this post was submitted on 15 Jan 2024
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[–] havokdj 8 points 10 months ago (2 children)

poorest get poorer

So you mean to tell me that those with no money or possessions have somehow attained negative value?

[–] [email protected] 36 points 10 months ago (2 children)

It's called debt and yes. People are turning to Credit Cards and Payday Loans to make the bills.

[–] havokdj 9 points 10 months ago (1 children)

Also, wealth does not only come from the amount of assets yoi have, your net income plays a big role in that as well.

[–] [email protected] 4 points 10 months ago

It does have a lot to do with total assets though.

Because at a certain point all assets(capital) generates its own money. It's the very basis of Capitalism.

Bill Gates total income didn't double during COVID. His assets just are worth a lot twice as much. Therefore he now is worth twice as much, and his assets generate twice as much wealth thereby compounding the issue.

[–] havokdj -5 points 10 months ago (1 children)

How can you get a credit card or a loan if you have bad or no credit (aka likely someone who is the poorest of the poor)

[–] EdibleFriend 8 points 10 months ago

Go look at places like cashnetusa. They're the only kind of places that will work with the people you described and they have like 400% interest rates.

You take out a loan of $1,000 and get trapped for years.

[–] maness300 4 points 10 months ago

I saw something that said if you have $0, you are wealthier than X% of people in the US simply because you do not have debt.