For many who grew up in poor neighbourhoods, their dream is to leave then never come back. Kudos to those who decide to come back, and make a difference.
People need to understand that the real reason younger generations are poorer. Is that your parents are far more resourceful and far more driven. Back when I was growing up people knew the value of hardwork and perseverance. All the other reason are just excuses and the democrats usual propaganda.
@@Chamelionroses third world poverty is wayy different. the poor has no access to student loans or social aid. even if you are smart and industrious, the burden of basic needs are overwhelming (e.g. you need to work 3 hours every day to feed 1 person). so yes in the eyes of third-worlders, poor people in rich countries are largely lazy and make too many excuses....with exception of those with disabilities ofc.
@@Kage-jk4pj No, it is Democrats telling people that hard work leads to success. Conservatives are the ones tell people are nonsense about IQ or how some people are inherently doomed to fail and a waste of space.
As a graduate student in robotics and AI coming from a low income, single-parent household, this really hits home! The issue isn't that young people aren't willing to climb the ladder, it's that the ladder has become longer and longer.
@@salmonoven overpopulation isn't stopping us at all. You sound like a Malthusian. It's a lack of investment and capital, and what is close to a period of stagnation (at least in the UK) that is making it harder and harder.
My grandparents only studied the primary school, got lower skilled-paid jobs (even grandma used to work full time), BUT still could afford to buy a house, in a very poor neighbourhood, still they owned a 3-bedroom house. Nowadays, a Ph.D. cannot afford even that! This tells you something.....
Lol I have a master degree and I bought a 3 bedroom house with swimming pool easily. I learned English at 17 years old. Oh yeah and I taught my mom how to drive and found her a job.
The only problem with this video is no mention of Student Debt, and how that may still make it difficult for middle and lower class people to achieve upward mobility, even with a college eduction.
Debt is irrelevant to making higher income or making income. Debt is a different topic. Shouldn't stop anyone from getting any jobs. If you have a degree you're supposed to get a higher income job.
@@kauigirl808 Are you?? The ROI of post-secondary education has always been about scarcity. Degrees used to lead to that higher income job because they were scarce. Take generations where 60-70% of the members have degrees or some post-secondary experience and they suddenly don't matter anymore. Eliminating debt just increases the rate of credential inflation.
I think it just goes to show that there are so many factors and problems with social mobility that a 25 min video is hardly enough time to cover it all, though I think this video did a great job covering a broad range of it
@@BTrain-is8ch Agree. For many degree fields, there's become an over-saturation of candidates, so employers don't have to offer as much because they have more people to pick from. For example, a few years ago, IT was the big up-and-coming and higher paying degree area. Now, there's a lot of people with IT education, so the jobs don't have to pay as much as they did. It's supply and demand - the more people with a particular education, the less employers have to try. There's also a much larger portion of the population that has a degree because of financing options. Previously, students more or less had to pay for it in cash (although it was much more affordable). Even if you do graduate and get a higher paying job, it's not like you necessarily go from $7.25/hr at McDs to $50k a year. It's 1.) often a much lower pay bracket, like closer to $30k, and 2.) you're paying off debt, which prevents you from doing things that create wealth and therefore upward mobility, such as investing or buying property. It could also prevent you from going back to school if you wanted to pursue something like a doctorate, which could also lead to higher pay.
It isn't that hard to pick a degree that has a field in science or medicine...dont pick art or any kind of social degrees...they are trash and wont get you anywhere.
My dad was a high school dropout and got a factory job with a starting wage of $2.85/hr(1961), which is about $5,700/yr. indexing this for inflation, that is approximately $52,000/yr in today’s dollars. When you take into consideration a significantly lower income tax rate and little to no sales taxes, the net or discretionary income is relatively greater than today. Our first home was $5,000 (less than one year’s wage) and was paid off in 15 years. My dad while working at the same plant bought a cottage for $28,000 after the house was mortgage free. Could you imagine what our world would look like if someone right out of high school and with no student debt could make $52K? That would just give us income parity. If your average house cost $52K as well, that would give us wealth parity. These are just my observations and not a documentary…I don’t think I’m the only one who noticed this.
I think the answer is obvious: machines. Machines are more efficient than humans. Machines are owned by capitalists. Therefore a larger fraction of efficiency and productivity is controlled by capital not by labor. Globalization and free trade also fuels this. The future will look like the movie Idiocracy, the entire world will feel like Detroit. Large numbers of people with no prospects and nothing to do but gamble, party, stimulate themselves, and rot away.
that time will never ever come back, university and any school is a joke due to globalism, now so called high paying jobs can be automated or outsourced to a low wage country, if your salary is above 80k companies will rather automate or us ai to do your job because it is cheaper also a computer aided low educated person is cheaper to take over a high educated job this is the future, computer aided low schooled low paid outsourced employees and the ultimate move is full ai or robot employees.
According to government CPI data $5,700 in 1961 is around $53,000 in 2021. Anyway... What did your father do in that factory? You're comparing a factory worker of the sixties to a low/no skill worker today and assuming they are equivalent. Your father likely had to learn a trade. That's not really comparable to low/no skill workers of today.
@@Etaoinshrdlu69 Why did they? It couldn't have anything to do with the government flooding the education market with financing? It couldn't have anything to do with decades of historically low mortgage rates could it? It couldn't have anything to do with increasing government involvement in the sector that costs additional money could it? All three of the spaces you mentioned have one giant commonality. The federal government has intervened in all of them, massively, and that has come with additional cost for consumers. Give people easy access to money and things become more expensive. It's not rocket science.
Life was so easy decades ago. It feels like society is going backwards. My parents bought a house with 4 years' worth of salary. Today that's 40 years in the same area. Mind boggling.
@UNDERDOG11 to 20 You do realize that this is when his grandparents were children, not when his parents were buying homes..... they werent even born at that point
@@SuperCOCOPANDA no under pay is causing inflation. This is a supply-sidw workforce shortage. That means tankers, truckers, and other labour's want a better wage for covid-19 conditions and companies don't want to pay. It's a decision
@@andysawyer647 companies do not want to pay for anything health care ( many workers that get workmans comp they rather get rid of among any others as risk), and to clean up costly things that give no return ( such as pollution). Of course and I do not think if minimum wage goes up there is ever going to be equal anything anyhow world wide that is unrealistic. As human population grows and wars there will be inflation. It is just going to happen off and on. Nature is not kind and it is indifferent to what humans considered ever equal or equal opportunity hard work or not. Not a naturalistic fallacy but just saying things are what they are.
I think the biggest thing for many people is that their job hasn't changed much in the last 50 years. This means their productivity hasn't increased, so they aren't making more. I think it's all these jobs that haven't changed that much (cashier, bar tender, mechanic, truck driver, waitress, yoga instructor, kindergarten teacher)
Unfortunately going to university has not catapulted young people into wealth and social mobility because jobs that are well paying are hard to come by.
It is. The numbers are clear and wealth inequality figures are very tangible. The sad thing is that the only way to equalise this gap is for a catastrophic event to occur such as civil war or a recession so extreme that it makes the Great Depression look like a hiccup.
Yes. Successful people also yech their kids to be successful. It's logical that wealthy get only wealthier. Poor people teach their kids how to be poor, by example. The system favours hard workers with a winning mindset, which is rare in our lazy dumb society. Start building wealth, stop complaining.
Actually, you could just go back to the steeply progressive income tax rates that existed in the 60s and 70s. They made it impossible to accumulate the vast amount of wealth required to begin taking over the levers of power, which are then used to change laws to favor accumulating even more wealth. I know it doesn’t seem fair to take so much of what someone has earned, but it’s a matter of self protection for everyone else. We are currently on our way to becoming a ruling class and peasants. I’ve often wondered if even the mega wealthy yearn for the kind of country that we used to be-one that didn’t have so many desperately poor people.
@mikesamovarov4054 half agree but people like yourself are still missing the point. Wealth is not a zero sum game but that does not mean that the game can't be harder for certain people. The numbers never lie.
As someone who did move up the income ladder and overcome abuse and neglect, I can say it is incredibly hard. Especially when you think about a child being surrounded by these experiences. And even "overcoming" doesn't erase the damage that was caused that will forever be with me and still affects my choices despite years of therapy.
If there is a will there is a way, you are not a product of your abuse and you dont have to be a prisoner of your own past. You can overcome it, it takes time and diligence,.
I'm from Slovenia, which has the lowest income inequality in the world (according to Gini coefficient). And I must say that we don't really have problems like the ones described in this video. I think the main reason is that even university education is free, and equally accessible to all. And we also don't have such differences between neighborhoods, even in the "working class" ones there is no crime or social mobility problem.
It is a smaller country with a lower population, low birth rates, higher older population which means there are more jobs available and less competition. These are the main factors of low income inequality. Less people, less income inequality. More people, greater income inequality.
Your country has a traditional culture which the vast majority of it's citizens adhere to. America has pop culture that is fueled and which fuels a hyper capitalized market society, which educates people to value and be incentivized by poor behavior (financial irresponsibility).
Slovenia it’s a small country, with a highly educated population, with a low birth rate. It’s also very homogeneous, A lot of the political, cultural, and ethnic conflict or nonexistent. A lot of problems that places like the UK, US, China, and India that have a diverse population with a higher birth rate among less educated will inflict more political pressure on society.
As important as education is, the pandemic has taught us how valable people in the service industry are to our society and yet, they are extremely underpaid and in short supply. If we valued people for what they contribute to society and not just their degree, we might find more people willing to take care of our children, as well as the sick and elderly, instead of having all of us chase after the same accounting firms and engeneering jobs.
This. Fully agree. Diplomas from degrees also don't always equal to knowledge if the person that graduates does not have certain life skills or know how to employ the knowledge, or even has basic empathy. Many are in certain fields and lack these.
Actually, pandemic exposes how useless minimum wage workers are, and not deserving of such wage. AI will be replacing all of them very soon. I don't feel sorry for these entitled lazy folks with poor life attitude.
Engineering jobs are actually not highly-paid jobs, at least in US... An electrical engineer with a PhD ( 5-7 years of post-bachelor education) would be pretty happy to expect a job with $100K-120 annual salary. Considering the post-bachelor education (physician -- 4 years of medical school, lawyer -- 3 years of law school), engineering is probably one of the worst-paid jobs.
I grew up in a trailer park. Schools were minimal standard. But when I finished high school in California in the 70’s, Community colleges were free and the California state university system was almost free. I got a degree in electrical engineering. Now I am retired. But I will always be grateful to the people of California for creating opportunity.
@@NinjaMaster1 That's not true at all?? he said himself he just didnt know what he wanted to do in college and didnt want to waste his parents money anymore
I went to community college in California in the 90’s. It was 6$ a credit I was able to pay for school in cash with no debt making I think 13-14 an hour. I had zero support from family. It really helped me get ahead in life. Thanks California!
As a Millennial, I wish people would consider the demographic factors that are holding this generation down, as described in this video, instead of defaulting to calling us “lazy” and “entitled” for not being able to buy a house at the same age our parents did. That’s fundamental attribution error at work (blaming the person, not the circumstances).
You see that is the fact. But there's another fact. In those generations, kids died more growing up. On average people starved more. Human rights, justice often shadowed by competition. Lifespan shorter at around 50. As of current, we see only the survivors who've lived through this and yes they have enjoyed higher growth (ie house ownership). But the cost was not light when you take out the survivorship bias to account for the circumstances and not the person.
I’ll give you my personal experience. Ive been working for the same company for 27 years. When I got hired a machine operator in the company made $18 per hr. Today 27 years later machine operators of the same machine make $16. We make way less money nowadays.
@@phantomvox I don’t know if you were in a union back then, but even companies without union employees knew they had to compete with union pay packages at other companies.
I have a bachelor's degree. Eight years later I'm a "team member" at Arby's. I'm 35 and live with my parents. A degree did nothing but give money to the university and put me in debt. So let's not perpetuate the myth that college leads to success.
im sorry to hear. Its called opportunity cost. while u waste time in school, thats inflation + debt working against you to keep you a lower class. You were better off without college and investing early. Inflation is what made the boomers rich. Their $10k homes are now worth $500k.
I finished ENEE bachelor's in 2018, all my STEM friends are doing great out of school, and it wasn't a top school either and we did not have any certs except the basic FE exam. Not sure what you are talking about... except maybe in top companies like Google and Facebook... (not sure why this comment is copy pasted above... so I am just gonna copy paste my answer again here)
The need for what’s considered “low class” work isn’t going to go away no matter how much we seek to educate and “bring people up”. We need to reevaluate the way we value labor and end the hierarchy completely.
People are greedy and visionless in general. If today i hold on to my income only save save save stop spending on new iphones etc etc i will be contributing less to the said economy as well as business, this kind of mindset is even more of a problem amongst millionaires and billionaires. Who are holding more of their wealth so it is keep on concentrating at 1 place think of 100k families holding on to their wealth and so forth the chain continues. I inherited 2 houses from my father and 2 property land, i own them 😅 and i will earn even more by using said properties for rent. So from less then a millionaire today i will die probably being a multimillionaire and leave everything to my children's. few people like me lets say for the sake of example will have an advantage that many will never. But i can imagine somebody 10000 times more wealthy then me like truly if had the same mindset we as a society are doomed. I dont need to live in 10 mill doller home to say i made it. People in general will always be greedy. I'm gonna make sure I won't in my life act out that way. And i will try to spend as much as i could on items i previously wouldn't, but i wont make a difference in the economy 😅 as i said people will always be greedy and visionless to see the truth.
As someone wo is climbing up the ladder I can say that it is incredibly difficult journey. We need to run extra miles, work extra hours, and keep the heads up against discriminations, bullies, neglects, and many other things. Btw my case is in Indonesia. But we may share similar case
Yeah true, especially the dicriminations, bullies, and favoritism at workplace. Here in Indonesia isn't much different from other countries, it causes many of my juniors gen z (new workers) to drop out of company so fast it's concerning.
That's life, elon musk had to work so much he literally slept on the floor of the factory at times. People forget that to achieve success you need to put in some effort.
