Okay but like he had a point though? We, as a generation, waste a lot of money on dumb shit (like $5 coffees, eating out every day, and yes avocado toast). That’s not to say that we haven’t been dealt a really bad hand, economically speaking. But I really think we all ought to learn to tighten our purse strings a little bit…
While saving is indeed a good thing, this is not the reason we millennials cannot afford houses. Wages have been on the decline or stagnant for decades while the price of housing has skyrocketed. More and more jobs are being offered in cities where owning property let alone renting is impossible on your own. Whenever the poor want to “splurge” on let’s say a coffee or avocado toast (I have no idea what that is) it’s framed by the elite as some hedonistic, irrational splurge. It’s framed as if the rich are where they are because they were rational enough to save while the poor are just rabid wild animals who spend too much and refuse to save. The truth is that most Americans aren’t even saving there income… because they can’t.
(Graph courtesy of MotletFool the popular financial group) They literally can’t. Everything goes to the bills. If you look at the under 35 group, statistically speaking, millennials have a negative savings rate due to many barriers to entry that weren’t in place when our parents were alive and crippling college debt. Even the generation above us is barely saving and these are people who aren’t burdened by college debt but instead many had to resort to credit cards to get by and thus have their own forms of debt. What’s left after the bills goes to making life bearable. I see nothing wrong with that. Poverty and lack of opportunity is not a function of the poor and middle class people being too stupid to save. They literally can’t save. Rational choice theory (the free market theory where anything bad that happens to you is solely a product of your bad choices and not society at large) can only go so far in explaining our position in the world. Saving is indeed good, but in order to stress saving… we must have adequate wages and a healthy economic environment that allow us the opportunity to save.
sidenote: The other irony about capitalism especially the American kind is that over 70% of our GDP is consumption, so that means the health of the American economy literally depends on us “wasting” money on stupid shit to boost corporations. SO it’s a very strange paradox -we get blamed for not saving enough because we are too stupid yet we get blamed for not buying enough and ruining the economy… because we are too poor and stupid. No matter what we do the poor are always to blame! ….. FUCK !
^I like this
found @ 28 likes ON 2019-03-09 01:46:18 BY ME.ME