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How the US is destroying young people's future
In a scorching talk, marketing professor and podcaster Scott Galloway dissects the data showing that, by many measures, young people in the US are worse off financially than ever before. He unpacks the root causes and effects of this "great intergenerational theft," asking why we let it continue and showing how we could make it end.
Read The Transcript
https://www.ted.com/talks/scott_galloway_how_the_us_is_destroying_youn
g_people_s_future/transcript
Some excerpts:
Quote:
A decent proxy for how much we value youth labor is minimum wage, and we've kept it purposely pretty low. If it had just kept pace with productivity, it'd be at about 23 bucks a share. But we've decided to purposely keep it low.
Out of reach.
Median home price has skyrocketed relative to median household income. As a result, pre-pandemic, the average mortgage payment was 1,100 dollars, it's now 2,300 dollars because of an acceleration in interest rates and the fact that the average home has gone from 290,000 to 420.
The third rail.
I'm going to talk about Social Security. It would cost 11 billion dollars to expand the child tax credit. But that gets stripped out of the infrastructure bill. But the additional 135 billion dollars a year to Social Security, that flies right through Congress. And every year we transfer 1.4 trillion dollars from a cohort that is increasingly doing less well to the cohort that is the wealthiest cohort in the history of this planet. I'm not against Social Security, but the criteria should be if you need it, not whether you have a catheter.
What can we do?
Nothing wrong with America that can't be fixed with what's right with it. We got the hard stuff figured out. There are programs to address all of these issues, they cost a lot of money, that's the hard part. And we have figured this out. In just five minutes post an earnings call, we can add a quarter of a trillion dollars to the economy. We've got the hard part figured out, the resources.
We have the money, but we decide not to do it.
This is per-capita spending on child care in the United States relative to other nations. This is housing permits. Things are doable. We increase minimum wage at 25 bucks an hour, it goes into the economy. The wonderful things about low- and middle-income households is they spend all their money. We have to have or restore or a progressive tax structure with alternative minimum tax on corporations and wealthy individuals. We need to refund the IRS. We need to reform Social Security. It should be based on whether you need the money, not on how old you are. We need a negative income tax. My friend Andrew Yang screwed up a great idea, but he branded it incorrectly. Instead of calling it UBI, he should’ve got Republicans on board by calling it a negative income tax.
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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Quote:
Originally posted by second:
How the US is destroying young people's future
In a scorching talk, marketing professor and podcaster Scott Galloway dissects the data showing that, by many measures, young people in the US are worse off financially than ever before. He unpacks the root causes and effects of this "great intergenerational theft," asking why we let it continue and showing how we could make it end.
Read The Transcript
https://www.ted.com/talks/scott_galloway_how_the_us_is_destroying_youn
g_people_s_future/transcript
T
The Greatest Reindustrialization Process in US History
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Quote:
Originally posted by THG:Quote:
Originally posted by second:
How the US is destroying young people's future
In a scorching talk, marketing professor and podcaster Scott Galloway dissects the data showing that, by many measures, young people in the US are worse off financially than ever before. He unpacks the root causes and effects of this "great intergenerational theft," asking why we let it continue and showing how we could make it end.
Read The Transcript
https://www.ted.com/talks/scott_galloway_how_the_us_is_destroying_youn
g_people_s_future/transcript
America is set to
take off when it comes to very good
paying blue color jobs, from one end
of the country to the other. We are in
the best shape of any country on the planet.
T
The Greatest Reindustrialization Process in US History
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America Is Captive to One Ridiculous Legal Theory That Dictates Our Lives
Originalism — the once obscure legal theory now embraced by the right-wing reactionaries on the Supreme Court — should never have taken over in the first place. The originalist ideology maintains that the meaning of the Constitution is fixed at the time of its enactment, and its provisions must be understood now as the public purportedly understood them back then. Yet the Supreme Court expressly rejected that very idea in May 1954 when it decided Brown v. Board of Education and recognized racially segregated schools as unconstitutional: “We cannot turn the clock back to 1868,” the court wrote with reference to the adoption of the 14th Amendment, “or even to 1896 when Plessy v. Ferguson was written.”
Crucially, the court’s finest moment was premised on the idea that binding legal interpretation to history is not the only way — or even a good way — to make decisions about the Constitution and the country. Brown provides a welcome reminder that originalism is the tool of segregationists and that the theory should be treated with disdain.
The idea that modern constitutional interpretation can’t deviate from its alleged original public meaning continues to serve the same function today as it did in 1954 when it was invoked by the litigants defending segregation. The reason why the Republican justices on the Supreme Court and their enablers claim that legitimate constitutional interpretation must follow some version of American history and tradition is so that they can drag the country back to the oppressive eras for which they’re nostalgic.