In Indonesia, On state own business you'll get discrimination depends on your religion(minority religion), are you native or descendant of chinese or arabs. On private own business it depends on your boss. if your boss is chinese it tend to has favoritism towards chinese
Social mobility has many facets which are often underestimated. One of them which might sound strange is urban planning and architecture. Being trained as a city planner, I tend to be very sensitive to these issues. Most cities have a tendency to do segregated planning where the richest are kept as far away from the poorest as possible. In reality, the best planning involves diversity of incomes and housing types so that the richest inspire the poorest through daily close contact. The neighborhoods and buildings that are planned in such a way tend to have a much lower crime rate (which in terms reduces the policing costs) and offer more opportunity to the people.
my brother is an architect, and as a mixed race person he notices even more things that white architects do not . and when brought up, it takes hard work to get white architects to "relax" and listen because if they hear just the word structural discrimination their guard is up . i visited so many neighborhoods with my brother and he could pin point which ones were built just to house bodies but there is no library nearby and then just a play area. benches were built in a way that make it impossible for people to rest up for 10 mn on those. its a part of the whole hostile architecture. social class and deep seated racism are interwoven in it and it makes it super difficult to have access to social mobility. some of the council estates are built like a maze. Even the type of painting that's used to coat those houses has been revealed to be a cause of cancer. everything has to be cheaper to ensure poorer folk die .
This fills me with a lot of mixed feelings. I'm from a low-income family, but my passion for higher education has never been money. It's been more about sustainability and improving quality of life through personal passions. I think this has informed me much of the impact money has on quality of life.
Yes you are correct i have a friend who is doing that right now. went to school for 3 years became a district manager but now is joining the army to become an officer because I think he thought to himself that the corporate life was not for him. All throughout school he was literally given everything from his parents. At the end of the day he will choose who gets to fight in the wars while the poor will end up fighting them. sad reality But I still give him respect because in a way he did work for it. But at the same time I can't help but to be a little jealous because he had amazingly supportive parents. I don't know something is wrong with me but that's how I see it. Envy? Jealousy? I feel bad for having these thoughts. I don't know
additionally, they have this sort of guidance to success from their already well-off successful parents. while people born from poverty have to literally start from scratch.
@@craigarkensaw they risk less of their wealth proportionately, hire private tutors for as long as needed, retake exams infinitely to get qualified for high paying jobs, can have any injury or illness and not have it put themnin debt for life. There are no consequences for failure apart from maybe prestige.
In addition the school admits only the smartest students which already have the highest possibility of success regardless if they attended an average school. They doing that Ivy league schools things 😆. Why don't average and lower performing students have those opportunities since they are in theory less likely to earn more 🤔. I see its just a very profitable business rather not to 🤔.
My Grandfather finished school at 14, fought in WW2, worked as a Greengrocer and owned his own home filled with furniture and modern electronic goods in the 80's and 90's. My mother got A levels and worked in lower management in the civil service for 30 years. She could only get on the housing ladder because of 'right to buy'. I have an honours degree in Physics and work as a college lecturer. I will likely never own my own home. Progress?
The irony. No progress. If you had lived in that era, a physics degree would have gotten you a high paying industrial job and you would have lived in a mansion. Now, it has been devalued due to oversaturation and that universities are no longer Americans but are Chinese universities and research institutions for the CCP.
Many regions in America have a practice where school funding is directly tied to the property values in that neighborhood. This is a regressive school funding system that creates an educational system that reproduces the income inequality of the community. In contrast, where I live in Canada, our provinces use a pooled funding system. As a result, schools throughout a community have similar levels of funding, regardless of the wealth of the community. This system is the norm for developed nations outside of America. It is odd that the Economist cites this idea of actively moving people from areas of low to high opportunity, without reflecting on obvious solutions that can improve outcome inequality. Ensuring fair funding in K-12 schooling is just one of many obvious solutions.
In America if you live in a rich white neighborhood EVERYTHING is different. They don't realize when these poor kids start misbehaving because they don't have anything...they'll be stealing from them 🤣🤣
This documentary ignores a bunch of systematic changes that the government could make...and also ignores the real cause of income disparity: even with productivity more than double than 60y ago, employers are paying less and less, regardless if the person has a diploma or not. It's propaganda...
I grew up in one of these neighborhoods. When I was in 6th grade we had a career day of sorts. They brought in three people: a man who taught us some basic Japanese, an FBI agent and someone from Merrill Lynch who taught us about the stock market. This was a public school, not a private school but it could not have been more different from the average public school experience. Tax dollars make a HUGE difference in the quality of your education if you grow up in the American suburbs.
And kids still come out of the Canadian school system dumb as a post and herded towards post-secondary school. It would be better for many young people to stop school at 16, enter the workforce right away and advance their education as they work - so many more opportunities to do that these days.
In the 90s my uncle got an entry-level job with a bachelors degree with one programming language (SQL), the same job I've seen requires a master degree and working knowledge of around 5 different lanauges.
You can get into programming with no degree. If you have a nice portfolio website and create some programs to show off. As a self taught web developer, I just ignored the "application requirements" and applied anyway. I still got interviews and job offers. 50% or more of job requirements are just a wishlist created by HR.
@@GuitarsRgood7 I did interviews. Job requirements are a wishlist, not a list of requirements. If you seem capable of learning, we would hire you even if you didn't write a a single line of code in the language we use. There are no perfect candidates and we know that.
Nobody can suddenly become prosperous financially. Although they did the background work, we mostly see the ultimate product. Fear is a harmful factor that prevents us from making the courageous decisions we need to make in order to achieve our goals. You have to deal with things like inflation, the recession, Fed policies, and more. In just a few months, I was able to add $289k to my portfolio.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
@Brilliantrans I have no advisor whatsoever, and this recent decline, which I believe was brought on by inflation brought on by war, among many other causes, really hurt my portfolio. Who would you advise that I reach out to in situations like this?
@Brilliantrans Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
@@carssimplified2195 This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name “Christine Jane Mclean” and everything changed. in the first quarter of this year i made $420k and counting
@@Justinmeyer1000 This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name “Christine Jane Mclean” and everything changed. in the first quarter of this year i made $420k and counting
I think they are spot on with the obsession with credentials in the US. With the internet, you can learn an entire undergraduate degree and even graduate-level courses on your own. Yet no company will hire you if they see you didn't go to university, even if you've taught yourself to an even higher level than new grads. Even professional certifications, like the Chartered Financial Analyst (CFA) exam, require you to have a bachelor's degree.
💯 correct. This has nothing to do with higher education per se but everything to do with filtering and screening. The system is designed to hire an idiot with a degree then someone intelligent with no degree.
Although I do agree with most of what has been said in this video, and especially the importance of education, I do think that a crucial point has been missed. There has been no mention of the tuition prices in both US and UK universities, and how aggressively they have been growing. Even though a lot of universities provide loans, it usually slumps the graduates in life long debts. Countries where social mobility is higher, have all mostly free higher education, as well as health care and other social services. This has also been proven to boost social mobility and should have been highlighted in a video such as this one.
Totally agree, whilst in the UK the tuition fees are nothing in comparison to the states, I actually managed to pay my student loan (before fees climbed to 9K a year) and seriously appreciate the extra £200 quid every month, especially with cost of living. I will encourage my daughter to study STEM subjects, do internships and voluntary work whilst in A-levels and get into an apprenticeship where you can get an education and work experience at the same time in an area that is highly valued/ paid.
My mom said she paid some tuition by working as a waitress. I told her I could pay for one textbook per semester working as a waitress. Older generations don’t understand how expensive college has become. They expect 18 years olds to know if it’s worth taking out a massive loan for.
it's just a Facade, an illusion. if you only knew about the few "families" whose members in the last 2-3 generations didn't have to put in a days work their entire life thanks to cronyism and political connections without producing anything of real value.. it will blow your mind. all while you work your self to death for a miserable chump change pension which will barely cover your medical expenses
I grew up in a "rich" family at the time, still have lots of wealth, but am still supposed to act like "I know my place" .. Well, I know my place, I just can't get there - You don't inherit employment and income (you have to wait for someone to die and leave you something - Sh!tty trade off, regardless the sum of money: can't buy life)
@@Pressplay_Media_EU ..not sure I agree that obtaining employment is about death. Growing economies need more labour. One has to apply oneself. The chances are fairer in Canada. I’m an immigrant and worked hard. I’m now in the top 5 percent of earners with a net worth of 2.5 million pounds. It wasn’t handed to me, but the path forwards was straight forward. Never felt this in the UK.
A restaurant I worked at was bought up by a Jamaican couple, the husband was a former civil engineer, and he would insist on fixing everything himself, a real DIY guy, and I would help him take one some pretty crazy projects, they all turned out perfectly fine. But, I remember him saying to me once "where I am from, we had to make do with what we had, and my father always involved me..." even his family who was rather 'well off' down there was very hands on and thrifty, but it clearly had an impact on his life that hands on learning with visual stimulation is a vital thing for children.
It is and I'm sad that I grew up completely devoid of it. In front of a screen as a kid, no tools, no garage etc. I got glimpses of it working trades though and I now have a small side hobby for DIY home improvement. It made me realize how important using that part of your brain is. Mechanical problem solving is another whole skill.
If you’ve got patience I believe it’s a great time to invest… I’m no expert but as Warren buffet said he’s seen this happen a number of times through out his life
@@Robertgriffinne I've known I had wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year. I have $60k i want to transfer into an S&S ISA but its hard to bite the bullet and do it. $457 is a huge milestone, Please whats your strategy? i will love to have an insight
@@PhilipMurray251 I began with a fiduciary portfolio-advisor by name "CORINNE CECILIA HEANEY . She’s verifiable and works ethics is in accordance with US investment act of 1940. Her approach is transparent allowing total ownership and control over my portfolio with fees very reasonable in comparison with my invstment-income . Also, She covers things like investment insurance, making sure retirement is well funded, Go over tax advantages , ways to have a volatility buffer for investment risk. many things like that.
If he didn't get into UCLA for grades he shouldn't feel duped. I dreamed of Yale but was a B student so went to a SUNY. There is no need to go to UCLA. You're paying for the "American college experience ". In Europe and Latin America you need to know your major ahead of time and there is no campus life like America. It's unneccessary. Brand doesn't matter as much as we think. Your degree matters.
UCLA is a cheap state college that is mostly focused on academics and has little of the "college experience". It is arguably one of the best schools if you are focused on academics.
Your period comes before the end-quote. That's why you didn't get into Yale or top schools. An accumulation of minor things you should've learned at the age of 13.
@@AnahiAndJustin By definition, it's not. UCLA is part of the state research university group. cal state is a state university group. Main difference is research. state colleges in California are community colleges. That's your state college. Universities are composition of colleges into one (uni in the university). UCLA is a composition of many colleges with a research driven education.
we make average salaries, live in a 1 bedroom apt and have for years, travel yearly and have zero debt....And we couldn't be happier! if you increase your income, maintain the same standard of living....then you will realize what it's like to live....Living is not owning...Living is experiencing what life has for you...imho
As a millennial I can honestly say inheriting the current economy in comparison to our parents is like getting the bill to pay for a party I never attended.
I live in Toronto. 30 years ago I remember clearly everyone getting mad gas jumped up to $0.39 a litre. It’s now around $1.50. At least we had $2.00 Tuesday movies. $3 for a large drink and large popcorn. Now it’s $13.99 for the same combo plus $18 for a non 3D movie. My parents bought their detached house 165 by 165 feet lot for $80,000. It’s now $1.3million. Prices have risen in my lifetime without salaries rising in tandem. Who can save 25% down for a $1.3+ million house with student loans, likely a car loan, and rent + hydro. Rent and hydro have also risen. Now the worst part is calculating the rise of costs into their retirement savings. Say you think you need $100K to live 5 years after you are too old to work, you might find in 20 years from now you’ll actually need $200K.
I was there in 2008-2009 and it seemed like a bubble back then, especially with rents soaring. I visited two years ago (pre-Covid) and it seemed like a lot of the small, grungy places I knew had been pushed out by high commercial rent.
It is very encouraging that people are working for social mobility. Making efforts with empathy so that children from lower economical background can have a better life in future than their parents. ❤️
Everything is rigged and the democrats and the republicans are all in it to make it difficult for everyone. The dems act woke but the moment it means sacrificing their money or raising taxes, they wont go fir it at all
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
This documentary starts off well by identifying macro trends but all of the solutions are focused on individual progress - none of the cited solutions and programs that supposedly increase opportunity address structural and societal transformation. Having less money only makes one "impoverished" if a society and state systematically strips those with less money/power of their dignity.
Exactly. It will sound cheesy to some, but until our poltics are informed by higher values like humanity and empathy......no solutions will take s holf in this world. That's because, to think hollistically, you actually have to care about the system REALLY helping people, not just as lip service.
The biggest boost parents can give their children for future success is to teach them to think long before they start school. Mastery of logic and critical thinking will help them in school from grade 1 onward to their careers. The problem is that in impoverished communities, parents don't care as much to prepare their kids closing the poverty vicious circle.
In Impoversihed communities people don't have the time and energy to do something they can't afford, how you gonna teach your kid something you can't get out of, and it will only be much worse by their adulthood
"America is one of the only countries in the world to have legacy admissions, were colleges can actively discriminate in favour of the children of alumni", disgusting.
I wish it was made illegal. It's unfortunately so common. Yet they want to yell about the handful of black and brown students allowed to get in. That tells you everything you need to know about what is valued.
Also the safety net of generational wealth (i.e. having family with means that you can fall back on) that includes but is not limited to-- a stabilized secure and foundation of secure housing, clean environment, ability to travel for "cultural" education, access to higher ed opportunities (even if not taken), and career networking opportunities are major factors that benefit the wealth.
You are wrong. Rich people don't take risks. They have so much money to spare, they don't even care if they lose it. So all in all it is not a risk for them. Poor people simply have nothing worth offering to even enter a round of this so-called "risk taking" game You are just repeating these nonsensical phrases fed to you by the rich. Or you simply are rich yourself.
It's true. Trump gambled a lot with borrowed money, declared himself bankrupt 6x, and still won as US President. An average person declaring bankruptcy just once would have a waaaay harder time recovering their credit standing (and thus ability to buy things like a home and a car or loan for a business venture). The rich (and usually white Americans) are given more slack and benefits by the financial system compared to poorer POCs
Speaking as someone with 2 degrees, the only ones in my family, I think this is sidestepping a more fundamental problem. Rich countries have outsourced our dangerous and polluting manufacturing and technically skilled jobs to countries with less or no effective regulation or labour laws. Those skills are therefore less valued and less respected here. If we hadn't, then multiple academic credentials would not be the exclusive route to a decent living.
