The past few years has seen highlights thrown on the discrepancies of wealth from the super rich and other classes. What is now being referred to as the battle between the 1% and the 99%, Americans have become more aware of the widening gap between the classes that has been compared to how America looked during the 1920s. What could possibly be wrong with putting a little swing back into our economy? Well, for one, few can afford to. Although the rich felt the sting of our generation’s depression, it is now estimated that not only did they make up the difference, but can saw a raise of 11.6% in income compared to the .2% other earners received.
Most speak of a “trickle-down” approach, where if the rich are receiving plenty than so will the other classes…eventually. What is actually occurring is twisted. The more the super rich spend, the more the rest of us do, without the ability to afford it though. We want to live like the rich and are allowed larger mortgages and lower rates to do so. We are now borrowing to fuel our need to buy. The middle and lower classes are digging their own graves and in doing so we are creating an even higher level of inequality. Our reach for a modern day Gatsby like society is fueled by our desire to be a part of it, but are we getting too far away from that green light to make our way home?
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Courtney-good topic! It is up to our generation to teach the younger generation to avoid debt as much as possible and be happy with less. A nice small house with a yard is just as good as a mansion and less to clean 🙂 less taxes, less to maintain, etc.
The generation before us became very focused on materialism and keeping up with everyone else and at what price?
Live within your means should be the mantra of today.