There are all kinds of rationalizations favored by the wealthy and powerful. They claim most Americans are too stupid, ignorant, inexperienced, lazy, or whatever. The basic assumption is that the dirty masses are generally inferior—blame it on genetics, culture, failing communities, and broken families; just don’t blame it on the political and economic system.
The upper classes argue that we live in a meritocracy and that we need a wise paternalistic ruling elite to deal with all of the complicated issues. Average Americans just don’t understand and would mess everything up, if they were given power to make or influence decisions about public policy. In fact, the public gets blamed for all the problems, as they supposedly get the government they deserve, based on the false belief that we have a functioning democracy that represents the public.
Anyone who is paying attention at all knows this paternalistic condescension is built on empty rhetoric, on lies and spin, even if many of the wealthy and powerful have sincerely come to believe their own propaganda. Most wealth in the US inherited, not earned. This isn’t even close to being a meritocracy. We are ruled by cronyism and corruption, both in government and the economy, partly because big gov and big biz have become so intertwined as to be inseparable.
The poor and young don’t have high rates of unemployment and underemployment because they are lazy, as there simply are fewer legal jobs available and the illegal jobs on the black market have the risk of landing you in prison. Even those fortunate to be in an area with high employment often end up working long hours and multiple jobs, as wages have stagnated and buying power fallen.
The poor, in particular, work harder on a regular basis than most rich have ever done in their entire lives. Illegal prostitutes, drug dealers, back alley car mechanics, cash-paid yard workers, undocumented immigrant farm labor, etc work harder than the rich could ever imagine, whether or not these illegal forms of work are officially included as part of the economy.
Research shows that the poor and young have some better basic financial skills than do the wealthy and the older. The poor are less likely to fall into cognitive biases that would cause them to lose money, for the simple reason they can’t afford to be careless with what little they have. And Millennials save a higher percentage of their earnings than do Boomers.
This is even true for complicated issues like the budget. There was a survey I saw a while back that showed the average American was better at balancing the budget than was the average politician. It’s probably not that politicians are intellectually incapable of comprehending financial issues. They simply are bought by special interests, unlike the average American. Balancing the budget isn’t rocket science.
We don’t live in a fair and just society. And we aren’t ruled by wise ruling elites and rational technocrats. It is simply wealth perpetuating wealth, power protecting power. The results of this are far from optimal. But imagine what could be accomplished if we had a fully functioning democracy.
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Millennials Are Better Than Baby Boomers at Saving Money, Survey Shows
By Sean Williams, The Motley Fool
Millennials Are Outpacing Everyone in Retirement Savings
By Alexandra Mondalek, Time
Why the poor do better on these simple tests of financial common sense
By Max Ehrenfreund, Washington Post
Hey Congress, College Students Can Balance the Budget
By Jeffrey Dorfman, Real Clear Markets