Yes certainly, but you have to remember to bring with you value otherwise you’ll be devastated to discover your ‘bff’ isn’t picking up your calls anymore. Value value always to avoid losing yourself.
25 minutes to explain that rich people don’t plan to share their happiness with us anytime soon, as they didn’t in the last few thousand years of civilization. Wow, unbelievable. I tell you something this video did not explain: find your happiness away from money or academic title and you win in life despite the odds.
It’s cost of housing and wage stagnation. Simple as that, my parents were able to buy their first home at 2x to 4x less than I would have, then rode a tide of increasing home values every time they moved all the way to retirement. Quite frankly, most boomers paid less adjusted for inflation for their house monthly than it costs to rent a one room apartment now.
As one of those yard kids in the shanties of Kingston, Jamaica and a 10th grade high school drop-out in the US, I attended community college (College of San Mateo) then transferred to UCLA as a junior. I didnt take the SAT, UCLA didn't require it for Community College transfers. Perhaps he could've tried that route.
@@erikrennspiess2829 You know CSM? Yeh man, CSM to the world. Loved that place, made a massive impact on my life. Stayed there for 5 glorious years. Had a much better experience at CSM than I did at Ucla.
@@Anita-tm3bi I thought it was common knowledge that you could avoid the SATs by going to a community college…it’s cheaper to. Get enough credits for an AA or just under 60 credits, you’ll undoubtedly have better grades for those classes than if you went to a university, then transfer. You’ll even have a better chance of going to the university of your dreams.
This is spot on. I was the first to go to college in my family. I choose to be an educator in the arts. Left me totally impoverished and still paying for college 20+ years later. The school didn’t pay a living wage and I lost my house. I gave up on the game years ago. I try not to buy anything.
Colleges are raking in billions of dollars every year but just look how they pay their employees. This is why I don't trust economic solutions from academics. They don't operate in the real world, nor do they have the benefit of moral guidance. Most are still using Marxist ideas from the 1800s, despite 150+ years of outright rebuttal. Many academics are now expecting robots to replace the workforce, as if 200 years of mechanization did not answer that question already. Robots will not replace the workforce. You, right now, can quit your educator job and learn a trade (plumbing, electrical, landscaping, etc) and make twice as much money plus enjoy an arguably healthier lifestyle.
This video is the need of the hour for Gen - Z and partly for Gen -Y. The competition is seemingly increasing and of course owning a house is becoming hard every day. You cannot work like your mum and dad to lead a prosperous lifestyle now. You need an extra leap for that (a passive income maybe).
I don't believe I will ever own property in my lifetime. I can't imagine how anyone can afford property. Even if you can manage to afford the down payment, the property taxes will eventually force you to sell or take on renters.
Remember: the Economist is not a journal made for the working class interests, it's made to spread the ruling class ideology, be careful when watching their videos!
Great video, really enjoyed it and found it informative. My one issue is that it focuses on smaller policy and ngo interventions- education, social skills, toys for children- while ignoring the wider systemic reasons for rising income inequality, like wealth as a rising share of profit over income, and lack to tax reform. I agree that it's useful to work towards getting more low income kids into Harvard, but i think it's more useful to make sure people can live stable and fulfilling lives without getting into Harvard. That means wide policy intervention to reverse national income inequality.
How do you invest when there's no money? The Government is already printing trillions that don't exist, which becomes a tax on ordinary people. The US needs to massively deleverage, cut its trade deficits, and start cutting spending on a massive level just to stay solvent.
The real problem is not in the education system, yes is part of the many things that have to change, but the problem is in the economic system. The enterprises are looking for more benefits so the job opportunities are worst.
I realized a few days ago how the way you grow up can affect your life. I didn't grow up in poverty, we had enough money to go have a normal life. Compared to my peers, I did however. A friend of mine did grow up in poverty to the point where food was an issue. At some point our group started talking about how money can affect the way you react in certain situations. And depending on the background of people kindness was viewed in a different way especially when something has monetary value. To him it meant the world, to me it was something you just do. I bought a PC of a friend because he upgraded out of it (built his own, built a less powerful spare in the process) because I needed an upgrade. My old PC is still decent and I know that a lot of people struggle right now, so giving it away seemed only natural to me. To him it's this big gift that he can't afford, to me it's getting rid of something that takes up space and doing someone a favor in the process.
I love how the wealthy say that if you distributed all the money equally, that it would end up in the same place. Then why are they so terrified to do it?
I had to become a sexworker to break the chain of poverty in my family line. Used the money to buy a house and have some savings set aside. I paid for school as well and have no student debt but I cant say that school helped me in any way. If I could turn back time id rather have saved that money as well instead of wasting it on college.
if you dont mind me asking, what was your reason for going to school? and in addition, what was/is your major? And finally, did you network while you were in school? It was mentioned in the video that often times, the biggest problem with getting a degree is the networking part of it
" What they have created in America is a National Ruling Class based on Educational Certificates " This is one of the best descriptions of America's political and financial top tier and upper class that I have heard in a news report. The boost in education after WW2 after the GI Bill was passed and later. on the Bachelor Degree becoming a prequisite for more and more jobs helped create the dominance in the importance of collegiate and university Education in the US .
The GI bill is equivalent to student loan forgiveness today. They won't do student loan forgiveness though because blacks benefit from that too unlike the GI bill for the most part
@@KBTadieh The GI bill required people to spend time serving, potentially putting their life on the line, for the country. Soldiers had to earn their benefit. The GI bill is comparable to the PSLF program in spirit today. It is in no way equivalent to wholesale, arbitrary, student loan forgiveness.
@@KRYMauL Having debt is not justification for having the debt erased. Lots of people have debt. Lots of people find their debts to be inconvenient. Lots of people would like to spend the money they already spent on other things. There's nothing special about student debt. That's why it's arbitrary. The GI bill is a reward for services rendered. PSLF is a reward for services rendered. What service has our 100k debtor rendered? None whatsoever. So why on earth would tax payers choose to pick up that tab? What do they get in return? Nothing.
Why is it hard to get rich if you are poor? 1. Because wealth begot wealth. 2. The rich protect their advantage over others. 3. Poor people continue to vote against their own best interest.
@UK Revolution all it creates is the assumed consent to political rule. A period of years in-between elections, actual moments citizens can democratically participate. This Presumed consent for a sect political mandate that controls over how society, economy and public life is organised.
@UK Revolution The only way you lose power is thinking you don’t have any. If voting is not power, why are republicans in America working so hard to stop people, especially minorities, from voting? Laws are going up all over America to make it harder for people to vote. You don't do something like that if voting has no power.
@UK Revolution So let me ask you a question. The UK voted to get out of the EU. If one side only wants power for themselves through voting, who "won" in this case? Who "lost"? -The people who wanted out? -The people who wanted to stay in? -The EU? -The UK? -Or by your statement no one.
@UK Revolution Fair enough. In America, we went from republican to democrat and by mid term, back to republican so I can't talk. Back to the furnace for us too.
My wife and I both work and have another stream of income. A few years ago it was easier and we even had a little extra for investments. I was perplexed as to why we no longer have much disposable income and have realized that almost every aspect of our expenses has increased. Food, gas, electricity, water bill, car insurance, etc. have all increased over these last couple years and we are really feeling the pinch. We have a few small children and some months are rough. I can't imagine the people who were already struggling! The middle class is eroding before our very eyes.
What annoys me more than anything is the preferential treatment someone with a degree gets over someone without, regardless of profession. A lot of careers can only be learned by experience and training, by learning from mistakes in the field. The amount of times I've had someone with a degree try and trick me into being a scape goat for them because they've bitten if more than they can chew beggars belief. It seems to me that most universities are merely day care centres for the adult children of rich parents.
That's right, you want someone with no degree to open up your body and you want someone with no degree to design your house, bridges, and or hospital. The degree is to make sure you have the absolute minimum qualification.
@@ironsquid9724I'm sorry no degree don't proof knowledge. So what is your point. So you want to make an appointment to the unlicensed doctor around the street corner and claim that he has one time saw a youtube video of someone opening the patient's chest before. Elon Musk also says degrees don't matter, but you go look at Tesla and SpaceX job listings, minimum is not high school diploma.
@@chrislu9574 For technical jobs like that, yes. what i'm trying to impress upon the ignorant is the fact people who don't want to get into forty thousand pounds of debt for something they may not even be competent at should not be paid far less than somebody who is doing "skilled" labour that requires a degree, also you're only presenting extremes, I'm 36 and have yet to need surgery or the hospital and have been working construction long enough to know how to build a basic house and dare I say design one and I have no degree, I know for a fact it would take a brain surgeon several years to learn how to do my job competently and yet someone in a management role who are ten a penny will get paid nearly double my salary even though my role is much more in demand. The jobs market is skewed in favour of people with degrees to the point where having a degree in an utterly trivial subject is preferential over someone who has the relevant minimum qualifications and years of experience.
@@andymeh499 other non technical work, even in large company has already been replaced by oversea work as sourcing and AI technology implementation developed. It is already here and you are not even competing with people inside your city you are competing with people or sometime machine that don't need vacation and paternity leave. Lowering the standard won't help.
True, university education is just lazy sorting for most companies. Oddly, often companies are built by non-grads yet they now hire only grads, but it's easy to do this because so many people go to college now that those who don't are seemingly bottom-performing.
Free education for all from kindergarten to university. That is how you give everyone a fighting chance. The most equal countries offer equal education to all, rich or poor, Black or White.
One of the silliest arguments is about the cost of education. I love that phrase..."if you think education is expensive try ignorance"... This needs to be applied on a national level. It makes sense to invest in the education of our young so that the society as a whole is better equipped for a future that demands more and more education. The same applies to healthcare. If you have "insurance" tied to your job or location, then you restrict labour mobility and the better use of human resources.
I agree but free for important majors that lead to employment. One's that give you a real skill. If someone wants a degree that doesn't lead to a career they should pay for it themselves.
It's really hard to get ahead when you struggle with learning. I have a learning disability and have always had a difficult time with learning and understanding things. People think that you are lazy but they don't understand. Higher education has not really ever been an option for me.
There's a lot of trades that are not exactly easy, but don't require years of learning and can absolutely be learned by someone with a learning disability. If you don't have any marketable skills and don't have at least a trade, it'd be hard to get out of low paying jobs.
Start Investing money now, there are people who watched their siblings burn money in higher degrees, while they had a pool of money to get by with and put more money in stocks
This is not just way too simple a view, it really misses the point completely and is aligned with an out of date view of the world. Tony Blair when he said that he wanted 50% of secondary pupils to go to university fired the starting gun for a massive expansion of the university sector and totally ignored the basic rule of the "Law of Supply and Demand" the consequence of which is that society is even more divided between those with a degree and those who never went to "Uni". The problem is that even for those who went to university, as there are now too many people with degrees, it becomes mandatory to have one even to get a job flipping burgers, it was always the wrong 'solution' back then, it still is now. What has long been required is decent technical/vocational learning combined with personal development of every individual so that they become aware of their value as people. Having half a population with a fairly worthless degree will not produce jobs except for academics, let alone wealth and life enhancing chances because the majority of fresh out of uni people are economically useless and will just get exploited by being paid lower wages than an equivalent job would have paid 30 years ago.
It must be twenty years ago that I read this on a graduate job blog, " Has anybody else noticed that most of the graduate recruiters no longer tell you how many applications they get for their graduate training schemes?"
Well my class on resumes and cover letters was 32 years ago. I'm busy! I worked 56 hours last week and I'm a landlord and mother. Be grateful for your mother, she was supporting you instead of bettering herself.
As a migrant that grew up in Australia, I see this as a major issue. As an educator I see a huge difference between private and public high school students. The public school students are way behind in problem solving and language skills.
Agree with everything except one thing. Removing the SAT. This is giving equality but not opportunity. The solution is to make available ALL the material to study for the SAT, not remove it from the admissions. Your following stories even backed what I am saying. Fix the source of the problem not cut off the end. It's like saying since 30% of people can't afford cars no one should have one. There are students who are incredibly bright but have disabilities that hinder their grades. Their only way for others to see how intelligent and gifted they are is a standardized test for college admissions. I knew a person like this. 165 I.Q. grew up in a poor environment, father then died, brother then died. He never finished high school. But he did take his SAT and scored off the chart. The prestigious college gave him an opportunity. The rest though is spot on. It upsets me when people say "just pick yourself up". I have to explain to them their lives, their upper middle class family, their lack of neurological disorders, their reasonably high I.Q. That's winning a lottery. Growing up in a poor environment, not getting stimulation, not getting opportunity to exercise your brain is a life killer. I know from personal experience. My intelligence qualified me for advanced courses. I barely passed high school taking classes that were lower than my grade. My parents were clueless to my school work. I highly suspect I had ADD. The school didn't care even though every year my standardized test scores were in the 95+ for math. Luckily I got out of my mess later in life and became successful. People in this position, kids especially, don't know what they don't know or how to find it.
There are a lot of studies that show little connection between SAT scores and college success. Grades often reflect some level of effort e.g. completing assignments that is needed in college, and the SAT does not. Bright students who ace the SAT but had poor grades in HS are likely to have poor grades in college too.
I agree. I also have ADHD. I had horrible grades in high school probably because of my ADHD. Now as an adult, I get straight A's in college. Going off of high school grades would have meant that I wouldn't qualify for college.
8:49 “it helps that the school only takes the very brightest” How can you admit this and then go on to say that it’s making a difference. It really doesn’t count if you focus your efforts on those who, relatively speaking, need the least help. You’re in the kingdom of the blind recruiting one eyed men and turning around looking for accolades because all your students have such great vision.
I agree. I'm in two minds, a college like this allows exceptional kids from low backgrounds better chances. But it still perpetuates the issue that if you're poor, you have to be very smart. If you're rich, you only need to be mediocre to succeed.
Im from the lower class, my parents are from a third world society, and I come from a dysfunctional household. So I can relate to so much of what this guy was saying at 24:00 For me, I don't have parents that know how to teach me how to adult in a first world society. In fact, we have to learn by our selves and teach them things, or just do them due to the fact that English isn't their first language, they're not technologically literate and dont have the eduction we do. And I left school early, and worked my way back up through the systems. It makes life harder and disadvantages you for some of us. But I'm grateful for the opertunities I have/had.
