[SK in CV]

[quote=sdrealtor]So SK is living a far better life than Grand Dad. How about Dad?

[/quote]

He worked his way through college. Spent a few years in the Navy and then began a relatively successful professional career. He died before he had a chance to retire. Times are so different, it’s hard to compare. He bought the house he lived in for the last 30 years of his life for $32,000. Paid it off in 15 years and probably never thought of refinancing. Never bought a car on credit. Never carried a credit card balance. As kids we were never the rich kids in the neighborhood. Bought toys he wanted and could afford. Pretty similar to me but I think he might have been a little more successful than I’ve been.

[SK in CV]

[quote=sdrealtor]So SK is living a far better life than Grand Dad. How about Dad?

[/quote]

He worked his way through college. Spent a few years in the Navy and then began a relatively successful professional career. He died before he had a chance to retire. Times are so different, it’s hard to compare. He bought the house he lived in for the last 30 years of his life for $32,000. Paid it off in 15 years and probably never thought of refinancing. Never bought a car on credit. Never carried a credit card balance. As kids we were never the rich kids in the neighborhood. Bought toys he wanted and could afford. Pretty similar to me but I think he might have been a little more successful than I’ve been.

[SK in CV]

[quote=sdrealtor]So SK is living a far better life than Grand Dad. How about Dad?

[/quote]

He worked his way through college. Spent a few years in the Navy and then began a relatively successful professional career. He died before he had a chance to retire. Times are so different, it’s hard to compare. He bought the house he lived in for the last 30 years of his life for $32,000. Paid it off in 15 years and probably never thought of refinancing. Never bought a car on credit. Never carried a credit card balance. As kids we were never the rich kids in the neighborhood. Bought toys he wanted and could afford. Pretty similar to me but I think he might have been a little more successful than I’ve been.

[SK in CV]

[quote=sdrealtor]So SK is living a far better life than Grand Dad. How about Dad?

[/quote]

He worked his way through college. Spent a few years in the Navy and then began a relatively successful professional career. He died before he had a chance to retire. Times are so different, it’s hard to compare. He bought the house he lived in for the last 30 years of his life for $32,000. Paid it off in 15 years and probably never thought of refinancing. Never bought a car on credit. Never carried a credit card balance. As kids we were never the rich kids in the neighborhood. Bought toys he wanted and could afford. Pretty similar to me but I think he might have been a little more successful than I’ve been.

[SK in CV]

[quote=sdrealtor]
I ask the last 3 posters (Araya, patb & SK in CV) are you more successful, more educated and living a fuller life than your grand dad or are you the new underclass?[/quote]

I’m not sure that’s a material question. My grandfater was born in 1883. He escaped czarist Russia and came to the US somewhere around 1914. He spent his life as a merchant in a tiny town in the midwest. I doubt he ever considered whether he was rich or poor. He kept his wife and kids fed, but never made enough to retire. But he was almost 60 years old by the time the post WWII middle class in this country began to emerge. If somehow he’d had the financial wherewithal to participate in a middle class lifestyle, I suspect he would have declined the opportunity. Probably wouldn’t have fit in very well with his political anarchist/communist philosophies.

[SK in CV]

[quote=sdrealtor]
I ask the last 3 posters (Araya, patb & SK in CV) are you more successful, more educated and living a fuller life than your grand dad or are you the new underclass?[/quote]

I’m not sure that’s a material question. My grandfater was born in 1883. He escaped czarist Russia and came to the US somewhere around 1914. He spent his life as a merchant in a tiny town in the midwest. I doubt he ever considered whether he was rich or poor. He kept his wife and kids fed, but never made enough to retire. But he was almost 60 years old by the time the post WWII middle class in this country began to emerge. If somehow he’d had the financial wherewithal to participate in a middle class lifestyle, I suspect he would have declined the opportunity. Probably wouldn’t have fit in very well with his political anarchist/communist philosophies.

[SK in CV]

[quote=sdrealtor]
I ask the last 3 posters (Araya, patb & SK in CV) are you more successful, more educated and living a fuller life than your grand dad or are you the new underclass?[/quote]

I’m not sure that’s a material question. My grandfater was born in 1883. He escaped czarist Russia and came to the US somewhere around 1914. He spent his life as a merchant in a tiny town in the midwest. I doubt he ever considered whether he was rich or poor. He kept his wife and kids fed, but never made enough to retire. But he was almost 60 years old by the time the post WWII middle class in this country began to emerge. If somehow he’d had the financial wherewithal to participate in a middle class lifestyle, I suspect he would have declined the opportunity. Probably wouldn’t have fit in very well with his political anarchist/communist philosophies.

[SK in CV]

[quote=sdrealtor]
I ask the last 3 posters (Araya, patb & SK in CV) are you more successful, more educated and living a fuller life than your grand dad or are you the new underclass?[/quote]

I’m not sure that’s a material question. My grandfater was born in 1883. He escaped czarist Russia and came to the US somewhere around 1914. He spent his life as a merchant in a tiny town in the midwest. I doubt he ever considered whether he was rich or poor. He kept his wife and kids fed, but never made enough to retire. But he was almost 60 years old by the time the post WWII middle class in this country began to emerge. If somehow he’d had the financial wherewithal to participate in a middle class lifestyle, I suspect he would have declined the opportunity. Probably wouldn’t have fit in very well with his political anarchist/communist philosophies.

[SK in CV]

[quote=sdrealtor]
I ask the last 3 posters (Araya, patb & SK in CV) are you more successful, more educated and living a fuller life than your grand dad or are you the new underclass?[/quote]

I’m not sure that’s a material question. My grandfater was born in 1883. He escaped czarist Russia and came to the US somewhere around 1914. He spent his life as a merchant in a tiny town in the midwest. I doubt he ever considered whether he was rich or poor. He kept his wife and kids fed, but never made enough to retire. But he was almost 60 years old by the time the post WWII middle class in this country began to emerge. If somehow he’d had the financial wherewithal to participate in a middle class lifestyle, I suspect he would have declined the opportunity. Probably wouldn’t have fit in very well with his political anarchist/communist philosophies.

[SK in CV]

Great comment Arraya. I wish I could find a bone to pick, solely for the sake of discussion. First time through, I can’t. If I have some time later, I’ll take another look and see if there’s something we can fight about.

[SK in CV]

Great comment Arraya. I wish I could find a bone to pick, solely for the sake of discussion. First time through, I can’t. If I have some time later, I’ll take another look and see if there’s something we can fight about.

[SK in CV]

Great comment Arraya. I wish I could find a bone to pick, solely for the sake of discussion. First time through, I can’t. If I have some time later, I’ll take another look and see if there’s something we can fight about.

[SK in CV]

Great comment Arraya. I wish I could find a bone to pick, solely for the sake of discussion. First time through, I can’t. If I have some time later, I’ll take another look and see if there’s something we can fight about.

[SK in CV]

Great comment Arraya. I wish I could find a bone to pick, solely for the sake of discussion. First time through, I can’t. If I have some time later, I’ll take another look and see if there’s something we can fight about.

[SK in CV]

I think the diagnosis is accurate. The middle class is shrinking at an alarming rate. The concentration of wealth among the top 5% over the last 30 years is staggering.

However, the conclusion that it is related to globalization is unclear. Correlation and causation are two different things. I’m not even sure that a good case for correlation has been made.

There is much stronger correlation between the decline of the middle class and concentration of wealth among the top few percent originating with the fiscal and regulatory policies of the 80’s.

http://www.ourfuture.org/blog-entry/2010062415/reagan-revolution-home-roost-charts

[Author]

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