Comments by "Gilded Chalice" (@GetGwapThisYear) on "Garys Economics"
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@PersonPersons-kh3bg this is extremely narrow in scope though mate.
I like to see it explained like this; For every 1 pensioner you need 5 people working and paying tax to keep the wheels turning as they are, as in to cover that pensioners state pension and fund the NHS for the increased use by the elderly.
We have around 2 million new pensioners every year but far less than 10 million young people entering the workforce. So unless governments get serious about reducing inequality and building more homes, young people will not be having families until later in life, if at all, and eventually the pension pot will run dry and life expectancy will start decreasing, living standards will worsen more rapidly, and we will all get poorer faster.
They’ve created an environment where we’re dependent on immigration for our workforce, but obviously those people need somewhere to live. So yes, homes are being impacted, but that’s about it.
Everything else is scapegoating nonsense. The UK fertility rate has been lower than replacement since the 1980s, which means unless old people want to forego their state pensions, or work longer and harder to fund the generations that come after them, we’re gonna have to firm it and vote accordingly.
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@asdfbeau Yes, you're right about the demand for products, but products haven't been a significant contributor to our economy, globally, for decades now. We've been centred around financial services for a long time now, and I don't really see that changing. The way we've cut ourselves off from the rest of the world post-Brexit though, has the potential to open the door for more domestic competition - if there was sufficient funds in circulation for new entrants that is.
The part regarding British wealth is inaccurate and irrelevant though, because that's literally the topic of discussion. The wealth is there, the jobs and workforce is there, but the distribution isn't, because asset prices have been artifically inflated (see Help 2 Buy and other stupid schemes) while wages have been forcefully suppressed because the Bank of England's only controls against inflation are to increase interest rates or tell everyone not to ask for pay rises. They don't measure inflation again asset prices, which is the most significant driver at the moment, and has been for some time.
Same can be said for your last paragraph - irrelevant and uninformed, I'm afraid.
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@PersonPersons-kh3bg I’ve no doubt we agree why people aren’t having kids - wages are criminally low, and asset prices are criminally high, but you are completely clueless on the contributing factors that perpetuate the problem, and what can be done about it.
Successive governments have committed to multi-locking pensions, for people who are currently the most entitled generations to have ever lived. State pensions are not something you pay into to benefit from, they are paid by working people. It sounds like you’re suggesting we just forego the state pension system, which obviously isn’t going to happen overnight.
Rents are high because that same generation was told that property is the safest investment. It is, because shelter is pretty much a basic human need, but it’s like profiteering on food and water, and immoral in my opinion.
Yes, the number of people coming in impacts demand for housing, but low wages aren’t the fault of anyone but the government who allows it. Countries with far greater populations and workplace competition than us have much higher wages and better quality of life.
During Covid, huge amounts of money was pumped into the economy which has ultimately pooled at the top. Those people put their money to work by buying assets, which drives up prices and pushes out those at the bottom.
You’re looking for someone to blame and have decided to scapegoat migrants because you apparently can’t be bothered to take the thought process to its final and obvious conclusion. It’s lazy and incorrect.
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@stonboy much of what we are experiencing is self-inflicted. The country has selected successive governments with no vision or desire to direct money to the right place in order to allow for growing populations. This is likely a political literacy issue, but the impact is far greater than any purported “influx.” The domestic population, if you like, has been reproducing below replacement rate since the 80s, so without migration we’d be in serious trouble. You seem to be falling foul of the same sensationalisation as everyone else. If you looked at the actual numbers and not the falsified ones, then determined the reason we’re so dependent on foreign workers, you’d maybe broaden your scope. Some resistance to integration can occur of course, but it’s not helped by attitudes like yours and others, who have an innate disdain for ‘others’ and treat them as such. The entitlement of white Brits is honestly an incredible trait, that is never borne out in their qualities or abilities, but remains undefeated in its ignorance and audacity. Extending an olive branch between communities makes a huge difference but Brits refuse to learn and accept, despite have no discernible culture or traditions of our own anymore. We’ve become a diluted mini-America, and the boomers and Gen-X wholeheartedly embraced it.
It’s easy to keep whinging about immigration and blaming all our problems in the number people coming in, but when it barely keeps up with the rate of those leaving and dying, it just sounds silly. We need more homes, we need more public spending, and we need more wealth equality, or opportunities to increase incomes at least. The people of this country never vote for anyone that actually wants to improve their lives, just whoever wants to worsen the lives of others more than theirs.
It’s counterproductive, it’s hateful, and unless we learn from it, our lives will get shittier and shittier until were expire.
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@davidd4365 no, the government has not spent “beyond its means,” because that’s an arbitrary concept as far as a fiat currency goes. Taxes regulate supply of a fiat currency, which is where the value is derived from (controlling circulation). As Gary has mentioned before, the money flows upwards, there is no trickle down, that is why taxing the rich is the only answer.
Redistribution will only occur by mandating maximum levels of salary disparity between upper level and those below, and raising minimum wage.
This education is only beneficial up to a point, because no one that will hear this will ever have the power or influence to change it, so the necessary next step is to provide education on understanding markets. Without that, this is just mental masturbation.
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Appreciate all you do, Gary. Loved the book and love following your stuff.
The thing for me is, it’s all well and good (and necessary) providing the public with the knowledge and understanding of why we’re skint and getting poorer, but when we can’t do much about it, I don’t know if it’s very empowering. It’s like getting a terminal prognosis with no end date. You know what’s happening, but not what you can do about it, or how long you’ve got to do it.
If you could, it’d be appreciated if you could breakdown some of the jargon used by the jumped up finance bros mugging off desperate people. I know you don’t give out advice or whatever because of the bad experience you had with your pals, but understanding some of the terminology I think would help. Breaking down what feeds these people are watching, and how they pick their trades/investments.
For me, the interest isn’t in even pursuing it for gain, but more so to know if someone’s bullshitting me.
All that said, enjoy your holiday, you deserve it. Take care.
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