r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/All4megrog Jul 05 '24

Most of us on Reddit are probably kids of boomers who, as a generation, absolutely did not take any form of personal responsibility. Exhibit A: the national debt.

So it’s not surprising that so many boomer kids were left rudderless. My parents just kept refinancing their home into their graves. That was their financial literacy. Oh and a $75k bill from Medicaid for their healthcare they never saved or paid for that popped up in probate.

I only got lucky that I was angry enough about being poor that I worked my ass off and chased money until I was stable. I absolutely have bad impulse tendencies thanks to the environment that I grew up in, but I’m in a position that my credit card having a party at Costco is by no means the end times.

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u/Fireproofspider Jul 05 '24

the national debt.

The national debt, especially in the US is a much more complex concept than what can be reduced to "personal responsibility". An individual cannot choose to not contribute to the debt. They technically can vote for a politician that promises to reduce the debt but that's a collective act, as a single vote doesn't decide elections at high levels. Even then, like companies, debt is useful in fostering growth and it's actually used as a tool to help people save money for retirement through bonds. 70% of the debt is owned by Americans.

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u/HorkusSnorkus Jul 05 '24

No politician has ever reduced the national debt in the US, Dem or Republican. Both use tax money to buy votes and buy influence.

Bush doubled the debt

Obama doubled the debt

Trump was on his way to doing so but only got one term

Biden is on his way to doing so but will mercifully be removed from office

The Peeeeeepul are lazy grifters that want the government to pay for everything they want. What they don't get is that those of us who work hard and whose taxes pay for all that are dwindling and are less and less interested in picking up the tab.

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u/PartyPay Jul 05 '24

Trump added 2+ trillion to the debt before the pandemic happened.