I need time to respond.Agreed. But unlike Elizabeth Warren who feels that the lenders are to blame, I blame the colleges that charge $60,000 per year for a mediocre school while professors like Elizabeth Warren collect $400,000 salaries. At least in my day, my poorly chosen college education was in the low 4 digits per year.
Spending will return will people go back to the same activities they did before they were forced to stop.
I won't say that no one lives on low wages - my problem is with the premise that the average person can't survive without incurring massive debt on an average salary. And that average person is a hard working, studious individual who just can't earn a decent living because of those evil CEOs. We have a set of friends who make decent money yet were nearly into foreclosure thanks to poor money management and we had to loan them money to bail them out (yet to be repaid.) But these same friends are also the ones who feel the need to spend 3 times what we do every time we eat out. If you can't pay your mortgage, don't order 3 $9 drinks to go with your $38 steak. Yes, I am well aware that is purely anecdotal.
From the first hit in a Google search
"The percentage of hourly paid workers earning the prevailing federal minimum wage or less declined from 2.7 percent in 2016 to 2.3 percent in 2017. "
For all the talk of the minimum wage being pathetically low (and, I'll grant the Federal is) the fact is that few people actually make that. And the percentage of those who are full time working adults is presumably even lower.
I know - I was just being funny
I'll save my Google Earth search for them till later. I'm bizzie.
I'm aware that the cost of living in some areas is exorbitant - I am not fully opposed to subsidies to some people in some areas. But if you can afford a pack of cigarettes a day at $10 per pack, you can throw $10 a week into a savings account.
How can you argue for massive government spending to the tune of $35 trillion and not expect massive taxes to follow at some point?
Disagree. That is like saying that stomach cancer and indigestion should both be treated the same because they cause the same symptoms. If the cause is completely different, then logically the solution should be as well.