I was born in Jamaica but I was definitely not apart of that Jamaica program. I was fortunate enough that my father got admitted to a university in California and we relocated. I attended a University of California (under a track & field scholarship) and I’m a young white collar worker, but my story is filled with many lucky breaks. The same has not happened to many (if any at all) of my fellow prep school friends from Jamaica.
As someone who studied at Uni and from a blue collar background the social capital is really an important thing, it’s what gets you into a company and giving little presentations about who you are and what your goals are, should’ve practiced at uni.
I went to university in the 1970s when only 12% of the population went to university. In my class I found the other students had dads with occupations like a pilot, architect, lecturer, dentist, business owner. I had problems making friends with them, maybe because my dad was a waiter. I did not seem to have much of an ego in comparison to them. One said I was a sub-person. They would talk about their family as if it were normal. I would never talk about my family which must have seemed odd. I did not have much of an ego because family were also negative towards me, they did not have a car so I was never driven anywhere, I did not have birthday parties or holidays, at school some friendships ended because I repeatedly went around their houses and their parents got fed up as my parents would not allow my friends to visit, etc. My parents never visited me at university and when I got married my parents had no interest in coming to my wedding. It is easy to say get poor kids into university. You may be sending them to a place where they will not fit in and will not be accepted.
so true .. i studied in brighton and things was like that. me .. a Cretan person from a very poor farmer family with no education ,,it was so weird to have all those people around me some of them super rich, with companies, with completely different mindset.. one really need skills to blend in.. it helped a lot that i was smart and super creative and i was "admired" from many people that got to know me . but man.. so difficult to blend in ...and so weird to get along with people with so different mentality ... i really feel you ..
@@amexen weeeell .. after army and after i quit drugs .. i found my life in crete and in grecce generally meaningless.. so i worked a bit.. i had some english lessons enough to pass TOIFEL exams, got 1000 euros and i applied in some universities, from wich i had been accepted in history of art at Manchester and EEEng in Brighhton.. i choose to go to Brighton.. at that point (2005) the tuition fees were being payed by european union for people like me that were poor.. so i flew at brighton and enrolled myself to brighton uni, and left with 400 euros in pocket,.. found a room, found job, worked hard, and at some point managed to finish and get a batchelor, i got some help from family during studies around 5000 euros, and i made it.. it was very hard for me .. i had to take a break before the last year, i got a job in back in Crete as an art director at a local newspaper, and went back to brighton were i could work from distance , i bought a cheap van and i was living at the university's parking in the van.. enrolled in the uni's gym for shower and was making the newspaper from a computer the librarians let me have in the library... was sureal.. but finaly i got the degree ... 15 years later... my life is still the same mess 😂 so.. there you go!!
@Liliya Amelina p.s. the most sad thing over this is that due to depression and generally the inability of my mind to stay focus, be resultful and progress in life, although im a very creative and maybe charismatic, for some, person, i actually couldn't capitalise on my studies. many times i feel that all that huuuuge effort i did, i finally maybe wasted it. i often feel somehow jealous of other people that are more simple minded and can have a stable mental state. but... thats life ..
Considering the dropping the SAT from college admissions because richer people can afford to buy more preparation courses or can simply afford to spend more time preparing because they do not have to work or babysit their siblings and so on: what kind of admission test will eradicate this bias? If you introduce any admission test for prestigious college there will be people capitalizing on the fact that people want to be accepted and start selling preparation courses and you are back where you started. You could simply measure IQ but that would be unfair as well because it would eliminate the drive and hard work from the process and it is becoming clear that IQ is imperfect measure if inteligence. So how do you really want to fix this?
It would likely be best to use a combination of assessments, and past accomplishments, as standardised testing allows fair assessment, however should not be used alone.
SAT is actually one of the fairest way to measure ones ability to go through college. Saying that you need expensive prep courses is not true. It is way more fair to judge based on SATs than ECs
@@Ichan251298 schools already use a combination of the sat/act and ones other life experiences. Wouldn’t change a thing since poor folks don’t have the opportunities for joining 4 different clubs to write about. What’s needed is less societal shame around going to community colleges and instead of eradicating tests because prep costs too much, just fund public test prep to near private prep quality
I don't know how it could be fixed, but in Brazil there is also a public contest that is too much elitist. In the recent years, it has managed to be more poor-friendly by lowering the amount of questions that could only be learned by a high society lifestyle (questions like which version of a specific play has been presented in a theater of New York in 2006, for instance). Yet, the contest still is very difficult. Since 2005, it has implemented an affirmative action in order to help black students to fund their studies. Every year, around twelve to fifteen black students that had made the test in the previous year earn around R$30.000,00 (U$5.389,58). Although beeing a huge amount of money, it almost never can finance the entire preparation, but it helps a lot. The problem is that to finance every people in poor conditions the government/institution should have a trillion budget. In my opinion, the principle for addressing the problem is to continue in this direction: giving the poor conditions to compete. The state should continue on its mission of distributing wealth so it can avoid the arise of a new aristocracy and help ordinary peolpe to achieve the bare minimum to live well.
We earn only 60k€ for family here in Åland/Finland, feeling pretty rich, dont need think about medical bills and lot of other expences. House paied off long time ago and zero debt.
What does that money buy you in your country? It's not the dollar or euro amount, it's the value. Protectionism makes it hard to export to many EU countries. Think VAT tax.
I really wish that videos like this would emphasize that relative income mobility is totally different from absolute income mobility. We really need to worry a LOT more about the latter than the former because it is theoretically possible for everyone to increase in absolute income mobility but if we increase relative income mobility that means that we not only will see more people doing better but we must, BY DEFINITION, also have more people doing worse. That is because relative income mobility is simply about relative ranking, while absolute income mobility is about actual wealth.
Many Millennials have paid tens of thousands of dollars in tuition, in the form of students loans to get degrees in art, literature, sociology, history, poli sci, psychology, philosophy --- but end up doing odd jobs. Now many have moved back with mom and dad, who own their own homes and work in industry as engineers, technicians, skilled trades that they first learned at community college and vocation-technical schools.
They didn't do their research. They listened to teachers or parents saying that ANY degree is important. Horrible advice. Fluff degrees are often a waste of time and money. The market determines what has value, not dreamy idealists.
We should not let the market say what is,valuable..... saying buying making consuming valuable has gotten us into a global mess. A world without music, philosophy, story telling, historical rememberances is a very bleak one. + + BAD to quote BB...
I feel like in Canada it's pretty common to move in either direction on the income ladder. My dads parents were upper middle class, he slid to working class, I grew up working class and moved back up to upper middle class by my mid-late 20s. Paid off my student loans in 6 years, got lots of government grants to help me out
Lol… Canada is a socialist state.. there’s not much margin to begin with… It’s easy to go from working class upper middle .. but equally easy to slid back down
i lost everything at 19 years old (was kicked out of the house). Things worked out, but it took me 20 years to get back to feeling "comfortable" again.
@@melindavalerialendvai3609 - Put it this way, those close to me, say "write a book". I often joke in a serious way, "my life could be a Neflix doc." A very long story short. The hardest part of my life started when my mom passed at 17 yrs. old. After that, at 18ish or so, I met a girl in high school and 9 months later, after graduating, she was my "stepsister", but technically not, because it was my stepfather who raised me since I was 3. He married my, of course by now, ex's mom. That's just the middle of my "dramatic" issues I had to cope with. It was a psychological warfare in my mind for yrs. But today, with the world as it is, I am a small tiny seed of an issue. Much worse is happening to ppl as we speak. 🥴 edit: thank you for asking , btw🙏☺️
That school for elite kids from disadvantaged background, is still “elite”. No difference than wealthy family sending kids to Eton. No one wants to start a school to help average kids; kids with average intelligence and middle of the road drive.
Yeah had to have a laugh at that 😂 So dumb, you are not making much of a difference if the kids are at an advantage to get into better schools if they have amazing grades
Yes. We call them magnet schools in the USA, they are even more selective than private schools. At least with private schools you just need money. Some US magnet schools even interview the parents to determine eligibility.
There is a population of intelligent children that come from poor families. Intelligent individuals progress entire societies. To remain competitive at a global level the brightest individuals must be given opportunity regardless of being born poor. Innovations in science and technology shape our world. Giving intelligent yet poor children the same opportunities to higher education as the intelligent and rich or average and rich, is a positive incentive to poor communities. Education is the way out of poverty.
The reason is there was so much more opportunities for our parents, well depending on the country your from!! My dad and their generation was given free apprenticeships, scholarship were more readily available but their economies were also so much better, money was worth more and could stretch further!! Everything is so much different today than back then, I can't afford to buy a house, can't think when my children grow up how they are going to struggle!!
Capital returns will always beat labor income. As long as it is possible to stay rich without any effort just because you were born rich and simply from capital ownership - chances are determiniert to get worse. The cake is already distributed. Climate change will force us to limit to what we already have. So the time of growth is over for the next decades. I think this will lead to massive generation conflicts. Our economic system is not made for this scenario.
America has a lot of mom and pop landlords. Robinhood made trading available to everyone. I think capital income is the way of the future. It's not just got people born into wealth. I work overtime in manufacturing and invest as much as possible. More people need to get onboard with investing. We have too many people buying Starbucks coffee while only working a 40 hour week. That's the real unsustainable trend in America!
There is a particular problem in English speaking countries due to the elitist private school and university system. In Germany we don’t have this private schooling tradition and hence opportunities are more equally available. I think it is perfectly possible in Germany to graduate from university even coming from a very low income background. University is for free and there is enormous support for low income students with student housing, allocations and all sorts of pay outs. What I see more as the “issue” is that the general level of education has significantly risen in society since our parents started their careers. It is absolutely nothing special anymore to hold a university degree no matter in what discipline. There is also international competition from lower income countries for a variety for previously high paying jobs. You can contract a marketing agency or IT developers abroad paying a small percentage of what you’d pay to a German specialist. That’s the price you pay for globalization. In my job the rate of international hires from lower paying countries is 50%. So yes, it is more difficult to attain a certain lifestyle despite degrees and work experience. There is too much international competition and too little value in degrees as roughly 50% of children finish school today with the possibility to access university. This used to be rare only 30 years ago. But on the other hand, the overall quality of life has improved for most people. Life of a low income family today is way better than 50 years ago which is also due to the enormous taxation of better salaries and redistribution of money. The best example of this phenomenon is our housing situation: we live in a two bedroom house which used to be a social house. It’s 50% of my income in rent and charges! Our neighbors receive the same house from the social services. If well paid professionals can only afford a lifestyle that is considered normal even for people on government support, then there is definitely something wrong.
The problem is not just about education, but also about the jobs in the market. The World today is addicted to cheap labour from developing countries and outsourcing. If all these are stopped, the salary for blue collar jobs will climb significantly. Education is important, but it is more important to have people filling every sector of employment required for societies to operate, and pay them decently.
Unfortunately this will simply lead to increase in prices of goods, making it even more unaffordable. Developed countries need to educate their workforce for advanced industries not blue collar jobs.
The ultra rich who manage the engines of developed economies have been obsessed with cheap labour and outsourcing that’s the main culprit to lack of mobility. All the blue collar jobs were outsourced to India and China. That was a massive wealth transfer from west to east. The economist conveniently doesn’t address this as it probably doesn’t sit right with their utopian globalisation economic model they have pushed for over 20years.
@@majnushetty5583 "more manufacturing jobs are lost to automation than outsourcing, and that trend would continue everywhere" That may be, but the real problem with having a significant part of the supply chain for things we depend on in an authoritarian country with imperialist ambitions is that when China starts to try to conquer other nations then the full idiocy of ever boosting their economy with lavish trade deals in the first place will be revealed. And China is foreshadowing the conquest of Taiwan and other nations practically daily at this point, making threatening moves that are disturbing to say the least. So it will come as no surprise if they actually go into full tilt imperialist warmonger mode.
Yes and no. If its not outsourced the end product would be more costly no?. More wages .. more costly items isnt it? And actually there are more stem graduates in india too which is why its happening so often.
I live in Ukraine. Although the Gini index shows that in our country inequality is small, in fact, it considers it all only by official income, and in our country a very large amount of GDP is in the shadows. For example, if you go to Kyiv or any other regional center with a population of 300k+ you will not notice that you are in Europe's country with the lowest GDP per capita. Medium and premium class cars, fancy new buildings, clothes on people, every second child has a new iPhone - all this will show you that you are at least in the Czech Republic or East Germany. But once you get outside the city, you are in the real Africa. People are quite poor, living mainly from selling what they have grown in their vegetable garden. But wherever you are, in our country there is one single, clean, and legal way to move relatively quickly into a different social class - the IT industry. I have plenty of examples of people from poor families and villages becoming IT specialists and buying nice cars and apartments in a few years. This is also, by the way, an example of how we instead of taking away jobs in the US, only not in a factory (as China does), but in an office. Almost all customers of outsourcing services in Ukraine are in Western Europe and the USA. It is more profitable for them to pay a Ukrainian 36 thousand a year than an American 120 - 150 thousand (salary of a middle specialist) for the same level and volume of work. At the same time, the salary of 36 thousand in Ukraine is a middle+ level (even before the war)
Of course it was easier to get ahead in the post-war era. There was a shortage of labour for obvious reasons, and plenty of work needed to be done in areas such as housing. Grammar schools gave greater opportunities for social mobility than had previously been the case. Furthermore, economic circumstances were favourable. However, from about 1973 onwards, economic circumstances became less favourable. The irony is that, at the same time that access to higher education increased, many youngsters have been sold down the river, ending up with considerable debt and with degrees of limited value in the marketplace to boot. Then, the relaxation of credit controls in the early 1980s started a trend in house prices which has priced most under 35s out of the housing market. Total madness!
It's a real struggle cause housing is like a billion % more expensive than it was 50 years ago. Work full time on just above mind wage, technically able to afford to rent a place but you have to choose between just living Vs saving for the future
The Problem is also that even with higher education and better paying jobs, we still dont actually earn more because of inflation and price increases. I can be an engineer and still have the same living standard as my dad who is a factory worker .
Ending the SAT is not a great way to increase social mobility. Kids will wind up going to schools they are not academically prepared for and will wind up not graduating, but with loads of debt. In the US there are community colleges that are quite affordable. You can build your skills in community college and then apply to a better 4 year uni than you would have been able to achieve straight out of highschool and graduate with less debt.
