Economy Income inequality and wasteful spending

[ColemanwastheGOAT]

I see a lot of posts on here about income inequality and it's always blamed on billionaires.

What I'm noticing now as a 40 year old man with investments is poor people are often dressed in more expensive clothes than me and driving a fancier, newer car than me.

I have to think a big part (probably the biggest part) of income inequality is that poor people just make dumb fucking decisions with their limited funds.

I drive a 15 year old van I bought on auction for $3k. I wear plain old jeans and a plain t shirt most days and shoes I got on sale at Mark's.

But I also have over $100k in an investment portfolio with my bank.

I often see young people wearing fancy clothes and driving expensive cars that they can't possibly afford and must be financing.

The number of people you see with iPhones with shattered screens because they can't afford to get it fixed is staggering.

These same people are constantly complaining about capitalism and income inequality.

Can anyone in the capitalism = bad camp explain why you guys buy such expensive consumer goods?

Luxury Brands Are Status Symbols Only If You Can’t Afford Them

Why rich people are embracing minimalism, and the rest of us are Googling "Ralph Lauren" and "David Yurman."

newrepublic.com

How The Psychology Of Income Inequality Benefits Luxury Brands

The more extreme income inequality becomes, the more pressure people feel to create the impression that they’ve climbed up the social ladder.

www.forbes.com

 

[SKYNET]

Billionaires be shopping at Walmart. Adrenochrome prices have become astronomical since covid.

 

[Rational Poster]

You sound poor

 

[Koro_11]

If you’re living in the developed world and you’re “poor” you’re probably just lazy or stupid, or both.

 

[White Whale]

Billionaires be shopping at Walmart. Adrenochrome prices have become astronomical since covid.

I know rich people that shop at Goodwill.

 

[Blayt7hh]

You know, just because someone drew a cartoon doesn’t mean it’s true right? You don’t have a complete grasp of the concept. That is demonstrated by the fact that you think billionaires got their by being thrifty. These are people that own mega yachts and multiple houses worth more than you will earn in your life. That’s not being thrifty

 

[ColemanwastheGOAT]

You know, just because someone drew a cartoon doesn’t mean it’s true right? You don’t have a complete grasp of the concept. That is demonstrated by the fact that you think billionaires got their by being thrifty. These are people that own mega yachts and multiple houses worth more than you will earn in your life. That’s not being thrifty

I'm not talking about billionaires. I'm not a billionaire. But I have money and I don't waste it on dumb shit.

 

[UFCUCF]

Two out of every three bankruptcies are related to medical debt. Poor people and their stupid, wasteful medical spending!

Just a thought: If one is 40 years old, worked hard their whole life, has never worn "designer clothes" have always driven a really cheap car, then this is exactly the kind of person who should be mega-superfly pissed that under this regressive tax system where Millionaires and Billionaires regularly get corporate handouts (while you pay for necessities that peers in other first world counties get from the government) that one has only been able to accumulate $100,000 in an investment account.

You might not like to think of it this way, but you probably have way more in common in terms of the economic situation and circumstances you are in with the people you think of as "poor" than the Billionaires. $100,000 for what, 20 years of hard work and sacrifice?

 

[Rational Poster]

You know, just because someone drew a cartoon doesn’t mean it’s true right? You don’t have a complete grasp of the concept. That is demonstrated by the fact that you think billionaires got their by being thrifty. These are people that own mega yachts and multiple houses worth more than you will earn in your life. That’s not being thrifty

Bro has $100k (CANADIAN) in investments and thinks he's rich.

 

[ColemanwastheGOAT]

You might not like to think of it this way, but you probably have way more in common in terms of the economic situation and circumstances you are in with the people you think of as "poor" than the Billionaires. $100,000 for what, 20 years of hard work and sacrifice?

Yeah of course I do. If I had a $700/month car payment and wasted money on designer clothes, I'd be one of them.

I feel like to make your argument you have to go to the extremes. Medical bankruptcy vs billionaire.

What about all the people in between? Wouldn't the average person be better off adoptong some of the thrifty habits of the comfortably wealthy?

 

[ColemanwastheGOAT]

Bro has $100k (CANADIAN) in investments and thinks he's rich.

No I don't. But I'm not poor and I'm not crying about billionaires and capitalism.

 

[Siver!]

Being poor is relative anyway.

One man's economic crisis is another man's paradise, or some junk.

Growing up there was always a British trope about rich misers. Then at the other end of the spectrum there's the Instagram crew who hire sports cars for photo shoots.

I think truly poor people are very covetous. Conor McGregor is a truly poor person who is now filthy rich. Don't they call it "new money"?

 

[Rational Poster]

No I don't. But I'm not poor and I'm not crying about billionaires and capitalism.

That's because you're dumb.

I'm waaaaay more well off than you and have been for longer, and I can see the problem with the game of musical chairs.

Hope this helps.

 

[Blayt7hh]

I'm not talking about billionaires. I'm not a billionaire. But I have money and I don't waste it on dumb shit.

Then you are not talking about wealth inequality, which is exactly my point

 

[ColemanwastheGOAT]

Then you are not talking about wealth inequality, which is exactly my point

So when you're complaining about income inequality you're complaining on behalf of the homeless and bankrupt, not yourself? Fair enough.

 

[ColemanwastheGOAT]

That's because you're dumb.

I'm waaaaay more well off than you and have been for longer, and I can see the problem with the game of musical chairs.

Hope this helps.

You should give me money then, right? I'm entitled to it because you have more than me.

 

[Satsui Ryu]

So are we supposed to hate the elites or lookup to them. I lose track as the opinion changes daily, or when convenient.

 

[deviake]

Capitalism is based on consumerism and is a debt based system that implodes if there's not constant growth. The entire incentive structure for it to exist is people spending money and going into debt. They literally hire experts on human behavior to market to people and atop that, in the US and abroad wages have been stagnating and there's been a gutting of social programs to go along with growing income inequality. This is marketing working as intended, tying people's identity/status to things. This is the result.

I am a Capitalism = bad person and I am smart with money and no where close to being in debt of any kind nor am I remotely materialistic. I know plenty of people who could be as financially well off as me but make poor financial decisions and are in poor health. I could fellate myself and my decision making but I understand it's not that simple, the issue is systemic. It's literally fax over feelings.

The Capitalism = bad people, if I had to guess, are probably writ large less materialistic and more careful financially than others, aside from some of the ones who are pro Capitalism and understand the system well.

 

[Blayt7hh]

So when you're complaining about income inequality you're complaining on behalf of the homeless and bankrupt, not yourself? Fair enough.

No it is not on behalf of the homeless that I complain about wealth inequality. You’re calling people out but simultaneously demonstrating a fundamental misunderstanding of the concept. Yes I literally do complain because I think people like you probably should have more wealth.

 

[Rational Poster]

You should give me money then, right? I'm entitled to it because you have more than me.

I don't think you have a proper understanding of the scale of wealth.