Economy

I am not particularly concerned about the wealth gap between the rich and the poor. The problem is not wealth, its income and the ability to save rather than consume. Too much promotion is put on consumption, too little is put on savings and investments.

People are bombarded with advertising constantly, asking them to go out and buy more stuff that they subsequently have to pay to get rid of at the landfill. Stuff that could instead be turned into investment and future gain – both in economic growth and personal savings.

Most poor people today have fancy, enormous color televisions and cable TV that blasts in advertising and violence to one’s home 24-7. They get caught up in upsetting news stories and think they need fancy things to live the good life. They pay enormously for high speed internet service and keep their homes toasty all winter with fossil fuel heat and frigid all some with coal powered air conditioning.

To be sure, I wish primary schools would invest more in financial education and budgeting. Education should emphasize frugality not consumption. People should be educated about the evils of debt, encouraged to invest rather than borrow.

I understand poor people live with very tight budgets due to limited income. But budgets can be stretched, savings can be prioritized over spending and borrowing. Wealth can be grown, even in the most megar of budgets.