Forget college. You can learn everything you need directly using libraries and internet. There are very few college courses that you will actually need to make money, you just don't know this until you've paid $80k or whatever for 4 years and a piece of paper. Whereas if you start your business immediately and then educate yourself as you go not only will you have more practical knowledge but you will potentially pay nothing for it.
The SAT has been proven that it doesn't measure ability it measures resources and wealth. Too many wealthy students are able to pay someone else to take the exam for them (the university scandal for example). It happens often. Stop glorifying rich people who often aren't very competent themselves, just rich and overly confident
So blacks want SAT abolished because they cannot compete with Asian students, yet they do nothing about the lack of Asian players in the NBA where black players account for more than 80%. Hypocrisy at its finest.
This is interesting. I grew up in a great place, but I have learning disabilities and chronic illness, and wondering if me taking longer to do a degree will affect me, and if I'll face challenges in finding a job that doesn't just ignore me due to my challenges. It make interviews very difficult, so even though I can write decent cover letters, sometimes that's not always enough to get me past the interview stage when they see my memory and social challenges. But the hardest is the "3 years full time work experience required" part of most jobs, when I've been in school my whole life and didn't have an opportunity to get experience other than classwork and volunteer projects which often don't count.
@@guilhermefreire8093 are you an idiot? Its everything to do with the video just on a personal scale, the video talks about people needing degrees to move up in life and here they are saying they will struggle to get one. The video talks about the hidden benefits of having a social network of friends and people you can call upon to help you and they talk about have social challenges and there for prob lack that ability connect and network and so dont have the contacts to help them in those subtle ways, the end of the video showed people setting up clubs to give support to other likes them, lacking those soft skills and contacts to people with them!
To start of with, getting people to achieve higher education to go to university, shouldn't be the main goal to improve financial wealth. For me for example, I'm autistic and dyslexic. I went to a special needs school after being in a mainstream school, and I still struggled with the education system. So, you would have people like me who are unable or not interested in higher education. The other point is, we should be trying to improve wages and working conditions for low paying jobs.
The more people you have in a country the less valued you Are the inner circle is stronger than ever those who signed up to the to the European treaties know this with their soft power
@@stephenconway2468 hi my opinion about Scotland is everything needs to be done through the ballot box and you need to check with A fine comb what you will be given in return for your opinion the mastrict treaty's brought in zero hour contacts to the workers of the European workers while protecting the MEPS RIGHTS OF WORK MEANING THE BENEFITS REMAINED THE SAME FOR THE FEW . I HOPE SCOTLAND WILL MOVE FORWARD AND MAKE THE RIGHT DECISION FOR THE MASSES , AND NOT THE FEW
@@dennisatkins9666 So regarding Scotland and their vote in the late 1970's where more than 50% wanted to leave the UK... we should have respected that? I ask because there is an amazing ability being shown by some to twist history. For example, people forget it was France that basically should be called the winners of WWI. It was Russia or China for WWII.
@@dennisatkins9666 " the mastrict treaty's brought in zero hour contacts " - that is not quite correct. It sought to remove such practices, but the UK pushed for changes which allowed the UK to ignore such restrictions. Zero-hours were there before Maastricht.
Hey - maybe we should all stop obsessing over how many pieces of paper we can acquire, and start obsessing over how we can build a society which values the sanctity of human life by sharing all the resources our planet has to offer? Why is it always a competition for resources? We are all equal, which means we all deserve an equal share. The problem most of us have is that the few in power are highly motivated to perpetuate this myth that it's okay for one person to hoard enough resources to build themselves ships to outer space without batting an eye while there is a *single* person on the planet who does not even have adequate, permanent shelter. A lot of human beings are dying of starvation and dehydration while other people are buying an old rug for $8 million. We could all have everything we ever wanted or needed if we would just walk away from the hoarders and their BS ideas.
I'm not sure what this obsession is with "elite" universities. Of the top 20 richest people in the US, only 4 went to Harvard or Princeton, a number dropped out, most went to state universities. In addition, some states have a robust, low cost alternative to expensive universities - community colleges. In fact, most state schools would rather you take your first two years elsewhere and transfer in as a junior.
The hard truth is that going to a T20 is pretty defining of your future, and at 17 most people don't have enough resources to figure this out. So their success is basically shaped from their parents success
It's really not about the better schools having better quality education but the prestige attached to the big name school. School has never been about education.
Also, most employers don't really care where you started - they care where you graduated from. So if it takes you 2 years or 6 to get a degree, employers don't care and probably won't notice. That's also something that nobody talks about, it's more of a cultural pressure. Same with getting your degree in 4 years with full debt versus 5 with less debt because you got a job.
So of the top 20 richest people, 20% of them went to Harvard or Princeton. That's a percentage several orders of magnitude greater than for the overall population.
@@blakejohnson3864 No.. being rich makes you daring and innovative. You have absolutely nothing to lose.. why wouldn't you go for crazy ideas. Most people just don't have that luxury.
For many who grew up in poor neighbourhoods, their dream is to leave then never come back. Kudos to those who decide to come back, and make a difference.
People need to understand that the real reason younger generations are poorer. Is that your parents are far more resourceful and far more driven. Back when I was growing up people knew the value of hardwork and perseverance. All the other reason are just excuses and the democrats usual propaganda.
@@Kage-jk4pj not a dem here but you feel that way about third world poverty too?
@@Chamelionroses third world poverty is wayy different. the poor has no access to student loans or social aid. even if you are smart and industrious, the burden of basic needs are overwhelming (e.g. you need to work 3 hours every day to feed 1 person).
so yes in the eyes of third-worlders, poor people in rich countries are largely lazy and make too many excuses....with exception of those with disabilities ofc.
@@Kage-jk4pj Keep telling yourself that lol
@@Kage-jk4pj No, it is Democrats telling people that hard work leads to success. Conservatives are the ones tell people are nonsense about IQ or how some people are inherently doomed to fail and a waste of space.
As a graduate student in robotics and AI coming from a low income, single-parent household, this really hits home! The issue isn't that young people aren't willing to climb the ladder, it's that the ladder has become longer and longer.
What do you mean by the "Ladder is longer"? I presume the SAT, especially in mathematics, is getting easier over the years.
Longer and more slippery.
Overpopulation is no joke
And they become more crowded since older generation selfishness and persistence, also rivalry from same generation are making it get worst.
@@salmonoven overpopulation isn't stopping us at all. You sound like a Malthusian. It's a lack of investment and capital, and what is close to a period of stagnation (at least in the UK) that is making it harder and harder.
My grandparents only studied the primary school, got lower skilled-paid jobs (even grandma used to work full time), BUT still could afford to buy a house, in a very poor neighbourhood, still they owned a 3-bedroom house. Nowadays, a Ph.D. cannot afford even that! This tells you something.....
Lol I have a master degree and I bought a 3 bedroom house with swimming pool easily. I learned English at 17 years old. Oh yeah and I taught my mom how to drive and found her a job.
@@xuxiaotian All that, and you're STILL so insecure you can't help but brag desperately to feel validated in youtube comments
@@xuxiaotian how did u manage to get such a great job?
@@alicebatchelor7267 by choosing stem majors and spending all time on getting better at everything..
@@xuxiaotian Hope your paid attention during probability theory you can probably gets yourself into banking and finance as a big capitalist gambler.
The only problem with this video is no mention of Student Debt, and how that may still make it difficult for middle and lower class people to achieve upward mobility, even with a college eduction.
Debt is irrelevant to making higher income or making income. Debt is a different topic. Shouldn't stop anyone from getting any jobs. If you have a degree you're supposed to get a higher income job.
@@kauigirl808 Are you?? The ROI of post-secondary education has always been about scarcity. Degrees used to lead to that higher income job because they were scarce. Take generations where 60-70% of the members have degrees or some post-secondary experience and they suddenly don't matter anymore.
Eliminating debt just increases the rate of credential inflation.
I think it just goes to show that there are so many factors and problems with social mobility that a 25 min video is hardly enough time to cover it all, though I think this video did a great job covering a broad range of it
@@BTrain-is8ch Agree. For many degree fields, there's become an over-saturation of candidates, so employers don't have to offer as much because they have more people to pick from. For example, a few years ago, IT was the big up-and-coming and higher paying degree area. Now, there's a lot of people with IT education, so the jobs don't have to pay as much as they did. It's supply and demand - the more people with a particular education, the less employers have to try. There's also a much larger portion of the population that has a degree because of financing options. Previously, students more or less had to pay for it in cash (although it was much more affordable).
Even if you do graduate and get a higher paying job, it's not like you necessarily go from $7.25/hr at McDs to $50k a year. It's 1.) often a much lower pay bracket, like closer to $30k, and 2.) you're paying off debt, which prevents you from doing things that create wealth and therefore upward mobility, such as investing or buying property. It could also prevent you from going back to school if you wanted to pursue something like a doctorate, which could also lead to higher pay.
It isn't that hard to pick a degree that has a field in science or medicine...dont pick art or any kind of social degrees...they are trash and wont get you anywhere.
My dad was a high school dropout and got a factory job with a starting wage of $2.85/hr(1961), which is about $5,700/yr. indexing this for inflation, that is approximately $52,000/yr in today’s dollars. When you take into consideration a significantly lower income tax rate and little to no sales taxes, the net or discretionary income is relatively greater than today. Our first home was $5,000 (less than one year’s wage) and was paid off in 15 years. My dad while working at the same plant bought a cottage for $28,000 after the house was mortgage free. Could you imagine what our world would look like if someone right out of high school and with no student debt could make $52K? That would just give us income parity. If your average house cost $52K as well, that would give us wealth parity. These are just my observations and not a documentary…I don’t think I’m the only one who noticed this.
I think the answer is obvious: machines.
Machines are more efficient than humans. Machines are owned by capitalists. Therefore a larger fraction of efficiency and productivity is controlled by capital not by labor. Globalization and free trade also fuels this. The future will look like the movie Idiocracy, the entire world will feel like Detroit. Large numbers of people with no prospects and nothing to do but gamble, party, stimulate themselves, and rot away.
that time will never ever come back, university and any school is a joke due to globalism, now so called high paying jobs can be automated or outsourced to a low wage country, if your salary is above 80k companies will rather automate or us ai to do your job because it is cheaper also a computer aided low educated person is cheaper to take over a high educated job this is the future, computer aided low schooled low paid outsourced employees and the ultimate move is full ai or robot employees.
According to government CPI data $5,700 in 1961 is around $53,000 in 2021. Anyway...
What did your father do in that factory? You're comparing a factory worker of the sixties to a low/no skill worker today and assuming they are equivalent. Your father likely had to learn a trade. That's not really comparable to low/no skill workers of today.
@@BTrain-is8ch Everything was cheaper too. Education...housing...and healthcare all increased faster than CPI.
@@Etaoinshrdlu69 Why did they? It couldn't have anything to do with the government flooding the education market with financing? It couldn't have anything to do with decades of historically low mortgage rates could it? It couldn't have anything to do with increasing government involvement in the sector that costs additional money could it?
All three of the spaces you mentioned have one giant commonality. The federal government has intervened in all of them, massively, and that has come with additional cost for consumers. Give people easy access to money and things become more expensive. It's not rocket science.
Life was so easy decades ago. It feels like society is going backwards. My parents bought a house with 4 years' worth of salary. Today that's 40 years in the same area. Mind boggling.
@UNDERDOG11 to 20 You do realize that this is when his grandparents were children, not when his parents were buying homes..... they werent even born at that point
@UNDERDOG11 to 20 Gen Z parents were not born during the great depression
Not at all. Those days Nothing was free. So people worked hard and got it.
delusional@@sundarnarayanan3511
@@sundarnarayanan3511You’re delusional
Cost of living has outpaced wages. Now with inflation, it's getting worse. Corporations need to be incentivized to pay higher wages.
They did because they can't find workers so they have had to pay them more. The labor shortage and thereby higher wages are what's fueling inflation.
@@SuperCOCOPANDA no under pay is causing inflation. This is a supply-sidw workforce shortage. That means tankers, truckers, and other labour's want a better wage for covid-19 conditions and companies don't want to pay. It's a decision
@@andysawyer647 companies do not want to pay for anything health care ( many workers that get workmans comp they rather get rid of among any others as risk), and to clean up costly things that give no return ( such as pollution). Of course and I do not think if minimum wage goes up there is ever going to be equal anything anyhow world wide that is unrealistic. As human population grows and wars there will be inflation. It is just going to happen off and on.
Nature is not kind and it is indifferent to what humans considered ever equal or equal opportunity hard work or not. Not a naturalistic fallacy but just saying things are what they are.
That’s communism! It is pure evil, can’t be done!
I think the biggest thing for many people is that their job hasn't changed much in the last 50 years.
This means their productivity hasn't increased, so they aren't making more.
I think it's all these jobs that haven't changed that much (cashier, bar tender, mechanic, truck driver, waitress, yoga instructor, kindergarten teacher)
Unfortunately going to university has not catapulted young people into wealth and social mobility because jobs that are well paying are hard to come by.
also debt
University is a joke.
Yes the beneficiary is the faculty.
@@Cortesevasive Coming from the uneducated?
@@osmomosis9216 nowadays you can educate yourself faster than any time before
Sometimes I feel that the system is literally designed in a way to push and make wealthy ppl more successful
It is.
The numbers are clear and wealth inequality figures are very tangible.
The sad thing is that the only way to equalise this gap is for a catastrophic event to occur such as civil war or a recession so extreme that it makes the Great Depression look like a hiccup.
@@KazeHorse Well aren't we about to head into a recession worse than the 2008 one??
Yes. Successful people also yech their kids to be successful. It's logical that wealthy get only wealthier. Poor people teach their kids how to be poor, by example. The system favours hard workers with a winning mindset, which is rare in our lazy dumb society. Start building wealth, stop complaining.
Actually, you could just go back to the steeply progressive income tax rates that existed in the 60s and 70s. They made it impossible to accumulate the vast amount of wealth required to begin taking over the levers of power, which are then used to change laws to favor accumulating even more wealth. I know it doesn’t seem fair to take so much of what someone has earned, but it’s a matter of self protection for everyone else. We are currently on our way to becoming a ruling class and peasants. I’ve often wondered if even the mega wealthy yearn for the kind of country that we used to be-one that didn’t have so many desperately poor people.
@mikesamovarov4054 half agree but people like yourself are still missing the point. Wealth is not a zero sum game but that does not mean that the game can't be harder for certain people. The numbers never lie.
