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The Biggest Redistribution Of Wealth From The Middle Class And Poor To The Rich


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2014 Jan 2, 12:51pm   12,704 views  45 comments

by mell   ➕follow (10)   💰tip   ignore  

http://www.zerohedge.com/news/2014-01-02/biggest-redistribution-wealth-middle-class-and-poor-rich-ever-explained

Faced with this problem, consumers in the middle class are taking on more non-housing debt in order to maintain the same standard of living. In addition, the US government which continues to run a deficit year after year continues to accumulate debt. Due to these facts, total debt outstanding aka credit market instruments for all sectors - is at all time highs. More debt means more interest payments and lower savings rates. These trends do not bode well for the middle class consumer.

#housing

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44   mell   2014 Jan 11, 12:35am  

New Renter says

PLEASE stop saying "tech" when you specifically mean computer software and perhaps hardware. Its as disingenuous as screaming STEM talent shortage! TECH covers a LOT more than just SW/HW.

OK, Computer hardware and software it is. I agree that there is no general STEM shortage and that there are often (too( many applicants in areas such as chemistry, biology etc. See I always wanted to apply my SW skillz in biotech/medicine, but those are a fraction of the total programming jobs so I worked for MSPs, media companies etc. I think that anybody who gets a degree in science needs to know how to code to broaden their job prospects and bridge jobs before getting their desired position. Science and programming these days is just too tightly knit together.

New Renter says

In my world you would never say such a thing because it would terminate the interest of the interviewer right there. No big deal, you are but one of several candidates

OK, makes sense. But again, I have never met anybody who sits in front of the computer for their job who doesn't surf at least an hour minimum per day, pays the bills online etc., no matter what position their were in. I could tell you what their facebook status was just by sitting next to them.

New Renter says

That's on top of the numerous software bugs, custom one of a kind hardware with no spare parts, etc.

This is happening every day in the wonderful world of biotech.

Even in non-biotech SW the code is very buggy these days due to everybody jumping on the agile bandwagon and abusing it as a tool to demand double the amount of work in half the time. But the truth is that the majority of companies operate in the "just good enough" mode which has made the US the leader in many things just because releasing things earlier gives you the edge, buggy or not. Personally I don't like this modus operandi and state that often, because eventually accumulated technical and operational debt can crush you, but if you have already made boatloads of money and acquired/locked in a critical mass of customers by then it is often considered calculated risk.

45   New Renter   2014 Jan 11, 1:22am  

mell says

New Renter says

In my world you would never say such a thing because it would terminate the interest of the interviewer right there. No big deal, you are but one of several candidates

OK, makes sense. But again, I have never met anybody who sits in front of the computer for their job who doesn't surf at least an hour minimum per day, pays the bills online etc., no matter what position their were in. I could tell you what their facebook status was just by sitting next to them

Sure, Dan is the perfect example. He claims to be a programmer with a far-more-than-40 workweek yet he is one of the biggest contributors here. The only way he could do both and not be chatting at work is if he's undead and does not require sleep. So what? As long as he meets his goals his supervisors should be happy.

In my job there were hours my coworkers and I would have to spend babysitting our machines. Each step could take up to an hour yet we HAD to stay there in case something blew up. We needed to do something which could be done in near darkness and engaged enough to stay awake yet not so engaged we'd miss an event. That is the perfect time to pay bills, shop, whatever. It also allowed us to take care of our personal lives so we could physically stay at work longer. A good boss understands that.

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