033 Are the 99% that stupid about economics?

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I was listening to an economic talk radio show this weekend and are people really this Farm And Ranch Countryuninformed about economics.  I know they live by pay check economic rules and do not even have a clue how to do a cash flow, budget, or simple tax planning.  They have never had to figure out how to stretch money coming in to cover the money going out.

It is the same with these people “occupying wall street” if you listen to them being interviewed you just have a hard time believing these people live in the real world.

Farmers and ranchers need to be aware of this level of economic education of the “masses” because these are the people voting for the politicians who have too much control over what we do and how we do it.

2 Comments

  1. Bos said:

    A lot of the people at those events are outside the productive class. They pride themselves on not knowing anything about how economics/capitalism work. They are at bottom like the sons and daughters of rich people–too rarefied and special to know how compound interest works, or to think about/prepare for the future.

    I myself have plenty of criticism of an economic system that automates the skimming of real-work-produced wealth to the top, who then dump it into the hole of stupid financialized speculation (that is to say, gamble it away at the casino).

    But I am very much at odds with the “99%” meme. A lot of them appear to come from families who taught them that all they had to do is go into enough debt, and they could have what the rest of us had to work for: schooling, a house, a car, vacations, things. Easy peasy. That was always irrational, always a toxic set of expectations…but the majority of Americans bought into it. Class privilege, no strings attached. (Loan payback? That’s later, right?)

    Of course these people are going to be outraged. They hate capitalism and Wall Street in direct proportion to the amount of belief they harbored that it would magically give them all a pony, with somebody else cleaning up after it.

    Then there are the many who simply can’t make their lives work–people whose cumulative poor decisions, and lives based on that, are well documented at the 99% Tumblr photo album. I have never seen as much failure preening in my life, as in those photos. That, coupled with entitlement. “All these bad things happened to me”–not “I made poor choices”–becomes, “And now I’m not responsible for the aftermath.” Somebody has to pay! Sorry, I gave at the bailouts.

    And that’s the ones who had half a chance to begin with. Then there are all the ones who are just kind of human flotsam. Deserving of compassion, but demanding way more than they ever put in. Sadly, our nation has moved toward accommodating their increasing and increasingly complex demands more and more. The democratization of failure.

    I completely support rethinking what is wrong with our system. For instance, that our “stock market”–named for a time when people actually traded real, solid cattle in a building–has sprawled into a fully computer automated casino, where giant-scale robo-traders rule, and the rest of us get to eye the buffet. Chasing permagrowth, and disregarding the real world effects of that, was always a prescription for the suicide of Western civilizations. No wonder the language of terrorism is so often used to attack people who *have* created and managed successful businesses.

    November 2, 2011
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