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k310 9 minutes ago [-]
> None of this is evenly distributed. Wealth data show extreme inequality among older Americans: early work using the AHEAD survey found that households with someone 70 or older in the top tenth of the wealth distribution held around 2,500 times as much wealth as those in the bottom tenth, and more recent work finds that inequality has widened further since the late 1990s.
How can you draw a "conclusion" from such data, where the mean is way far from the median? Personally, I am 77, a 49'er, living in an area in CA that's half the median home value, since a divorce. Not wealthy at all, and I gave my daughter some of my savings to help her get started in the Bay Area. (more than what I paid for my first home.)
Inflation is something else. My highest year's pay seems small these days. Naturally, homes cost way more, but people in the Bay Area always commuted long distances from Tracy and beyond without mass transit to help.
And, by the way, we USED to have a middle class. That's being systematically destroyed by the further concentration of wealth by the few, not the vast majority of us who went daily to our engineering jobs.
Let's face it, even "downsizing" takes my home equity plus another $100K or so just to move out of the woods. Renting will work only if all my equity (amortized into income) and IRA RMD's pay the rent. I check that now and then.
If Social Security is hacked, as some would love to do, I and many millions are instantly on the edge.
Since both my ex and I own homes outright (which seem to be worth a bit less than what we sold the home for) our daughter stands to inherit two homes, which she is not crazy about, since we are both somewhat in the boondocks. She advises me to spend it all, though good health (cross my fingers) says that be for a good while.
Fixing the "you can pay my fair share" situation will help millions. Way more than if I gave away all my equity and lived in a cardboard box. It would take millions of us and cities vigorously destroy those cardboard homes anyway. I've seen it in action.
But the ballroom!
erelong 60 minutes ago [-]
I think people object more to an alleged disruption of the conditions for generating wealth / power by said generation
hedora 23 minutes ago [-]
Yeah; it's one thing to get a kickback so you waste $75M of taxpayer dollars on coal export terminals in Oakland in 2026.
It's quite another to do $75B in damage to Oakland in 20 years when climate change from the coal exports hit.
toomuchtodo 6 minutes ago [-]
Indeed. We are upset a subset of old folks (not all, importantly) are running up the tab, and when they dip out (~2M 55+ age out every year in the US), we’re going to have to pay the tab (all manner of debt, local up to federal, climate costs, etc amounting to at least $50T dollars at a minimum).
noshitsherlock 3 minutes ago [-]
Yeah, right
Bender 50 minutes ago [-]
More power to them. When they eventually pass on most of that will go to their children and/or grandchildren and many of them will very likely spend it all. Those without progeny will likely donate it to charities via their trust and will. Perceived problem solved.
Good on them for saving money as to not become a burden on society when bad things happen and bad things do happen. Insurance companies are quick to find excuses to drop elderly. Stay out of other peoples pockets and mind your own business.
dickersnoodle 37 minutes ago [-]
As many commenters have pointed out, a lot of that wealth will disappear into the grubby hands of private-equity-owned assisted living facilities and nursing homes.
Bender 36 minutes ago [-]
Yeah that's awful. I can only hope most of those people can afford a full time or live-in nurse. Are we suggesting they should take the Canadian MAID option?
Braxton1980 32 minutes ago [-]
You're being sarcastic when the alternative can be a more reasonable retirement option
Bender 21 minutes ago [-]
Well if we are going the MAID option then I suggest all the other burdens go with them. Anyone on welfare, SNAP and similar programs, etc... Anyone part of the recent floods into the country that are also on welfare, especially groups that have brought violent blood feuds. All violent felons that are just going to sit in prison and milk the taxes. All the rioters that cause damages to property. Anyone that has not assimilated to the countries culture. Actually I could make a really long list the more I think about it. This should be a blog write-up. Thankyou for the ideas.
How can you draw a "conclusion" from such data, where the mean is way far from the median? Personally, I am 77, a 49'er, living in an area in CA that's half the median home value, since a divorce. Not wealthy at all, and I gave my daughter some of my savings to help her get started in the Bay Area. (more than what I paid for my first home.)
Inflation is something else. My highest year's pay seems small these days. Naturally, homes cost way more, but people in the Bay Area always commuted long distances from Tracy and beyond without mass transit to help.
And, by the way, we USED to have a middle class. That's being systematically destroyed by the further concentration of wealth by the few, not the vast majority of us who went daily to our engineering jobs.
Let's face it, even "downsizing" takes my home equity plus another $100K or so just to move out of the woods. Renting will work only if all my equity (amortized into income) and IRA RMD's pay the rent. I check that now and then.
If Social Security is hacked, as some would love to do, I and many millions are instantly on the edge.
Since both my ex and I own homes outright (which seem to be worth a bit less than what we sold the home for) our daughter stands to inherit two homes, which she is not crazy about, since we are both somewhat in the boondocks. She advises me to spend it all, though good health (cross my fingers) says that be for a good while.
Fixing the "you can pay my fair share" situation will help millions. Way more than if I gave away all my equity and lived in a cardboard box. It would take millions of us and cities vigorously destroy those cardboard homes anyway. I've seen it in action.
But the ballroom!
It's quite another to do $75B in damage to Oakland in 20 years when climate change from the coal exports hit.
Good on them for saving money as to not become a burden on society when bad things happen and bad things do happen. Insurance companies are quick to find excuses to drop elderly. Stay out of other peoples pockets and mind your own business.