As someone who did move up the income ladder and overcome abuse and neglect, I can say it is incredibly hard. Especially when you think about a child being surrounded by these experiences. And even "overcoming" doesn't erase the damage that was caused that will forever be with me and still affects my choices despite years of therapy.
If there is a will there is a way, you are not a product of your abuse and you dont have to be a prisoner of your own past. You can overcome it, it takes time and diligence,.
Yoooo is that twin tower??!
@@ridunnafuz8952 It's the towers in Malaysia
Maybe you overlook the upshot??
@@OpiumBride
What methods did you use?
I'm from Slovenia, which has the lowest income inequality in the world (according to Gini coefficient). And I must say that we don't really have problems like the ones described in this video. I think the main reason is that even university education is free, and equally accessible to all. And we also don't have such differences between neighborhoods, even in the "working class" ones there is no crime or social mobility problem.
wow it s cool
It is a smaller country with a lower population, low birth rates, higher older population which means there are more jobs available and less competition. These are the main factors of low income inequality. Less people, less income inequality. More people, greater income inequality.
@@jacqueslee2592 That's not exactly true. Germany has a lot of people, and yet it has lower inequality than the USA. It's also about politics
Your country has a traditional culture which the vast majority of it's citizens adhere to. America has pop culture that is fueled and which fuels a hyper capitalized market society, which educates people to value and be incentivized by poor behavior (financial irresponsibility).
Slovenia it’s a small country, with a highly educated population, with a low birth rate. It’s also very homogeneous, A lot of the political, cultural, and ethnic conflict or nonexistent. A lot of problems that places like the UK, US, China, and India that have a diverse population with a higher birth rate among less educated will inflict more political pressure on society.
As important as education is, the pandemic has taught us how valable people in the service industry are to our society and yet, they are extremely underpaid and in short supply. If we valued people for what they contribute to society and not just their degree, we might find more people willing to take care of our children, as well as the sick and elderly, instead of having all of us chase after the same accounting firms and engeneering jobs.
This. Fully agree. Diplomas from degrees also don't always equal to knowledge if the person that graduates does not have certain life skills or know how to employ the knowledge, or even has basic empathy. Many are in certain fields and lack these.
Actually, pandemic exposes how useless minimum wage workers are, and not deserving of such wage. AI will be replacing all of them very soon. I don't feel sorry for these entitled lazy folks with poor life attitude.
I agree.
Engineering jobs are actually not highly-paid jobs, at least in US... An electrical engineer with a PhD ( 5-7 years of post-bachelor education) would be pretty happy to expect a job with $100K-120 annual salary. Considering the post-bachelor education (physician -- 4 years of medical school, lawyer -- 3 years of law school), engineering is probably one of the worst-paid jobs.
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I grew up in a trailer park. Schools were minimal standard. But when I finished high school in California in the 70’s, Community colleges were free and the California state university system was almost free. I got a degree in electrical engineering. Now I am retired. But I will always be grateful to the people of California for creating opportunity.
Interesting. Steve Jobs dropped out of college in California during that same period because he couldn’t afford tuition.
Ronald Reagan got rid of Free College in California.
That was 70s, sadly not today.
@@NinjaMaster1 That's not true at all?? he said himself he just didnt know what he wanted to do in college and didnt want to waste his parents money anymore
I went to community college in California in the 90’s. It was 6$ a credit I was able to pay for school in cash with no debt making I think 13-14 an hour. I had zero support from family. It really helped me get ahead in life. Thanks California!
As a Millennial, I wish people would consider the demographic factors that are holding this generation down, as described in this video, instead of defaulting to calling us “lazy” and “entitled” for not being able to buy a house at the same age our parents did. That’s fundamental attribution error at work (blaming the person, not the circumstances).
Well said.
The media's job is to blame the individual, they are owned by corporations causing this issue and don't want to be held responsible for their actions.
@redx anime pfp = opinion invalid
@redx russian bot=opinion invalid
You see that is the fact. But there's another fact. In those generations, kids died more growing up. On average people starved more. Human rights, justice often shadowed by competition. Lifespan shorter at around 50. As of current, we see only the survivors who've lived through this and yes they have enjoyed higher growth (ie house ownership). But the cost was not light when you take out the survivorship bias to account for the circumstances and not the person.
I’ll give you my personal experience. Ive been working for the same company for 27 years. When I got hired a machine operator in the company made $18 per hr. Today 27 years later machine operators of the same machine make $16. We make way less money nowadays.
@@phantomvox I don’t know if you were in a union back then, but even companies without union employees knew they had to compete with union pay packages at other companies.
and houses have only gone up 🥲
I have a bachelor's degree. Eight years later I'm a "team member" at Arby's. I'm 35 and live with my parents. A degree did nothing but give money to the university and put me in debt. So let's not perpetuate the myth that college leads to success.
im sorry to hear. Its called opportunity cost. while u waste time in school, thats inflation + debt working against you to keep you a lower class. You were better off without college and investing early. Inflation is what made the boomers rich. Their $10k homes are now worth $500k.
It does, but uni in America is a scam. Go to Argentina, Mexico Europe.
@official asiangirl same
What is your degree in?
@official asiangirl Only birds...not humans.
20 yrs ago it was “bachelor degree”. 10 yrs ago “STEM”. Now it’s “hard STEM Master’s preferred + certs + competition awards + side projects”.
In India its actually psychology major. I've studied advertising and work in consumer behaviour.
Tech is on decline.
Get a PhD in astrophysics with 25 years of experience and you'll live a great life.
@@LordCoeCoe how to make a living on staring at the stars?))
I finished ENEE bachelor's in 2018, all my STEM friends are doing great out of school, and it wasn't a top school either and we did not have any certs except the basic FE exam. Not sure what you are talking about... except maybe in top companies like Google and Facebook...
(not sure why this comment is copy pasted above... so I am just gonna copy paste my answer again here)
Shuaib Hussain I’m sorry to hear your struggle. Im glad I got my foot in the door. Not sure if I can do that again if I was born 3 years late.
The need for what’s considered “low class” work isn’t going to go away no matter how much we seek to educate and “bring people up”. We need to reevaluate the way we value labor and end the hierarchy completely.
People are greedy and visionless in general. If today i hold on to my income only save save save stop spending on new iphones etc etc i will be contributing less to the said economy as well as business, this kind of mindset is even more of a problem amongst millionaires and billionaires. Who are holding more of their wealth so it is keep on concentrating at 1 place think of 100k families holding on to their wealth and so forth the chain continues. I inherited 2 houses from my father and 2 property land, i own them 😅 and i will earn even more by using said properties for rent. So from less then a millionaire today i will die probably being a multimillionaire and leave everything to my children's. few people like me lets say for the sake of example will have an advantage that many will never. But i can imagine somebody 10000 times more wealthy then me like truly if had the same mindset we as a society are doomed. I dont need to live in 10 mill doller home to say i made it. People in general will always be greedy. I'm gonna make sure I won't in my life act out that way. And i will try to spend as much as i could on items i previously wouldn't, but i wont make a difference in the economy 😅 as i said people will always be greedy and visionless to see the truth.
As someone wo is climbing up the ladder I can say that it is incredibly difficult journey. We need to run extra miles, work extra hours, and keep the heads up against discriminations, bullies, neglects, and many other things. Btw my case is in Indonesia. But we may share similar case
Yeah true, especially the dicriminations, bullies, and favoritism at workplace. Here in Indonesia isn't much different from other countries, it causes many of my juniors gen z (new workers) to drop out of company so fast it's concerning.
That's life, elon musk had to work so much he literally slept on the floor of the factory at times. People forget that to achieve success you need to put in some effort.
Could you please elaborate the discriminations, bullies, neglects, etc. in working environment in Indonesia?
In Indonesia,
On state own business you'll get discrimination depends on your religion(minority religion), are you native or descendant of chinese or arabs.
On private own business it depends on your boss. if your boss is chinese it tend to has favoritism towards chinese
the coporations just want more work from you for less money
Social mobility has many facets which are often underestimated. One of them which might sound strange is urban planning and architecture. Being trained as a city planner, I tend to be very sensitive to these issues. Most cities have a tendency to do segregated planning where the richest are kept as far away from the poorest as possible. In reality, the best planning involves diversity of incomes and housing types so that the richest inspire the poorest through daily close contact. The neighborhoods and buildings that are planned in such a way tend to have a much lower crime rate (which in terms reduces the policing costs) and offer more opportunity to the people.
Interesting...Which cities would you say have the least inequality?
my brother is an architect, and as a mixed race person he notices even more things that white architects do not . and when brought up, it takes hard work to get white architects to "relax" and listen because if they hear just the word structural discrimination their guard is up . i visited so many neighborhoods with my brother and he could pin point which ones were built just to house bodies but there is no library nearby and then just a play area. benches were built in a way that make it impossible for people to rest up for 10 mn on those. its a part of the whole hostile architecture. social class and deep seated racism are interwoven in it and it makes it super difficult to have access to social mobility. some of the council estates are built like a maze. Even the type of painting that's used to coat those houses has been revealed to be a cause of cancer. everything has to be cheaper to ensure poorer folk die .
very naive. The rich specifically pay more to stay as far away from the poor as possible lol.
Come to Singapore and see how the Public housing estate is designed
@@Jvksiew true. Many hate structure to help homeless if it is even close to where they live.
This fills me with a lot of mixed feelings. I'm from a low-income family, but my passion for higher education has never been money. It's been more about sustainability and improving quality of life through personal passions. I think this has informed me much of the impact money has on quality of life.
That's why many fails, they are chasing monetary goals, or mimicking others footsteps.
Or just tryna not get mad about the forced economic inequality were facing
It's a problem that people born with wealth don't often suffer consequences for failure.
Hubris, they get reward for those , even
Yes you are correct i have a friend who is doing that right now. went to school for 3 years became a district manager but now is joining the army to become an officer because I think he thought to himself that the corporate life was not for him. All throughout school he was literally given everything from his parents. At the end of the day he will choose who gets to fight in the wars while the poor will end up fighting them. sad reality
But I still give him respect because in a way he did work for it. But at the same time I can't help but to be a little jealous because he had amazingly supportive parents.
I don't know something is wrong with me but that's how I see it. Envy? Jealousy? I feel bad for having these thoughts. I don't know
additionally, they have this sort of guidance to success from their already well-off successful parents. while people born from poverty have to literally start from scratch.
Dude, they have more to loose than everyone of us.
@@craigarkensaw they risk less of their wealth proportionately, hire private tutors for as long as needed, retake exams infinitely to get qualified for high paying jobs, can have any injury or illness and not have it put themnin debt for life. There are no consequences for failure apart from maybe prestige.
He left a 6 figure salary and rejoined a new role with a 6 figure managerial role.
So true.
Lollll my first thought 😂😂😂
In addition the school admits only the smartest students which already have the highest possibility of success regardless if they attended an average school. They doing that Ivy league schools things 😆. Why don't average and lower performing students have those opportunities since they are in theory less likely to earn more 🤔. I see its just a very profitable business rather not to 🤔.
the implication is that he took a pay cut to do something he wanted to do... not sure where you are finding the contrary on this
Lol
My Grandfather finished school at 14, fought in WW2, worked as a Greengrocer and owned his own home filled with furniture and modern electronic goods in the 80's and 90's.
My mother got A levels and worked in lower management in the civil service for 30 years. She could only get on the housing ladder because of 'right to buy'.
I have an honours degree in Physics and work as a college lecturer. I will likely never own my own home.
Progress?
The irony. No progress. If you had lived in that era, a physics degree would have gotten you a high paying industrial job and you would have lived in a mansion. Now, it has been devalued due to oversaturation and that universities are no longer Americans but are Chinese universities and research institutions for the CCP.
Many regions in America have a practice where school funding is directly tied to the property values in that neighborhood. This is a regressive school funding system that creates an educational system that reproduces the income inequality of the community. In contrast, where I live in Canada, our provinces use a pooled funding system. As a result, schools throughout a community have similar levels of funding, regardless of the wealth of the community. This system is the norm for developed nations outside of America. It is odd that the Economist cites this idea of actively moving people from areas of low to high opportunity, without reflecting on obvious solutions that can improve outcome inequality. Ensuring fair funding in K-12 schooling is just one of many obvious solutions.
In America if you live in a rich white neighborhood EVERYTHING is different.
They don't realize when these poor kids start misbehaving because they don't have anything...they'll be stealing from them 🤣🤣
I agree, vehemently.
This documentary ignores a bunch of systematic changes that the government could make...and also ignores the real cause of income disparity: even with productivity more than double than 60y ago, employers are paying less and less, regardless if the person has a diploma or not. It's propaganda...
I grew up in one of these neighborhoods. When I was in 6th grade we had a career day of sorts. They brought in three people: a man who taught us some basic Japanese, an FBI agent and someone from Merrill Lynch who taught us about the stock market. This was a public school, not a private school but it could not have been more different from the average public school experience. Tax dollars make a HUGE difference in the quality of your education if you grow up in the American suburbs.
And kids still come out of the Canadian school system dumb as a post and herded towards post-secondary school. It would be better for many young people to stop school at 16, enter the workforce right away and advance their education as they work - so many more opportunities to do that these days.
In the 90s my uncle got an entry-level job with a bachelors degree with one programming language (SQL), the same job I've seen requires a master degree and working knowledge of around 5 different lanauges.
You can get into programming with no degree. If you have a nice portfolio website and create some programs to show off. As a self taught web developer, I just ignored the "application requirements" and applied anyway. I still got interviews and job offers. 50% or more of job requirements are just a wishlist created by HR.
@@GuitarsRgood7 I did interviews. Job requirements are a wishlist, not a list of requirements. If you seem capable of learning, we would hire you even if you didn't write a a single line of code in the language we use. There are no perfect candidates and we know that.
It’s because today the technologies are more complex but much easier to learn.
So dumb, right! I demand less meritocracy and competition! I can't compete! lol
SQL is not a programming language
Nobody can suddenly become prosperous financially. Although they did the background work, we mostly see the ultimate product. Fear is a harmful factor that prevents us from making the courageous decisions we need to make in order to achieve our goals. You have to deal with things like inflation, the recession, Fed policies, and more. In just a few months, I was able to add $289k to my portfolio.
I think it's not always about fear, Sometimes realistic factors discourage people from reaching their goals in life. For instance, I've tried investing in the stock market several times but always got discouraged by fluctuations of stock value
@Brilliantrans I have no advisor whatsoever, and this recent decline, which I believe was brought on by inflation brought on by war, among many other causes, really hurt my portfolio. Who would you advise that I reach out to in situations like this?
