Why are the poor doing so well in the US?
This article tells you why the poor are doing so well in the US and generally worldwide, if not in Venezuela or North Korea.
Here is my personal experience of it this week end:
About every 3-4 years my Casio watch battery fades, so I just go out and buy a new one, originally for $35 but each year it is cheaper. Well, this weekend I go to Walmart. They have one like the one I am replacing. The price is $15. Not credible; so I go to a clerk an ask "Is this a down-scale Casio?"...."No that's our only one; the best." So, bought it, but imagine what a boondoggle this is for the poor (that I keep hearing about in the news as being downtrodden, left behind, etc.!) some of whom are at Walmart with me shopping!
So, bought my new Casio, marvelling that here is an "elite item of consumption" widely available and ever so dramatically less costly for the poor. There is only one problem. I want to take it off its black plastic band, install it on my Hopi Silver Watch band, purchased years ago at the Hopi reservation for $250--a bargain at today's prices!
I don't have the special tools, so take it to a watch store. They do the installation for $15.
Just think about it. I replace my Casio at a lower total cost, inflation adjusted, while helping the labour market by making a transfer from capitalism's innovations to the labour market. Who says, capitalism's advance is on the backs of the poor...hmmmm, well the elite NYTIMES, I suppose, not read by my fellow Walmart shoppers, but they need to dig a bit deeper.
LESSON: How to help the poor, maintain labour's share of compensation, and save money.
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Perhaps inflation itself is a deterrent to rising out of poverty.
Posted using Partiko Android
Where does money come from, or perhaps more clearly, how is money created?
Posted using Partiko Android
You might consider the labor market you think you were beneficial to. Who made your watch? Well paid folks living in nice houses? I bet not. Walmart is not the friend of the poor. It is a vector of oppression, dependent on slave labor. The reason Walmart's products cost less than it's competitors is that the people making those products cost less to pay. Slave labor exists, and the least expensive products are inevitably their work.
That's the reality behind Walmart. You know who gets paid well to make watches? People that work at Rolex.
Thanks!