How do poor people drive down the economy? (1 Viewer)

[IC FBGCav]

Just wondering.

 

[msommer]

Economy Lane in a poor part of town?

 

[Dentist]

There are entire segments of the economy to serve the poor. Like the merchants of misery.

Plus they are generally less intelligent and easier to fleece.

So I don't think they hold down the economy. In fact we need some percent of poor. We can't all be upper middle class

 

[Ratbert]

Abnegation doesn't spend enough & are killing the economy. They've settled for cable for 15+ yrs.

 

[NREC34]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

 

[Pumpnick]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

 

[sporthenry]

There are a lot of them and they spend all their money. So when you give them money, they spend it on food, housing, etc which flows through the economy. Rich people usually save money so the fiscal multiplier on welfare is normally higher.

 

[NREC34]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

Yeah, maybe so.

 

[Pumpnick]

i still say get rid of credit

 

[Dentist]

i still say get rid of credit

Do you have any stock or mutual fund investments?

You wouldn't say that if you did.

 

[Pumpnick]

i still say get rid of credit

Do you have any stock or mutual fund investments?

You wouldn't say that if you did.

i do, but i'd be willing

 

[Pumpnick]

game on see u later

 

[cockroach]

They never spend all that money they don't have. Jerks.

 

[-fish-]

walking really slowly across the street so people driving to work get there late.

 

[Ladsud]

Alcohol and tobacco.

 

[SIDA!]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

Not in SoCal.

Subway employees buying $400,000 McMansions out here.

 

[renesauz]

i still say get rid of credit

Do you have any stock or mutual fund investments?

You wouldn't say that if you did.

i do, but i'd be willing

This.....might be the dumbest thing I've ever read in the FFA. If credit ceased overnight, the ensuing decade would make the great depression look like a walk in the park. The economy would implode overnight.

That said...there are a lot of aspects to "credit" that could use some major tinkering. Outlawing payday lending at 300+% interest, for example.

 

[Daywalker]

i still say get rid of credit

Do you have any stock or mutual fund investments?

You wouldn't say that if you did.

i do, but i'd be willing

This.....might be the dumbest thing I've ever read in the FFA. If credit ceased overnight, the ensuing decade would make the great depression look like a walk in the park. The economy would implode overnight.

That said...there are a lot of aspects to "credit" that could use some major tinkering. Outlawing payday lending at 300+% interest, for example.

Or banks getting near 0% loans from the govt to then loan to students at 5%.

 

[spreagle]

Poor people buy billions of dollars powerball tickets which should be spent on feeding the kids, then all the money goes to the new billionaire Powerball winner who then goes into hiding.

 

[Mr. Pickles]

walking really slowly across the street so people driving to work get there late.

What's with that?

 

[Meatwad Reloaded]

Just wondering.

There is a push/pull element in play most of the time.

I would reclassify it. People who are

A) Poorly socialized in general

B) Have destructive financial values

C) Are poorly educated ( both in formal academics and just life smarts)

D) Of general low character

Will screw up anything they touch. Including our economy. Many game the system and abuse the system and some form the dreaded "Triple Hit" ( A person sucking on the marrow of the social welfare system, then breeds, producing another dependent who will create future dependents on the social welfare system, all while taxing our criminal justice system, creating kids who are in and out of jail or prison. This is a situation where our base of future tax payers is not growing, but this group can suck on three different areas where tax dollars go)

That being said, I have seen in my life, people who just didn't have a lot of money who would give the shirt off their back to people in need or people in a disaster situation. Poor doesn't equal low character, however people of low character often make bad choices over and over which make them poor.

I like Dentist, I always have, but in the last decade, I've never seen him express one one ounce of genuine gratitude or one ounce of genuine empathy for anyone or anything else. It's a form of self inflicted misery and the dude could have more money in the bank here than anyone else and still be "bankrupt" as a person.

Both not true. Many of the people I know that are rich, got their start from their rich parents. They run businesses that are in the family and now they are styling. They are good dudes overall and would not be rich at all if they had to start in the ghetto. The reason they are educated is because they had advantages that others did not have. It has nothing to do with intelligence. As far as low character, that is a total crock of ####. You seem to lack the ability to understand that these people are residing in a very dangerous place and as such have many more situations where they need to help each other to get along. I would argue they have higher character and a higher propensity for work.

 

[Zegras11]

Many poor people don't use credit at all. Idaho has a housing program that is 0.5% down, 3.5 fixed. Payments on a 120k home are around 700 with taxes and insurance. Credit score has to be 620 or higher. Have a Facebook ad that is blowing up. It's takes 30k to qualify. 20 percent at that yearly income don't use credit cards at all. Don't even have a car payment. Cash for everything. Takes them 5 to 6 months to get a decent score with a secured credit card. So I'd say lack of knowledge about how to use credit hurts the economy

 

[mr roboto]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

Little bit of both.

