| VGPolyglot said:
The issue though is that the minimum wage is actually lower than the costs of living, so millions of people aren't even able to make enough money for the bare minimum, let alone even thinking about saving money: |
Yes, stagnate wages coupled with increased debt has greatly reduced savings. It is possible even if your situation is bleak enough that it isn't an option. I know children of immigrants for example where their parents poured everything into them. They had zero illusions of moving up the social ladder, but through education they believed their children could.
I will say there is a case to be made about how salaries are distributed and what we are going to do as mechanization removes more and more low level jobs. It has been floated for a universal basic income in the future as the number of jobs you need humans for dwindles. The thought process is that you have to have a consumer base or could see stagnation or even a full scale revolt if it reaches depression levels.
