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View Diary: Morning Feature: Animal Spirits, Part III - Saving, Stock Prices, Real Estate, Minority Poverty (79 comments)

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  •  "In reasonable security," indeed. (6+ / 0-)

    I don't think most of us think we 'deserve' lives of idle luxury.  At some level, I think most of us are okay with the idea that we weren't born into the wealth-earner class, so we'll have to work for a living rather than by investing inherited wealth.  It's not even so much that we resent they can live by investing their inherited wealth, as that investment does contribute to society.

    The problem arises when we sense that no matter how diligently we self-invest - get an education, work to get jobs that maximize our potential, produce more than we consume, live frugally and save for the future - we're going to get wiped out the first time we lose a job or get injured or ill ...

    ... and be no better off (at that point) than if we'd taken it easy and enjoyed life as it came.

    When you feel as if the only thing you gain by 'climbing' is a longer fall, all so the wealth-earners can have a second yacht with a helipad, it's difficult to motivate yourself to 'climb.'

    Good morning! ::hugggggggggs::

    •  Absolutely! Fatalism takes over and we end up (3+ / 0-)
      Recommended by:
      NCrissieB, addisnana, kktlaw

      saying, WTF, it doesn't matter anyway. Or we finally pick up the pitchforks and have a little barbeque. :::sigh:::


      Information is abundant, wisdom is scarce. The Druid

      by FarWestGirl on Fri Jul 10, 2009 at 07:34:03 AM PDT

      [ Parent ]

      •  I think that's driving health care. (5+ / 0-)

        Most of us realize the biggest single risk we face is ordinary health issues.  You have to get very lucky to not get some serious injury or illness in middle adulthood.  We know our health care system is hopelessly broken and none but the very wealthy (or those fortunate enough to work for companies with very good health care) are ever more than one serious injury or illness away from financial ruin.  We have to fix that, or people won't self-invest.

        •  I agree, and that's why it may actually not run (5+ / 0-)

          out of steam before it gets done. If the current situation continues an awful lot of people may conclude that the only way out is to out-Galt Galt and take ourselves totally out of the contributing, (and breathing) class. I think the estimate I heard recently of 20K people dying every year from not being able to get treatment is very low. And I haven't heard anything at all about estimates of how many people commit suicide because they know they can't afford care, but I would bet it's a significant number.

          Information is abundant, wisdom is scarce. The Druid

          by FarWestGirl on Fri Jul 10, 2009 at 07:51:29 AM PDT

          [ Parent ]

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