve Keen's analysis, the US had a private debt/GDP ratio of 37% in 1945 and by 2008 the ratio had risen to 165%:
"A slowdown in the rate of growth of debt was inevitable, and this alone was enough to cause total demand in the economy to fall."
Can We Avoid Another Financial Crisis?
Steve Keen. P. 103.
Kindle Edition.
https://www.reuters.com/article/us-review-crisis-breakingviews/review-can-we-avoid-another-financial-crisis-idUSKBN1811XP
They are in fact -spending it.
georgephillip
Senator
Does that sound like a rational choice?
"Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. These decisions provide people with the greatest benefit or satisfaction — given the choices available — and are also in their highest self-interest. Most mainstream academic assumptions and theories are based on rational choice theory."
Read more: Rational Choice Theory https://www.investopedia.com/terms/r/rational-choice-theory.asp#ixzz5Bvo2K72e
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EatTheRich
President
The reality ... most working people can't "invest in themselves" ... that is, save ... because their expenses exceed their incomes. They don't have passive income because they don't have extra money to invest. They can't improve their income levels without incurring a debt equivalent to their marginal income increase, because "there's no such thing as a free lunch" ... and because they are often already working several jobs, any one of which they may lose for making the commitments necessary to "improve themselves," just to generate the multiple income streams needed to stay ahead of the creditors. They cannot cut their expenses because they are already living as paupers. And they live for any brief respite from the soul-crushing despair that is their lives because there is no prospect of permanent relief other than a social revolution.
connieb
Senator
Well, that explains my most "mainstream academic assumptions" are bunk...Does that sound like a rational choice?
"Rational choice theory is an economic principle that states that individuals always make prudent and logical decisions. These decisions provide people with the greatest benefit or satisfaction — given the choices available — and are also in their highest self-interest. Most mainstream academic assumptions and theories are based on rational choice theory."
Read more: Rational Choice Theory https://www.investopedia.com/terms/r/rational-choice-theory.asp#ixzz5Bvo2K72e
Follow us: Investopedia on Facebook
Most people THINK their choices are "rational". but I would say most, when it comes to finances have absolutely NO IDEA what is actually in their best interest.
EatTheRich
President
Spending it on the cheapest rent, food, and clothing available ... and still falling farther and farther into debt even working multiple jobs.
connieb
Senator
Yeah.. the cheapest clothing are $100+ dollar sneakers.
Dude, no one believes that shit but you because the rest of us have eyes and ears.
EatTheRich
President
You have eyes but refuse to see, you have ears but refuse to listen. You think the "poor" person is the person from the other side of the street who owns a $150,000 house and wears $100 sneakers ... not the person whose kids are crawling through the dumpsters looking for enough to eat to kill the hunger pangs.
BTW I have to spend about $80 on sneakers if I want a pair that will last for 4 months of walking in them ... that's called taking the long-range view instead of getting a new $15 pair every 3 weeks.
connieb
Senator
That is called not knowing how to bargain shop.
In this country if your children really are suffering from hunger pangs - you must be an addict and a neglectful parent. All school aged children of poor parents are eligible for free breakfast and lunch at school. Since they are "crawling through the dumpster" they are probably school aged - and therefore entitled to at least two meals a day during the week. Furthermore, every community has at least 1 soup kitchen and a food pantry. Our tiny little town of less than 1800 has both. Not open every day, but they do "carry out" meals for they days they are off. Many communities with a lot of low income students participate in programs where they can take a back pack home on fridays with food like granola bars and other shelf stable stuff to get through the weekend.
EatTheRich
President
Thanks to class struggle. And your side in the class struggle is pushing hard to eliminate those breakfasts and make the lunches cheaper and less nutritious/filling.
And in many communities they are overwhelmed by the number relying on them and have to turn people away. In my town you can visit the food bank twice a month and get enough food to last maybe a week.
connieb
Senator
So, between free school lunches/breakfasts, WIC, SNAP and a foodbank people's kids have to scrounge in the dumpster? I call total bullshit on that. That is merely some lazy, addicted and or neglectful parent whose children should be removed from their care.
EatTheRich
President
Because as we all know the only poor people are in the U.S. ... the bigger crumbs that go to the poor here have nothing to do with the extreme poverty of the poor elsewhere ... and every poor person here can afford to send their kids to school and has access to social services.
connieb
Senator
Well, we are talking about here.. so there is that..
"Afford to send your kid to school">> WTF - is um mandatory. They pick them up from your house and take them there, unless you live close enough to walk......and social services are available to every poor person here. What its not enough that we feed you, house you and help cloth you.. we actually have to hunt you down and find you and sign you up for all the freebies too? Christ -do we have to wipe their arses as well. Give me a break. A person who can not manage to avail themselves of the myriad of things we make available to the "less fortunate" in this country - is one stone cold, piece of shit worthless loser and if such a person has children in their car - they should be removed immediately because that is nothing short of outright neglect and unsuitable.
georgephillip
Senator
What percentage of the poorest 40% of Americans do you believe buy $100 sneakers?
http://classbias.blogspot.com/2014/05/piketty-patrimonial-capitalism.html
