rexxit

It's worth noting that Americans also must spend that income in a similarly-inflated market, so it doesn't much matter what their salary would be worth in, say, Uganda. I think any such comparison of global wealth runs into these sorts of issues.

Someone earning in the global top 10% may not be able to afford a house locally. Someone earning in the top 30% may not be able to afford rent and food at the same time in their locale. It makes the percentile meaningless.

Agreed, but social media has become an echo chamber for fuckcars and good luck reasoning with them.

What's far less dense with better public transit than NYC? The most popular example of no-car city design I see is Amsterdam, which is 1/2 the density of NYC, but still 15x the density of where I'm from (not even close to a rural area). I think robust public transit at 1/15th the density of Amsterdam and 1/30th the density of NYC is a pipe dream.

In these lower density places, maybe you luck out and you're walking or biking distance to work. If you change jobs do you have to move instead of hopping in the car and commuting a bit further? In circumstances like these, transit can't possibly serve every origin and destination efficiently, and personal vehicles can offer efficient point to point.

Fuckcars is made up of people with little life experience who think they have all the answers, and people who fetishize city living and think it's normal or healthy for humans to live at a density like NYC (and fuck you if you disagree). They're oversimplifying to the point of meaninglessness, and handwaving away the problems.

I feel like this point is missing the big picture: people create the demand, and companies supply what the market demands. Like or hate "the free market", this is essentially what it is. If there were magically 1/10th the number of humans on the planet, we would expect those companies to have 90% less emissions. It's not that some of these companies aren't bad actors, and have actions that are at times immoral, it's that they are amoral actors in a market economy that is only responsive to consumer demand.

The example I like to give is that companies' race to the bottom on quality. They're responding to human behavior, where if an item on Amazon is $6, and another very similar item is 10 cents cheaper, the cheaper item will sell 100x more. This is a brutal, cutthroat example of human behavior and market forces. It leads to shitty products because consumers are more responsive to price and find it hard to distinguish quality, so the market supplies superficially-passable junk at the lowest possible price and (with robust competition) the lowest possible profit margin.

I certainly agree based on my previous statement that income is not wealth, but I was trying to make two points and mixed the messages.

One is that amounts of money that were once considered an unbelievable amount for income or wealth - say $100k and $1m - have now been eroded by inflation to fairly modest money. In the 70s or 80s, having a million meant never working again. Earning 100k a year when a house cost $50k was huge money, and might lead to wealth quickly, if one bought several houses with it.

Another point I'd like to sneak in is that there's almost no modern equivalent to that kind of employed income. On paper, inflation puts it at 400k - so maybe today's equivalent of a surgeon - but the 50k house now costs $500k-1m. Notional inflation being 4x, while the critically important things have gone up 10-20x means that something harder to quantify is broken, and upward mobility isn't working the way we expect. The same opportunities don't exist. We are less likely to turn income into wealth over time than at points in the past, and so the tendency of people to erroneously think high income = wealth may have a reasonable basis in history that has never been less true today.

Edit: and it's not just houses, it's the stock market. The advent of the internet and e-commerce resulting in tech stock growth 1995-today is a phenomenon not likely to be replicated in any other area. We may be running out of growth to be had. The ability to get 10-20x your money over 30-40 years of investments is probably gone, and with it the prospect of comfortable retirement for even relatively high earners.

I've seen this on Reddit before: Six figures means you're rich, because that was true in the 80s, right? Obviously people don't have a clue that 40 years of inflation has made that middle class.

Also: income is not wealth, and the willful lack of understanding on that point blows my mind. A person who is wealthy can live an upper middle class lifestyle or better without ever having to work again. A person who has respectable income may have minimal wealth, or even mountains of debt (student loans, mortgage, etc). A person who makes 100k could be a few months unemployment away from losing their house or lease, while a person with "wealth" may not have to work at all.

People don't become filthy rich working full time for six figures. The wealthy (~$20-50m net worth and up IMO) are people who made their money with something other than labor - through investments and things that the government doesn't really classify as normal income.

Edit: It's like the saying goes: nobody makes a billion dollars. They take a billion dollars. If you tax the wealthy on income, you collect very little tax, because it's not classified as income. Meanwhile you're going to tax an engineer or physician who probably have hefty student loans and work their asses off full time, at the highest marginal rates because we don't or can't tax wealth.

Edit2: we've got minimum wage internet trolls who think an employee software engineer is basically a cigar chomping capitalist because they make over the median wage. The middle class has shrunk and maybe you're not in it. Get a clue, dumbasses.

Totally agree. Income isn't wealth and people are clinging onto 1970s implications of "millionaire" when in 2023 having a million net worth doesn't even allow you to retire and might just mean you own a house and have little other savings. Similarly "six figures" income meant a lot 30-40 years ago, but inflation eroded that to middle class in the 21st century.

Totally agree. We should have <1B people living like kings, not 10B people living like peasants. A lot of environmentally unsustainable things become perfectly sustainable if there are fewer people on the planet. Like, we shouldn't have to be worried about the impact of beef production or overfishing - the planet should be able to sustain the number of humans that want to eat those things. At 8-10B it obviously can't.

Capitalism and retirement is set up as a pyramid scheme. We shouldn't be looking at situations that were recklessly arranged assuming endless growth and saying "how do we prevent population contraction" - that's insanity. We need to figure out how to retool society for a post-growth world.

If the only way to prevent the music from stopping is a pyramid scheme, we're all fucked.

https://newfastuff.com/wp-content/uploads/2020/06/fxy2rtr1ec651.png

Maybe you happen to be on a route that runs well from home to work without lots of stops and no need to change lines. Can you find a destination in your city that would require a change of bus or train and incur a larger time penalty? What if your job was located there instead?

I think most people buy sensible vehicles but there are certainly people who have a truck fetish that is not justified. Unfortunately it creates an arms race where all cars get larger because there are very real risks of a collision with a larger vehicle.