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Egann said: It is, however, brimming with ways to become wage-slaves to someone else. Debt is the new form of slavery. Because education, cars, and houses are all too expensive to buy up front, you pay three times as much over the life of the loan. If you have a job, 20-30% will go to the government in taxes, and another 15% will go to your mortgage, student debt, and car loans. |
Education and cars can both be purchased without debt. Most people I know in low-economic situations go to community colleges (no debt required), and buy used cars, without any opportunity cost (they still work during college.) If somebody is poor and decides to purchase a brand new car, then they are making a poor financial decision and are trying to live above their means through debt. This has consequences. If somebody decides to go to college on loans, then they better expect to go in an area that is productive and in demand or one which can pay off these loans when they are completed with their education. Yes, it may seem unfair that some people are born rich, and don't have to do all of these things, but that means they are missing something in life by being coddled. Their affluency isn't concrete, and they lose out because of it, as seen by the 12% of the top income bracket moving to the bottom income bracket per generation.
The issue is income mobility is mitigated by regulations, government spending (its a concensus among economists that excessive government spending hurts economies) and wealth redistribution (either corporate or personal.)