@Brilliantrans Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
@@carssimplified2195 This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name “Christine Jane Mclean” and everything changed. in the first quarter of this year i made $420k and counting
@@Justinmeyer1000 This is the problem! Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name “Christine Jane Mclean” and everything changed. in the first quarter of this year i made $420k and counting
I think they are spot on with the obsession with credentials in the US. With the internet, you can learn an entire undergraduate degree and even graduate-level courses on your own. Yet no company will hire you if they see you didn't go to university, even if you've taught yourself to an even higher level than new grads. Even professional certifications, like the Chartered Financial Analyst (CFA) exam, require you to have a bachelor's degree.
Of course they require you to have a bachelors degree that’s how the industry artificially limits the supply so that they are more valuable.
It sounds like formal education will become devalued, then, if a person can teach themselves more on their own.
That because they see you as an indethinker. They need obedient workers that are debt slaves so they (the employer) has the power and not the employee
💯 correct. This has nothing to do with higher education per se but everything to do with filtering and screening. The system is designed to hire an idiot with a degree then someone intelligent with no degree.
Get together and start your own business
Although I do agree with most of what has been said in this video, and especially the importance of education, I do think that a crucial point has been missed. There has been no mention of the tuition prices in both US and UK universities, and how aggressively they have been growing. Even though a lot of universities provide loans, it usually slumps the graduates in life long debts. Countries where social mobility is higher, have all mostly free higher education, as well as health care and other social services. This has also been proven to boost social mobility and should have been highlighted in a video such as this one.
AMERICA is great
Totally agree, whilst in the UK the tuition fees are nothing in comparison to the states, I actually managed to pay my student loan (before fees climbed to 9K a year) and seriously appreciate the extra £200 quid every month, especially with cost of living.
I will encourage my daughter to study STEM subjects, do internships and voluntary work whilst in A-levels and get into an apprenticeship where you can get an education and work experience at the same time in an area that is highly valued/ paid.
My mom said she paid some tuition by working as a waitress. I told her I could pay for one textbook per semester working as a waitress. Older generations don’t understand how expensive college has become. They expect 18 years olds to know if it’s worth taking out a massive loan for.
I grew up in working class Britain. I moved to Canada and there is definitely a feeling of not being delegated to a specific class.
it's just a Facade, an illusion. if you only knew about the few "families" whose members in the last 2-3 generations didn't have to put in a days work their entire life thanks to cronyism and political connections without producing anything of real value.. it will blow your mind. all while you work your self to death for a miserable chump change pension which will barely cover your medical expenses
I grew up in a "rich" family at the time, still have lots of wealth, but am still supposed to act like "I know my place" ..
Well, I know my place, I just can't get there - You don't inherit employment and income
(you have to wait for someone to die and leave you something - Sh!tty trade off, regardless the sum of money: can't buy life)
How's your French?
@@Pressplay_Media_EU ..not sure I agree that obtaining employment is about death. Growing economies need more labour. One has to apply oneself. The chances are fairer in Canada. I’m an immigrant and worked hard. I’m now in the top 5 percent of earners with a net worth of 2.5 million pounds. It wasn’t handed to me, but the path forwards was straight forward. Never felt this in the UK.
monarchies were outlawed in AMERICA
People say “the system is broken”… the unfortunate TRUTH is - “the system was DESIGNED this way”
A restaurant I worked at was bought up by a Jamaican couple, the husband was a former civil engineer, and he would insist on fixing everything himself, a real DIY guy, and I would help him take one some pretty crazy projects, they all turned out perfectly fine. But, I remember him saying to me once "where I am from, we had to make do with what we had, and my father always involved me..." even his family who was rather 'well off' down there was very hands on and thrifty, but it clearly had an impact on his life that hands on learning with visual stimulation is a vital thing for children.
On their own I meant
It is and I'm sad that I grew up completely devoid of it. In front of a screen as a kid, no tools, no garage etc.
I got glimpses of it working trades though and I now have a small side hobby for DIY home improvement.
It made me realize how important using that part of your brain is. Mechanical problem solving is another whole skill.
@@ivansoto9723 Perfect Supplement to this video here would
be the Worker-Struggle Coverage
of RUclipsrs 'Some More News' and 'Second Thought'.
Now with the recent economy, To get financial FREEDOM you have to be Making Money while you're asleep
People prefer to spend money on liabilities,Rather than investing in assets and be very profitable
@@wiebeplatt4749 You're so correct! Save, invest and spend for necessities and a few luxuries relatives to on's total assets ratio.
If you’ve got patience I believe it’s a great time to invest… I’m no expert but as Warren buffet said he’s seen this happen a number of times through out his life
@@Robertgriffinne I've known I had wanted to start investing for a few months but just haven't been brave enough to start due to the market so far this year. I have $60k i want to transfer into an S&S ISA but its hard to bite the bullet and do it. $457 is a huge milestone, Please whats your strategy? i will love to have an insight
@@PhilipMurray251 I began with a fiduciary portfolio-advisor by name "CORINNE CECILIA HEANEY . She’s verifiable and works ethics is in accordance with US investment act of 1940. Her approach is transparent allowing total ownership and control over my portfolio with fees very reasonable in comparison with my invstment-income . Also, She covers things like investment insurance, making sure retirement is well funded, Go over tax advantages , ways to have a volatility buffer for investment risk. many things like that.
If he didn't get into UCLA for grades he shouldn't feel duped. I dreamed of Yale but was a B student so went to a SUNY. There is no need to go to UCLA. You're paying for the "American college experience ". In Europe and Latin America you need to know your major ahead of time and there is no campus life like America. It's unneccessary. Brand doesn't matter as much as we think. Your degree matters.
UCLA is a cheap state college that is mostly focused on academics and has little of the "college experience". It is arguably one of the best schools if you are focused on academics.
Your period comes before the end-quote. That's why you didn't get into Yale or top schools. An accumulation of minor things you should've learned at the age of 13.
UCLA is a state college
@@AnahiAndJustin By definition, it's not. UCLA is part of the state research university group. cal state is a state university group. Main difference is research. state colleges in California are community colleges. That's your state college. Universities are composition of colleges into one (uni in the university). UCLA is a composition of many colleges with a research driven education.
@@wwlee5 that's fine. Didn't need Yale to end up a software engineer. I like being debt free. 😊
we make average salaries, live in a 1 bedroom apt and have for years, travel yearly and have zero debt....And we couldn't be happier! if you increase your income, maintain the same standard of living....then you will realize what it's like to live....Living is not owning...Living is experiencing what life has for you...imho
As a millennial I can honestly say inheriting the current economy in comparison to our parents is like getting the bill to pay for a party I never attended.
True but I would say there are pros and cons about living in the generation that we are in. If you could choose to live in the 60s and 70s would you?
@@james_giant_peachyes. At least, I could buy a house back then and not have to work 75 hours a week to barely scrape by.
perfectly put
@@user-longkeen I work two jobs.
I live in Toronto. 30 years ago I remember clearly everyone getting mad gas jumped up to $0.39 a litre. It’s now around $1.50. At least we had $2.00 Tuesday movies. $3 for a large drink and large popcorn. Now it’s $13.99 for the same combo plus $18 for a non 3D movie. My parents bought their detached house 165 by 165 feet lot for $80,000. It’s now $1.3million. Prices have risen in my lifetime without salaries rising in tandem. Who can save 25% down for a $1.3+ million house with student loans, likely a car loan, and rent + hydro. Rent and hydro have also risen. Now the worst part is calculating the rise of costs into their retirement savings. Say you think you need $100K to live 5 years after you are too old to work, you might find in 20 years from now you’ll actually need $200K.
I was there in 2008-2009 and it seemed like a bubble back then, especially with rents soaring. I visited two years ago (pre-Covid) and it seemed like a lot of the small, grungy places I knew had been pushed out by high commercial rent.
Every money laundering hotspot is like this.
@@hirondelle8734 😂 and let me remind you I have no idea who you are so why would I need to be reminded you’re 43 hahaha 🤣
I remember $2 Tuesdays!
I-N-F-L-A-T-I-O-N is the cause.
It is very encouraging that people are working for social mobility. Making efforts with empathy so that children from lower economical background can have a better life in future than their parents. ❤️
Sadly it is the private individuals working instead of the state working to fix it....
Everything is rigged and the democrats and the republicans are all in it to make it difficult for everyone. The dems act woke but the moment it means sacrificing their money or raising taxes, they wont go fir it at all
@@Pikkabuu Why would the executive committee of the ruling class want itself replaced?
40 now, and everything is paid for. Fortunately, I had a college economics teacher who taught me a lesson when I was 18 years old. That lesson was: you can't buy something else for every purchase you make. Having multiple sources of income is prudent, as is living within your means. I have a 13-year-old vehicle because it is all I need, I like it, and I can do whatever I want with it. My net worth is $4 million, and I can pay my bills without stress, but I don't live like I have that. I have no complaints.
Understanding personal finances and investing will most likely lead to greater financial independence. By being knowledgeable about money and investing, individuals can make informed decisions about how to save, spend, and invest their money. I know someone who made over $350k in this recession influenced market, but to the best of my knowledge, it was through a financial advisor.
in your dreams @stevensmiddlemass2072
Most 40 year olds have a minimum of 5 million and upwards.
Yep, the more you spend, the less you can afford to buy financial freedom. Well done.
@@M3ganwillslay assuming this is sarcasm? otherwise I'd love to see the statistic verifying this claim.
This documentary starts off well by identifying macro trends but all of the solutions are focused on individual progress - none of the cited solutions and programs that supposedly increase opportunity address structural and societal transformation. Having less money only makes one "impoverished" if a society and state systematically strips those with less money/power of their dignity.
Perfect Supplement to this video here would
be the Worker-Struggle Coverage
of RUclipsrs 'Some More News' and 'Second Thought'.
Exactly. It will sound cheesy to some, but until our poltics are informed by higher values like humanity and empathy......no solutions will take s holf in this world. That's because, to think hollistically, you actually have to care about the system REALLY helping people, not just as lip service.
The biggest boost parents can give their children for future success is to teach them to think long before they start school. Mastery of logic and critical thinking will help them in school from grade 1 onward to their careers. The problem is that in impoverished communities, parents don't care as much to prepare their kids closing the poverty vicious circle.
highly agree. Often it's the skill of decision making and planning that kids learn from their parents that lead them to future success.
Biggest boost that parents can give their children is to be married and stay together.
I agree, but I would not say that it is because parents do not care, it's just that they are too busy trying to survive and make ends meet
@@Richard_AKL literally
In Impoversihed communities people don't have the time and energy to do something they can't afford, how you gonna teach your kid something you can't get out of, and it will only be much worse by their adulthood
"America is one of the only countries in the world to have legacy admissions, were colleges can actively discriminate in favour of the children of alumni", disgusting.
That happens in many companies too.
I wish it was made illegal. It's unfortunately so common. Yet they want to yell about the handful of black and brown students allowed to get in. That tells you everything you need to know about what is valued.
What?! They have that? I didn't even know that existed until now.
One ultimate reason why the rich got richer: taking risks. Poor people really can't afford to take risks, be it starting a business, investing, etc.
Also the safety net of generational wealth (i.e. having family with means that you can fall back on) that includes but is not limited to-- a stabilized secure and foundation of secure housing, clean environment, ability to travel for "cultural" education, access to higher ed opportunities (even if not taken), and career networking opportunities are major factors that benefit the wealth.
totally agree with you!
You are wrong. Rich people don't take risks. They have so much money to spare, they don't even care if they lose it. So all in all it is not a risk for them.
Poor people simply have nothing worth offering to even enter a round of this so-called "risk taking" game
You are just repeating these nonsensical phrases fed to you by the rich. Or you simply are rich yourself.
It's true. Trump gambled a lot with borrowed money, declared himself bankrupt 6x, and still won as US President. An average person declaring bankruptcy just once would have a waaaay harder time recovering their credit standing (and thus ability to buy things like a home and a car or loan for a business venture). The rich (and usually white Americans) are given more slack and benefits by the financial system compared to poorer POCs
The system is all about profit anyways
Speaking as someone with 2 degrees, the only ones in my family, I think this is sidestepping a more fundamental problem. Rich countries have outsourced our dangerous and polluting manufacturing and technically skilled jobs to countries with less or no effective regulation or labour laws. Those skills are therefore less valued and less respected here. If we hadn't, then multiple academic credentials would not be the exclusive route to a decent living.
Its not all what you know, but who you know. Connections and links run things.
Regular people know that
But for some reason ive never seen a video about it
Yes certainly, but you have to remember to bring with you value otherwise you’ll be devastated to discover your ‘bff’ isn’t picking up your calls anymore. Value value always to avoid losing yourself.
@@andile5945 in other words reputation.
And that is BS and should be ended
@@Chamelionroses it’s important
25 minutes to explain that rich people don’t plan to share their happiness with us anytime soon, as they didn’t in the last few thousand years of civilization. Wow, unbelievable. I tell you something this video did not explain: find your happiness away from money or academic title and you win in life despite the odds.
Exactly!!
Exactly, rich people don’t owe us anything. People needs to stop looking at their money and mind their own business (never said better).
100% It was funny to see Musk-Bezos-Sanders pictures. There are a lot of manipulations on the video.
It’s cost of housing and wage stagnation. Simple as that, my parents were able to buy their first home at 2x to 4x less than I would have, then rode a tide of increasing home values every time they moved all the way to retirement. Quite frankly, most boomers paid less adjusted for inflation for their house monthly than it costs to rent a one room apartment now.
As one of those yard kids in the shanties of Kingston, Jamaica and a 10th grade high school drop-out in the US, I attended community college (College of San Mateo) then transferred to UCLA as a junior. I didnt take the SAT, UCLA didn't require it for Community College transfers. Perhaps he could've tried that route.
Aye CSM!!
@@erikrennspiess2829 You know CSM? Yeh man, CSM to the world. Loved that place, made a massive impact on my life. Stayed there for 5 glorious years. Had a much better experience at CSM than I did at Ucla.
Step 1. Access to this kind of informations?
So..what do you work for now?
@@Anita-tm3bi I thought it was common knowledge that you could avoid the SATs by going to a community college…it’s cheaper to. Get enough credits for an AA or just under 60 credits, you’ll undoubtedly have better grades for those classes than if you went to a university, then transfer. You’ll even have a better chance of going to the university of your dreams.
