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Capitalism is not favored by millennials

Established Member

Re: Capitalism is not favored by millennials

Man, when you think about it it is absolutely INSANE that we will loan kids tens of thousands of dollars with no proof of income and they’ve actually never had any income ever in life! They can’t even get a credit card.

I’m only 23. I avoided college because I was debt adverse and I did poorly in high school due to playing video games all day instead of homework. I scored the highest ACT in my school but my GPA was 2.3. I have a good union job but my income is low, I’m on track to make $29 an hour by 2021 but that’s nothing to compare to what I see people on Reddit and these forums making. sometimes I worry did I make the right choice not going to college.... I need to be frugal and get into rental property asap.
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Message 11 of 53
New Contributor

Re: Capitalism is not favored by millennials

I know a few people in there late 20’s early 30’s that don’t pay there student loans. They could, but that Coach purse or new SUV is more important to them. I don’t get it. In my opinion, student loans should be just like a car loan. If you don’t pay your car, it gets repo’ed. Repo that dang degree and every credit if you decide you just don’t want to pay your student loans!

 

 

Message 12 of 53
Super Contributor

Re: Capitalism is not favored by millennials


Porch wrote:
Man, when you think about it it is absolutely INSANE that we will loan kids tens of thousands of dollars with no proof of income and they’ve actually never had any income ever in life! They can’t even get a credit card.

I’m only 23. I avoided college because I was debt adverse and I did poorly in high school due to playing video games all day instead of homework. I scored the highest ACT in my school but my GPA was 2.3. I have a good union job but my income is low, I’m on track to make $29 an hour by 2021 but that’s nothing to compare to what I see people on Reddit and these forums making. sometimes I worry did I make the right choice not going to college.... I need to be frugal and get into rental property asap.

You could always go back to school and in my career field it doesn't matter what school you go to.  The trick is to find what you like and then figure a way to make money doing it.   College isn't for everybody and I learned 99% of my job through experience. 

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Message 13 of 53
Established Contributor

Re: Capitalism is not favored by millennials


Porch wrote:
Man, when you think about it it is absolutely INSANE that we will loan kids tens of thousands of dollars with no proof of income and they’ve actually never had any income ever in life! They can’t even get a credit card.

I’m only 23. I avoided college because I was debt adverse and I did poorly in high school due to playing video games all day instead of homework. I scored the highest ACT in my school but my GPA was 2.3. I have a good union job but my income is low, I’m on track to make $29 an hour by 2021 but that’s nothing to compare to what I see people on Reddit and these forums making. sometimes I worry did I make the right choice not going to college.... I need to be frugal and get into rental property asap.

 One of the problems is that many people don't really have a concept of what most people in the US make, so too many people have "keep up with the Jones'" lifestyle when they really don't need to, and because of that have a very skewed sense of what "fair" is.  For example, at the end of the year, I'll clear somewhere around $55K.  That means I'm making more money yearly than nearly 70% of the rest of the country.  Many of my wife's millenial friends make less money than I (or we) do, but they have more fancy electronics, newer cars, and go on big vacations every year (sometimes twice a year), but they have no savings or investments, and they almost ALL feel like they are being screwed by "The Rich" somehow.

 

 I don't think it'll effect credit cards too much, because that's how these people live...  But I see it more effecting mortgage and investments markets; the Long Term financials.

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Message 14 of 53
Valued Member

Re: Capitalism is not favored by millennials

Capitalism has built the world superpower in under 200 years, no other system can say the same.

 

I do not see the opinion of young kids having an effect on the credit industry though.

Message 15 of 53
Frequent Contributor

Re: Capitalism is not favored by millennials


gsxraddict wrote:

Capitalism has built the world superpower in under 200 years, no other system can say the same.

 

I do not see the opinion of young kids having an effect on the credit industry though.


 

 

Essentially, we have a financial system where sheep get herded to the slaughter, and whereby any capitalist that is keen enough to buy in - can then participate in feeding on their carcasses.

 

There's nothing inherently productive to the world economy for wealth being redistributed upwards in this fashion. It's essentially socialism for the ruling class, and "free market" for everyone else. The sheep are "free" to continue their serfdom.

 

Actually, what capitalism has built is a grand ponzi scheme, that - rather than addressing the fundamental flaws and unsustainability of asset and resource hoarding - has become too-big-to-fail.

 

The systemic ponzi scheme is evident from the overwhelming dilution of currency that regularly takes place, in order to keep the music playing... in this perpetual game of musical chairs.

 

If what we have now is Capitalism, than clearly, anyone that can readily add and subtract can surmise that the system doesn't work for the vast majority... which is the only reasonable measure for its effectiveness.