 

[cstu]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

Not in SoCal.

Subway employees buying $400,000 McMansions out here.

Please let me know where I can buy a $400,000 McMansion. TIA.

 

[SIDA!]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

Not in SoCal. Subway employees buying $400,000 McMansions out here.

Please let me know where I can buy a $400,000 McMansion. TIA.

Back during the boom you just had to go to the Inland Empire, especially the high desert and southwest riverside county like lake Elsinore.

 

[IC FBGCav]

So the rich get rich off of other rich people and no one makes money off poor people?

 

[Binky The Doormat]

So the rich get rich off of other rich people and no one makes money off poor people?

Paycheck cashing places and furniture rental stores.

 

[Mors Venit]

So the rich get rich off of other rich people and no one makes money off poor people?

Paycheck cashing places and furniture rental stores.

Dont forget fast food, pre paid debit cards and burner phones

 

[IC FBGCav]

Grocery stores? Walmart?

 

[Dentist]

I like Dentist, I always have, but in the last decade, I've never seen him express one one ounce of genuine gratitude or one ounce of genuine empathy for anyone or anything else. It's a form of self inflicted misery and the dude could have more money in the bank here than anyone else and still be "bankrupt" as a person.

That's true. You're probably right.

Statement really rang true. I'm generally bankrupt for empathy... my wife even says that when she's angry.

I do genuinely feel sorry for some people who suffer losses which are accidental or bad beat in nature.... but it's very very difficult for me to have any empathy for someone who's dug their own grave with bad decisions... which is 95% of people down on their luck.

Working in an arm of the healthcare industry has jaded me also.... 70% of my entire profession is treating neglect.. people that have dug their own grave and then go out of their way to blame it on something/someone else (which is a standard defense mechanism, i get it) and then feel like someone else should have to pay for it.

I suppose I should still feel sorry for those people and thank my lucky stars I was born with 2 quality parents who taught me good decision making, and was blessed with the proper mental fortitude to logically analyze things and not get swindled... but I don't. And sometimes I feel like a real basspole for it.

So thanks for reminding me of that

 

[cstu]

Capitalism is built on poor people. Poor people are terrific.

 

[Ratbert]

Poor people buy billions of dollars powerball tickets which should be spent on feeding the kids, then all the money goes to the new billionaire Powerball winner who then goes into hiding.

It's called the poor people tax for a reason.

 

[cstu]

I like Dentist, I always have, but in the last decade, I've never seen him express one one ounce of genuine gratitude or one ounce of genuine empathy for anyone or anything else. It's a form of self inflicted misery and the dude could have more money in the bank here than anyone else and still be "bankrupt" as a person.

That's true. You're probably right.

Statement really rang true. I'm generally bankrupt for empathy... my wife even says that when she's angry.

I do genuinely feel sorry for some people who suffer losses which are accidental or bad beat in nature.... but it's very very difficult for me to have any empathy for someone who's dug their own grave with bad decisions... which is 95% of people down on their luck.

Working in an arm of the healthcare industry has jaded me also.... 70% of my entire profession is treating neglect.. people that have dug their own grave and then go out of their way to blame it on something/someone else (which is a standard defense mechanism, i get it) and then feel like someone else should have to pay for it.

I suppose I should still feel sorry for those people and thank my lucky stars I was born with 2 quality parents who taught me good decision making, and was blessed with the proper mental fortitude to logically analyze things and not get swindled... but I don't. And sometimes I feel like a real basspole for it.

So thanks for reminding me of that

You tell 'em - those losers should have pulled themselves up by their bootstraps.

 

[Dentist]

I imagine if there was a country somewhere where everyone was poor, they'd just have an awesome economy, right?

Is there a 3x etf for Syria? All in baby

 

[cstu]

I imagine if there was a country somewhere where everyone was poor, they'd just have an awesome economy, right?

China.

 

[SIDA!]

I imagine if there was a country somewhere where everyone was poor, they'd just have an awesome economy, right?

China.

Chyyyyna!

 

[joffer]

they taste funny too

 

[Mors Venit]

I like Dentist, I always have, but in the last decade, I've never seen him express one one ounce of genuine gratitude or one ounce of genuine empathy for anyone or anything else. It's a form of self inflicted misery and the dude could have more money in the bank here than anyone else and still be "bankrupt" as a person.

That's true. You're probably right.

Statement really rang true. I'm generally bankrupt for empathy... my wife even says that when she's angry.

