Earlier quoted context omitted.
Who cares? If higher wealth inequality produces a higher standard of living for the majority (note, median not mean), I’m all for it. Policy should not be driven by envy.
You should care because people vote and the social consequences are going to be devastating. It is easy for me to take this perspective too because I never had much student debt or children. The median though is getting crushed if they went to college and are paying for daycare. If you are getting crushed for going to school and having children that is a pretty clear breakdown of the social contract. The consequences…
> If you are getting crushed for going to school and having children that is a pretty clear breakdown of the social contract.
That isn't a factor in wealth inequality. Inequality is how much money they have relative to people like Musk and Bezos - or just local business owners. The poor side of that comparison always has such little wealth/income that their circumstances don't really matter. Someone poor will be sitting in the +-$100k band and not be particularly creditworthy. When compared to a millionaire the gap is still going to be about a million dollars whether they're on the crushed or non-crushed side of the band.
Part of the reason the economic situation gets so bad is because people keep trying to shift the conversation to inequality instead of talking about what actually matters - living standards and opportunities. And convincing people to value accumulating capital, we're been playing this game for centuries, inter-generational savings could have had a real impact if people focused on being effective about it.