MelroseHawkins
Well-Known Member
Just saw on TV some woman interviewed who says a lot of working families only have a week or two of money left (editorial , some do not have any left after just two weeks).
Well this virus and the economy partial shutdown put a spotlight on 1) how poorly most people save money ( the old rainy day motto) 2) how stagnant to negative the real inflation adjusted income is for most households and workers has been since 1981 era and 3) that in 1985 about 5% of total wealth was in the hands of the top 1-5% of people but now it is about 25% in the hands of so few people.
And the same thing goes for businesses which didnt put money in cash reserves but instead into stock buybacks and then the stocks just went down 30%. Smart business people put some profits into cash reserves on the balance sheet rather than stock dividends, bonuses and more salary to the top executives.
Great points. Pertaining to #1 2nd paragraph, it will be interesting to see if it changes people and people will be more proactive, especially the younger. The older generation still socked a backup supply of canned food or home canned food including meats. Same with $$. Talked with my parents about this the other day. Younger generation lives day to day. Hopefully this wakes the millennials up!