I do genuinely feel sorry for some people who suffer losses which are accidental or bad beat in nature.... but it's very very difficult for me to have any empathy for someone who's dug their own grave with bad decisions... which is 95% of people down on their luck.

Working in an arm of the healthcare industry has jaded me also.... 70% of my entire profession is treating neglect.. people that have dug their own grave and then go out of their way to blame it on something/someone else (which is a standard defense mechanism, i get it) and then feel like someone else should have to pay for it.

I suppose I should still feel sorry for those people and thank my lucky stars I was born with 2 quality parents who taught me good decision making, and was blessed with the proper mental fortitude to logically analyze things and not get swindled... but I don't. And sometimes I feel like a real basspole for it.

So thanks for reminding me of that

Wow

 

[Ignoramus]

i still say get rid of credit

 

[mr roboto]

I like Dentist, I always have, but in the last decade, I've never seen him express one one ounce of genuine gratitude or one ounce of genuine empathy for anyone or anything else. It's a form of self inflicted misery and the dude could have more money in the bank here than anyone else and still be "bankrupt" as a person.

That's true. You're probably right.

Statement really rang true. I'm generally bankrupt for empathy... my wife even says that when she's angry.

I do genuinely feel sorry for some people who suffer losses which are accidental or bad beat in nature.... but it's very very difficult for me to have any empathy for someone who's dug their own grave with bad decisions... which is 95% of people down on their luck.

Working in an arm of the healthcare industry has jaded me also.... 70% of my entire profession is treating neglect.. people that have dug their own grave and then go out of their way to blame it on something/someone else (which is a standard defense mechanism, i get it) and then feel like someone else should have to pay for it.

I suppose I should still feel sorry for those people and thank my lucky stars I was born with 2 quality parents who taught me good decision making, and was blessed with the proper mental fortitude to logically analyze things and not get swindled... but I don't. And sometimes I feel like a real basspole for it.

So thanks for reminding me of that

Wow

You know he's right.

 

[Loan Sharks]

Didn't they help almost collapse the economy when lenders were giving anyone with a pulse a mortgage?

i thought this was the middle class that thought they were upper class?

Not in SoCal.

Subway employees buying $400,000 McMansions out here.

Please let me know where I can buy a $400,000 McMansion. TIA.

Lakewood

 

[Loan Sharks]

Capitalism is built on poor people. Poor people are terrific.

Terrific at digging ditches.

 

[msommer]

Capitalism is built on poor people. Poor people are terrific.

Terrific at digging ditches.

Let's not forget building walls

 

[pollardsvision]

Capitalism is built on poor people. Poor people are terrific.

As a small business owner, let me just say there's nothing so wonderful as the first of the month.

 

[spreagle]

All joking aside, if you aren't somehow creating true wealth, which is the creation of something from nothing (manufacturing, agriculture, mining) then you are merely leaching off those who do. Drawing a wealth redistribution check and spending it is not doing your part to make the economy stronger, it is suppressing the economy in the long term. If too many people are leaching off the wealth creators to the point the wealth creators can't sustain themselves, the economy dies.

As an analogy, sometimes you hear teachers and government workers proclaim that they are taxpayers too. We'll yes and no. Teachers and government workers pay taxes but they also consume taxes, they are net tax consumers. Likewise, a poor person can spend money and proclaim they are helping the economy but if their spending money is all wealth redistribution money then they are net economy consumers.

 

[Juxtatarot]

All joking aside, if you aren't somehow creating true wealth, which is the creation of something from nothing (manufacturing, agriculture, mining) then you are merely leaching off those who do. Drawing a wealth redistribution check and spending it is not doing your part to make the economy stronger, it is suppressing the economy in the long term.

Everyone in the service sector is a leach?

 

[spreagle]

All joking aside, if you aren't somehow creating true wealth, which is the creation of something from nothing (manufacturing, agriculture, mining) then you are merely leaching off those who do. Drawing a wealth redistribution check and spending it is not doing your part to make the economy stronger, it is suppressing the economy in the long term.

Everyone in the service sector is a leach?

Not all, some are indirectly involved. For example, a dentist indirectly supports the economy by keeping the wealth creators teeth happy and healthy.

 

[roadkill1292]

We seem to be pretty unique in the first world in that we divide the population into "deserving" and "undeserving." And most of the resistance around expanded social policies more similar to those in western Europe seems to center around the "undeserving" getting more than they "deserve."

 

[dickey moe]

Capitalism is built on poor people. Poor people are terrific.

Capitalism is also the best chance poor people have.

 

[jonessed]

Capitalism is built on poor people. Poor people are terrific.

Capitalism is also the best chance poor people have.

They can always try Communism again.