JuliusHackebeil said:
Thank you for your response. It is always nice to see someone argue against racist policy in these discussions. For our disagreement: I think the contrary can be true and often enough is true. Work 10 years, save money, invest, become an employer, get rich. Rich people coming from nothing is certainly possible. Especially given the fact that (I did a quick search online) in 70 % of the cases generational wealth is gone after 2 generations. 90 % after three. Sure some families are rich forever, but these are the extreme fringe cases. For the very most, it is extreme luck to get wealthy. Then they stay so for 2 or 3 gens, then they are not again. And perhaps somewhen in the future they will be again. Up and down it goes, but it does not build up (except in some super rare cases). Which (I know you know, just saying) is a mute point to argue in relation to racism. Because what would you do? Lottery? "This one black family out of one million could have made it big, here is your stolen wealth." |
If you're talking about the Wealth Diffusion model, one of the root causes is that inheritance was divided among many children. These studies began in the 1960s and 70s, when wealthy families typically had an average of four children. So we're talking about people whose grandparents' inheritance is now divided among, say, 12 grandchildren
This also doesn't account for the fact that those 12 grandchildren still benefit from foundational education and family structure. This means that, among those 12 grandchildren, there's a high chance that most will end up in well-paid professional jobs or even use part of their inheritance to start businesses and build wealth again
A simple example is boyfriend. He's a typical case of a fourth-generation kid whose old family wealth has been steadily vanishing over time for some branches of the family, while other branches used their inheritance wisely and became even richer. He still has a couple of houses and properties that he will eventually inherit from his father's side of the family, and he plans to use that family money to fund his pilot training. Will that make him rich? Probably not, but it's the kind of safety net that can provide a proper education and help him land a good job in aviation once he finishes







