Multigenerational wealth makes white Americans richer than black Americans

[gellfex]

@wisconsinplatt

Doesn’t apply for estates less than $VAST_SUM, actually. Most people leaving something behind don’t get taxed at all.

Trying to convince people of this is strangely difficult.

Because DEATH TAX!!!

Just another case of clueless red staters who don’t understand that the warm feeling is piss down their backs from the 1%, again.

I’ll hazard a guess that the main effect of modest generational wealth isn’t inheritance, it comes earlier than that. Getting a lump of cash when you’re in your 50’s or 60’s isn’t a “life changer”, as much of your life is over. But getting college without debt and/or a down payment for property IS a life changer when you’re young. My wife and I put together wedding money and some inherited from grandparents into a downpayment on a multifamily property, and that changed our lives unbelievably. Whatever my mom leaves me will go right from her IRA to mine, but she’s pretty sure she’s going to live till I’m retired! (Good genes)

@gracchus

I think we’re going to see some “interesting” solutions to that problem*, in particular a Universal Basic Income that will be designed to continue funnelling money to incumbent corporations and landlords while maintaining enough demand to maintain the illusion of a consumer economy.

The podcast EconTalk had a “debate” between economists about UBI recently that was interesting. Good, often fascinating podcast, even though the host is a pretty right wing, Chicago style economist.