2015 May 24 Sunday
Young Getting Parental Financial Help Into Their 30s
22% of 26-34 year olds still get financial help from their parents. Click thru to read more details.
The newest crop of workers graduated with record student debt, historically high unemployment rates, and scarce hope of being able to afford a starter home.
The question is what to do about our growing lower class? I say for a start lets not import anyone who lacks the skills to make at least $20 per hour once they arrive or even set the threshold even higher. We do not need and do not benefit from more low-skilled and totally unskilled labor. So fix immigration. That's actually a part of the problem we can do do something about.
As for a higher minimum wage: I am glad that some jurisdictions are raising minimum wage to $15 per hour. I hope a lot more will. Then we can see how the elites try to find ways to make the unemployed masses productive. Plus, it will cut out demand for illegal immigrant labor with little skills.
By Randall Parker at 2015 May 24 11:35 AM
What to do about our growing lower class? The solution would become apparent the moment we notice (and acknowledge) that our annual foreign trade deficit is of the same magnitude as the annual rate at which the lower class is becoming poorer and larger. Turn the foreign trade deficit into surplus, and the US labor force will be as happy as the German labor force: Germany has a net trade surplus with the world that is actually comparable (as a percentage of its GDP) to the Chinese trade surplus against the US.
On the question of what to do with the growing lower class, what do you think of universal basic income? Even Libertarian-leaning thinkers such as Charles Murray have been proponents of some form of it.
"Plus, it will cut out demand for illegal immigrant labor with little skills."
Er, what? Isn't that labor off the books by definition? Isn't it possible that this type of labor could actually increase?
"On the question of what to do with the growing lower class, what do you think of universal basic income? "
That is a cosmically foolish idea that demonstrates how libertarians will be the death of civilization. There is nothing libertarian about handing people big chunks of money for nothing.
Look at what welfare has done to the UK. A majority of whites in the UK are badly functioning, having social statistics that resemble those of ghetto blacks in the US.
Work is important for molding people in to the kind of citizens you'd want to have around you.
Thankfully it is unlikely to happen anytime soon since we are broke.
Lots of illegal immigrants work on the books. They use fake or stolen Social Security numbers.
Most kinds of businesses can't or won't pay cash. So their workers show up on the books.
If everyone gets the same universal income and it is not reported as income on tax forms then that would reduce the problem with high marginal tax rate as EITC phases out. But what about immigration? The Dems and some Repubs want to make an easy path to legal status. That'd qualify people for universal income.
I do not see how to reconcile the welfare state with lax border controls. I'd rather go to $20 per hour minimum wage without EITC or universal income. At least that way anyone not able to get a $20 per hour job would tend to stay where they are rather than come here.
Let me fix that headline for you: "100% of 65+ year-olds getting financial help from their kids, grandkids, and generations yet unborn."
We have to pay for their retirement now (social security, medicare, pensions) and we have to save for our retirements later, since private sector pensions are pretty much history. Not only are today's elderly hellishly expensive, but since they take forever to die the younger generation has to wait to collect any inheritance they may leave behind. Parents helping their children into adulthood are just doing what parents of yesteryear did by not costing so damn much and by dying sooner.
What's sad is how much of this goes back to race. Kids have to get insanely expensive college degrees for jobs that don't really need them in large part because intelligence tests are illegal, and intelligence tests are illegal because of disparate impact. We are dooming the next generation all in the name of "fighting racism."
How many urgent education reforms would be possible were it not for the race agitators?