 

The idea that the vast majority of the populace frankly doesn't deserve, or isn't worthy of a fair slice of the world's resources... is an untenable, self serving argument.

 

Capitalism only works for the haves - at the expense of the have-nots, period.

Message 16 of 53
Frequent Contributor

Re: Capitalism is not favored by millennials

The other thing that Capitalism fails to address is the unintended consequence of corruption.

 

Policy is now in large part a reflection of Capitalism, and its inherent lack of fairness.

 

If we lived in a world where everyone was born with their own equal slice of the world's resources, than every voice would count the same. - But, we'd probably have more population controls, too. 


Now, that doesn't mean that there wouldn't still be the possibility of mob rule. - Another issue in an of itself.

 

Nevertheless, Capitalism provides an incentive for corruption to exist.

 

The haves need to cordon themselves off from the have nots. Gated communities with their own bylaws are a microcosm of this.

 

If everyone was entitled to living in a gated community... we wouldn't very well need gated communities.

 

But, since Capitalism creates a situation where the unfortunate have nothing to lose, we have to find ways to keep them out.

Message 17 of 53
Super Contributor

Re: Capitalism is not favored by millennials

In the entire history of man, every single form of government had coruption.  Ironically in a democratic society I think there are more options for it.

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Message 18 of 53
Frequent Contributor

Re: Capitalism is not favored by millennials

troylasvegas wrote:

 

...Policy is now in large part a reflection of Capitalism, and its inherent lack of fairness.

 

 


I disagree.

 

"fairness" is simply a desire and relates very much to ones view at that point in time of making it. Life is not 'fair' and never will be.

 

As an experiment, try taking all the money in the world and distributing it equally amongst every human being that's alive at that moment...

 

How long do you think it will be before we have a world of 'haves' and 'have nots' again?

 

You can blame Capitalism all you want, but the ill's you describe are simply human nature at best.

Message 19 of 53
Frequent Contributor

Re: Capitalism is not favored by millennials


Moneyklutz wrote:
troylasvegas wrote:

 

...Policy is now in large part a reflection of Capitalism, and its inherent lack of fairness.

 

 


I disagree.

 

"fairness" is simply a desire and relates very much to ones view at that point in time of making it. Life is not 'fair' and never will be.

 

As an experiment, try taking all the money in the world and distributing it equally amongst every human being that's alive at that moment...

 

How long do you think it will be before we have a world of 'haves' and 'have nots' again?

 

You can blame Capitalism all you want, but the ill's you describe are simply human nature at best.


 

The issue with that theory is that, it's basically just saying that, even if we tried to do things better... it wouldn't work; which we could never prove, unless we actually tested it... which we never will of course - if those defeatist sentiments continue to hold sway over the populace.

 

Firstly, it's just a specious argument to say that - it cannot get better if we tried... so why even try. - To wit: the current situational reality has been unequivocally proven to not be working for the vast majority. So, there's facts and stats versus... the idea that we should just keep things the way they are.

 

Finally, the reason that it will never be fair is not because we couldn't very well set it up that way. Rather, it's primarily due to the pervasive idea that somehow it already is fair... which is basically to tacitly believe that fairness should not really even exist. Essentially, it's the idea that: No one is entitled to or even worthy of fairness. It might be better chance of a poor person getting stuck by lightning, than realizing their dreams; so... you're saying there's a chance. All that matters is that it's possible, not even remotely likely; regardless of the fact that most are still poor.

 

The facts are that, under Capitalism, the vast majority will never achieve their dreams, full stop. The fundamental flaw of Capitalism, is that it can only continue to work for a minority... at the expense of the vast majority. - It's just simple arithmetic.

 

Now, we can go around the numbers in perpetuity, with ideas that people are lazy and unworthy of moving up the societal structure... which may or may not have merit. Yet, heritage holds far too much sway, over merit. - There's really no justifiable reason that babies should be born wealthy, versus malnourished. This is just the current reality. However, it's clearly not the best we can do.

 

Also, the idea that we could just give everyone an equal share of currency is a strawman argument. No one would assert that, because then money would immediately lose it's value.

 

I'm talking about a system that would focus on equal shares of the world's land and resources, that could be traded... and would increase or decrease based on societal norms, based on merit.

 

No one should be born poor, but that doesn't mean that they cannot squander what they have. That's a different eventuality, which does not preclude the idea that we can still try harder to make things more fair for everyone.

 

At present, we're trying hardest for those that have, at the expense of those that have less. So, we're moving in the wrong direction. 

 

Message 20 of 53