More at https://slate.com/news-and-politics/2024/05/throw-out-originalism-do-i
nclusive-constitutionalism.html
This article is inspired by the author’s work in her book The Originalism Trap: How Extremists Stole the Constitution.
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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*yawn*
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Political correctness is just tyranny, with a smiley face.
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Quote:Our parents' generation tried hard to give us a better life than they had. So why can’t this young generation do the same for us?
Originally posted by 6ixStringJack:
*yawn*
https://www.gocomics.com/fminus/2024/05/08
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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Quote:
Originally posted by second:Quote:Our parents' generation tried hard to give us a better life than they had. So why can’t this young generation do the same for us?
Originally posted by 6ixStringJack:
*yawn*
https://www.gocomics.com/fminus/2024/05/08
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
This has nothing at all to do with Trump, but I agree.
Boomers are the last generation that is going to have a good share of the wealth and a cushy retirement. Gen X will get a few residual bread crumbs. Any Millennials old enough and smart enough to have bought a house between the housing market crash and the end of Trump's 1st term should probably be alright.
Everybody else is fucked, and their only hopes of ever owning a home is if they're left one in a will.
That's what eventually happens when everything from social programs to car insurance is built on a pyramid scheme.
The only way to save the future is for everybody to fuck and have 5 kids each, but unless they all have 5 kids each it's just going to be an even bigger problem for them when they're of age. And good luck raising all those kids in this economy. And that would just be kicking two cans further down the road because your children are by far your largest carbon footprint and overpopulation is a problem that nobody is willing to talk about now.
--------------------------------------------------
Trump will be fine.
He will also be your next President.
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Quote:How about a negative income tax benefiting the poor -- such as children living in poverty and unemployable people like yourself? Old people would hate that negative income tax.
Originally posted by 6ixStringJack:Quote:
Originally posted by second:Quote:Our parents' generation tried hard to give us a better life than they had. So why can’t this young generation do the same for us?
Originally posted by 6ixStringJack:
*yawn*
https://www.gocomics.com/fminus/2024/05/08
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
This has nothing at all to do with Trump, but I agree.
Boomers are the last generation that is going to have a good share of the wealth and a cushy retirement. Gen X will get a few residual bread crumbs. Any Millennials old enough and smart enough to have bought a house between the housing market crash and the end of Trump's 1st term should probably be alright.
Everybody else is fucked, and their only hopes of ever owning a home is if they're left one in a will.
That's what eventually happens when everything from social programs to car insurance is built on a pyramid scheme.
The only way to save the future is for everybody to fuck and have 5 kids each, but unless they all have 5 kids each it's just going to be an even bigger problem for them when they're of age. And good luck raising all those kids in this economy. And that would just be kicking two cans further down the road because your children are by far your largest carbon footprint and overpopulation is a problem that nobody is willing to talk about now.
--------------------------------------------------
Trump will be fine.
He will also be your next President.
How about taxing capital gains at a higher rate than wages? Old people would hate that, too, but those receiving the negative income tax would love it.
How about the FICA tax being set to zero percent of wages while Social Security and Medicare are paid for by taxes on the capital gains of the wealthy? Old people would hate with a passion setting FICA to zero but it would be a wage boost for workers!
How about net-zero carbon emissions? It would create millions of good jobs and is possible but once again, old people would be opposed. https://www.google.com/search?q=how+to+get+a+zero+carbon+economy
All these things could be done, except all Republican Congressmen would be opposed.
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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--------------------------------------------------
Trump will be fine.
He will also be your next President.
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Quote:If Trump gets reelected, taxes won't be collected to pay for improvements. In particular:
Originally posted by 6ixStringJack:
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Trump will be fine.
He will also be your next President.
May 8, 2024
The cost of extending the 2017 tax cuts for households, small businesses and the estates of wealthy individuals enacted under President Donald Trump has expanded to $4.6 trillion, according to new estimates from Congress’s fiscal scorekeeper.
That puts a massive price tag on what is likely to be a top issue in Washington next year as lawmakers grapple with the future of Trump’s tax cuts, which are slated to expire at the end of 2025.
https://www.budget.senate.gov/chairman/newsroom/press/extending-trump-
tax-cuts-would-add-46-trillion-to-the-deficit-cbo-finds
The Joss Whedon script for Serenity, where Wash lives, is Serenity-190pages.pdf at https://www.mediafire.com/two
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