• 0 posts
  • 8 comments
Joined 3 years ago
Cake day: July 29th, 2023
  • Technology@lemmy.world•'Big Short' Investor Expects AI Bubble Burst 'Sooner Than Later'bykarlhungus@lemmy.caEnglish
    2 hours

    Well they’d certainly own less, that’s for sure. Corporate profits would’ve gone down

    There is no way you could say this with certainty. Why would corp profits go down… I could as easily say they’d go up (people have more money because their wages are keeping up so they spend more blah blah. Your taking at least 40 years and suggesting you could predict what would happen if they were fundamentally different.

    Once an apple has been grown and harvested, only one person can eat it. Once a house is built, only one family can live in it at a time

    Sure, but we don’t have a lack of food problem, or a lack of housing problem. We have distribution problems. It doesn’t take one person to farm all day to feed a family anymore, we can feed thousands with one persons labour now. We have the houses, the ownership is concentrated.

    The whole retirement thing is predicated on growth

    Right, we don’t have 0.01% holding 10% of total wealth, we couldn’t possibly be spreading that out more evenly. We don’t ask children to go down to the mine, we put them in school. We work together to make more than we need and those growing up and those in old age reap either the benefits of learning and practising, or having earned it through their lifes work resting.

    It baffles my mind that you ignore the work retired people did before they retired.

    Which is why I keep telling people: If you don’t want retirement ages to rise, you better be making babies and tons of them

    You should stop telling them that.

  • Technology@lemmy.world•'Big Short' Investor Expects AI Bubble Burst 'Sooner Than Later'bykarlhungus@lemmy.caEnglish
    18 hours

    If the US suddenly had a 50 dollar an hour minimum wage, old people would be fucked and have to go back to work because their holdings would no longer be worth shit.

    This is a counter factual, I think it’d be really hard to prove what would have happened to current people over 55’s savings if wages had kept pace.

    I don’t actually think that people need to work forever otherwise the old prey upon the young. I think this is more of an inequality issue, that is remedied with taxes on wealth (i’m mostly basing that opinion on “capital in the 21st century”).

    Eventually we need to start talking about getting rid of retirement altogether

    Yes yes, make the old’s work again! WTF dude. You know this will happen to you if your lucky right? Personally i want my old age or my parents to not be plagued by want. I see it as part of my duty to support my parents, on account of them supporting me. It seems like you’ve consumed too much zero sum game.

    I also think AI has way too many negative externalities (more propping up the ultra wealthy, contributing to climate change) to counter it’s positive effects.

  • Technology@lemmy.world•'Big Short' Investor Expects AI Bubble Burst 'Sooner Than Later'bykarlhungus@lemmy.caEnglish
    2 days

    Over 55 isn’t babyboomers anymore that’s gen x.

    I think this kind of data is exactly what you’d expect to see in a somewhat equal society: you work your whole life, saving, of course you’ve got more savings then people who haven’t been working their whole lives.

    Really I suspect averaging here is skewing your perception, that 70% can hide a few super wealthy and many more poor (which is what you’d expect given 1% of the population own more than the combined bottom 95% ).