This is spot on. I was the first to go to college in my family. I choose to be an educator in the arts. Left me totally impoverished and still paying for college 20+ years later. The school didn’t pay a living wage and I lost my house. I gave up on the game years ago. I try not to buy anything.
You should move to the country. Escape civilization while you still can.
Colleges are raking in billions of dollars every year but just look how they pay their employees. This is why I don't trust economic solutions from academics. They don't operate in the real world, nor do they have the benefit of moral guidance. Most are still using Marxist ideas from the 1800s, despite 150+ years of outright rebuttal. Many academics are now expecting robots to replace the workforce, as if 200 years of mechanization did not answer that question already. Robots will not replace the workforce. You, right now, can quit your educator job and learn a trade (plumbing, electrical, landscaping, etc) and make twice as much money plus enjoy an arguably healthier lifestyle.
Move to a different country: problem solved
If you leave the country then you won't have to pay debt
come to China, there are lots of art teacher positions very well paid !
STEM is the answer, not the Arts.
This video is the need of the hour for Gen - Z and partly for Gen -Y. The competition is seemingly increasing and of course owning a house is becoming hard every day. You cannot work like your mum and dad to lead a prosperous lifestyle now. You need an extra leap for that (a passive income maybe).
I don't believe I will ever own property in my lifetime. I can't imagine how anyone can afford property. Even if you can manage to afford the down payment, the property taxes will eventually force you to sell or take on renters.
Remember: the Economist is not a journal made for the working class interests, it's made to spread the ruling class ideology, be careful when watching their videos!
@@felixthecat2786 $100/month for property taxes are a lot?
You can if you know how to manage your finances.
Great video, really enjoyed it and found it informative. My one issue is that it focuses on smaller policy and ngo interventions- education, social skills, toys for children- while ignoring the wider systemic reasons for rising income inequality, like wealth as a rising share of profit over income, and lack to tax reform. I agree that it's useful to work towards getting more low income kids into Harvard, but i think it's more useful to make sure people can live stable and fulfilling lives without getting into Harvard. That means wide policy intervention to reverse national income inequality.
That would mean The Economist admitting that the policies they have spent over 150 years advocating have caused the problem
They can't do that..its the economist. Anything that strays away from pure capitalism will not be shown
How do you invest when there's no money? The Government is already printing trillions that don't exist, which becomes a tax on ordinary people. The US needs to massively deleverage, cut its trade deficits, and start cutting spending on a massive level just to stay solvent.
@@oliverwilson11 And your solution is ?
The real problem is not in the education system, yes is part of the many things that have to change, but the problem is in the economic system. The enterprises are looking for more benefits so the job opportunities are worst.
Agree. The richest Americans became 40% richer during the pandemic
I realized a few days ago how the way you grow up can affect your life. I didn't grow up in poverty, we had enough money to go have a normal life. Compared to my peers, I did however. A friend of mine did grow up in poverty to the point where food was an issue. At some point our group started talking about how money can affect the way you react in certain situations. And depending on the background of people kindness was viewed in a different way especially when something has monetary value. To him it meant the world, to me it was something you just do. I bought a PC of a friend because he upgraded out of it (built his own, built a less powerful spare in the process) because I needed an upgrade. My old PC is still decent and I know that a lot of people struggle right now, so giving it away seemed only natural to me. To him it's this big gift that he can't afford, to me it's getting rid of something that takes up space and doing someone a favor in the process.
I love how the wealthy say that if you distributed all the money equally, that it would end up in the same place. Then why are they so terrified to do it?
Why would they give their earned money to you. 🥱
@@ankansenapati3600 it is not "hard earned" money, you should stay away from the Kool-Aid. Hard work is a myth.
@@oldskoolmusicnostalgia who said you have to work hard to earn money? Brain 🤔
Its always hard and rare to give up our privileges.
@@oldskoolmusicnostalgia Hard work is a myth? LOL
The American Dream is a myth. "You have to be asleep to believe it"-George Carlin
I had to become a sexworker to break the chain of poverty in my family line. Used the money to buy a house and have some savings set aside. I paid for school as well and have no student debt but I cant say that school helped me in any way. If I could turn back time id rather have saved that money as well instead of wasting it on college.
if you dont mind me asking, what was your reason for going to school? and in addition, what was/is your major?
And finally, did you network while you were in school? It was mentioned in the video that often times, the biggest problem with getting a degree is the networking part of it
You learned to express yourself well in YT comments.
Probably because you got a degree in something useless.
@@killermogle PrOBaLY BEcaUsE YoU GOt a...shut the &8%4 up
@@LauraAbreg So tell us, what was your degree in since you're going to defend yourself from it?
" What they have created in America is a National Ruling Class based on Educational Certificates "
This is one of the best descriptions of America's political and financial top tier and upper class that I have heard in a news report.
The boost in education after WW2 after the GI Bill was passed and later. on the Bachelor Degree becoming a prequisite for more and more jobs helped create the dominance in the importance of collegiate and university Education in the US .
The GI bill is equivalent to student loan forgiveness today. They won't do student loan forgiveness though because blacks benefit from that too unlike the GI bill for the most part
@@KBTadieh The GI bill required people to spend time serving, potentially putting their life on the line, for the country. Soldiers had to earn their benefit. The GI bill is comparable to the PSLF program in spirit today. It is in no way equivalent to wholesale, arbitrary, student loan forgiveness.
@@BTrain-is8ch I wouldn't say having a loan of over $100,000 is arbitrary especially after you can't get a job.
@@KRYMauL Having debt is not justification for having the debt erased. Lots of people have debt. Lots of people find their debts to be inconvenient. Lots of people would like to spend the money they already spent on other things. There's nothing special about student debt. That's why it's arbitrary. The GI bill is a reward for services rendered. PSLF is a reward for services rendered. What service has our 100k debtor rendered? None whatsoever. So why on earth would tax payers choose to pick up that tab? What do they get in return? Nothing.
@@BTrain-is8ch FALSE FALSE FALSE. the GI bill had no such stipulation... except from being a white American period!
F**king hypocrites
Why is it hard to get rich if you are poor?
1. Because wealth begot wealth.
2. The rich protect their advantage over others.
3. Poor people continue to vote against their own best interest.
@UK Revolution all it creates is the assumed consent to political rule. A period of years in-between elections, actual moments citizens can democratically participate.
This Presumed consent for a sect political mandate that controls over how society, economy and public life is organised.
In America this ture however in Britain it isn't
@UK Revolution
The only way you lose power is thinking you don’t have any.
If voting is not power, why are republicans in America working so hard to stop people, especially minorities, from voting? Laws are going up all over America to make it harder for people to vote. You don't do something like that if voting has no power.
@UK Revolution
So let me ask you a question. The UK voted to get out of the EU. If one side only wants power for themselves through voting, who "won" in this case? Who "lost"?
-The people who wanted out?
-The people who wanted to stay in?
-The EU?
-The UK?
-Or by your statement no one.
@UK Revolution
Fair enough. In America, we went from republican to democrat and by mid term, back to republican so I can't talk. Back to the furnace for us too.
My wife and I both work and have another stream of income. A few years ago it was easier and we even had a little extra for investments. I was perplexed as to why we no longer have much disposable income and have realized that almost every aspect of our expenses has increased. Food, gas, electricity, water bill, car insurance, etc. have all increased over these last couple years and we are really feeling the pinch. We have a few small children and some months are rough. I can't imagine the people who were already struggling! The middle class is eroding before our very eyes.
What annoys me more than anything is the preferential treatment someone with a degree gets over someone without, regardless of profession. A lot of careers can only be learned by experience and training, by learning from mistakes in the field. The amount of times I've had someone with a degree try and trick me into being a scape goat for them because they've bitten if more than they can chew beggars belief. It seems to me that most universities are merely day care centres for the adult children of rich parents.
That's right, you want someone with no degree to open up your body and you want someone with no degree to design your house, bridges, and or hospital. The degree is to make sure you have the absolute minimum qualification.
@@ironsquid9724I'm sorry no degree don't proof knowledge. So what is your point. So you want to make an appointment to the unlicensed doctor around the street corner and claim that he has one time saw a youtube video of someone opening the patient's chest before. Elon Musk also says degrees don't matter, but you go look at Tesla and SpaceX job listings, minimum is not high school diploma.
@@chrislu9574 For technical jobs like that, yes. what i'm trying to impress upon the ignorant is the fact people who don't want to get into forty thousand pounds of debt for something they may not even be competent at should not be paid far less than somebody who is doing "skilled" labour that requires a degree, also you're only presenting extremes, I'm 36 and have yet to need surgery or the hospital and have been working construction long enough to know how to build a basic house and dare I say design one and I have no degree, I know for a fact it would take a brain surgeon several years to learn how to do my job competently and yet someone in a management role who are ten a penny will get paid nearly double my salary even though my role is much more in demand. The jobs market is skewed in favour of people with degrees to the point where having a degree in an utterly trivial subject is preferential over someone who has the relevant minimum qualifications and years of experience.
@@andymeh499 other non technical work, even in large company has already been replaced by oversea work as sourcing and AI technology implementation developed. It is already here and you are not even competing with people inside your city you are competing with people or sometime machine that don't need vacation and paternity leave. Lowering the standard won't help.
True, university education is just lazy sorting for most companies. Oddly, often companies are built by non-grads yet they now hire only grads, but it's easy to do this because so many people go to college now that those who don't are seemingly bottom-performing.
Free education for all from kindergarten to university. That is how you give everyone a fighting chance. The most equal countries offer equal education to all, rich or poor, Black or White.
Like no child left behind works?
USA, Canada and Europe did that. Lucky for young residents of the countries.
One of the silliest arguments is about the cost of education. I love that phrase..."if you think education is expensive try ignorance"... This needs to be applied on a national level. It makes sense to invest in the education of our young so that the society as a whole is better equipped for a future that demands more and more education.
The same applies to healthcare. If you have "insurance" tied to your job or location, then you restrict labour mobility and the better use of human resources.
I agree but free for important majors that lead to employment. One's that give you a real skill. If someone wants a degree that doesn't lead to a career they should pay for it themselves.
@@Chamelionroses like not having school funding tied to the neighborhood. Like getting low income students in high income schools
It's really hard to get ahead when you struggle with learning. I have a learning disability and have always had a difficult time with learning and understanding things. People think that you are lazy but they don't understand. Higher education has not really ever been an option for me.
There's a lot of trades that are not exactly easy, but don't require years of learning and can absolutely be learned by someone with a learning disability. If you don't have any marketable skills and don't have at least a trade, it'd be hard to get out of low paying jobs.
Start Investing money now, there are people who watched their siblings burn money in higher degrees, while they had a pool of money to get by with and put more money in stocks
This is not just way too simple a view, it really misses the point completely and is aligned with an out of date view of the world.
Tony Blair when he said that he wanted 50% of secondary pupils to go to university fired the starting gun for a massive expansion of the university sector and totally ignored the basic rule of the "Law of Supply and Demand" the consequence of which is that society is even more divided between those with a degree and those who never went to "Uni". The problem is that even for those who went to university, as there are now too many people with degrees, it becomes mandatory to have one even to get a job flipping burgers, it was always the wrong 'solution' back then, it still is now.
What has long been required is decent technical/vocational learning combined with personal development of every individual so that they become aware of their value as people. Having half a population with a fairly worthless degree will not produce jobs except for academics, let alone wealth and life enhancing chances because the majority of fresh out of uni people are economically useless and will just get exploited by being paid lower wages than an equivalent job would have paid 30 years ago.
100% with you on that👍
Spot on
Excellent point.
A lot of immigrant families are well off in their home country. They know the importance of education and networking.
It must be twenty years ago that I read this on a graduate job blog, " Has anybody else noticed that most of the graduate recruiters no longer tell you how many applications they get for their graduate training schemes?"
I remember being in highschool and writing my mother's résumé and cover letter when she was looking for new work
So what's your point
Well my class on resumes and cover letters was 32 years ago. I'm busy! I worked 56 hours last week and I'm a landlord and mother.
Be grateful for your mother, she was supporting you instead of bettering herself.
he was probably writing his mothers resume in the evening while she cleaned the house and cooked food .
As a migrant that grew up in Australia, I see this as a major issue. As an educator I see a huge difference between private and public high school students. The public school students are way behind in problem solving and language skills.
the students arent creating the problems, the "highly educated" "professional" "adults" are creating the problems and aggressively avoiding solutions.
Why public school student are behind ?
I’m 100x more capable than my dad but I make 25% what he made. He didn’t even graduate college. It’s ridiculous
Agree with everything except one thing. Removing the SAT. This is giving equality but not opportunity. The solution is to make available ALL the material to study for the SAT, not remove it from the admissions. Your following stories even backed what I am saying. Fix the source of the problem not cut off the end. It's like saying since 30% of people can't afford cars no one should have one.
There are students who are incredibly bright but have disabilities that hinder their grades. Their only way for others to see how intelligent and gifted they are is a standardized test for college admissions. I knew a person like this. 165 I.Q. grew up in a poor environment, father then died, brother then died. He never finished high school. But he did take his SAT and scored off the chart. The prestigious college gave him an opportunity.
The rest though is spot on. It upsets me when people say "just pick yourself up". I have to explain to them their lives, their upper middle class family, their lack of neurological disorders, their reasonably high I.Q. That's winning a lottery.
Growing up in a poor environment, not getting stimulation, not getting opportunity to exercise your brain is a life killer.
I know from personal experience. My intelligence qualified me for advanced courses. I barely passed high school taking classes that were lower than my grade. My parents were clueless to my school work. I highly suspect I had ADD. The school didn't care even though every year my standardized test scores were in the 95+ for math. Luckily I got out of my mess later in life and became successful.
People in this position, kids especially, don't know what they don't know or how to find it.
I dont understand why they want to remove SAT, too
iq is hugely socialized so idk i disagree.
When you have tutors they explain the "whys" and "wherefores" it's not just about the material.
There are a lot of studies that show little connection between SAT scores and college success. Grades often reflect some level of effort e.g. completing assignments that is needed in college, and the SAT does not. Bright students who ace the SAT but had poor grades in HS are likely to have poor grades in college too.
I agree. I also have ADHD. I had horrible grades in high school probably because of my ADHD. Now as an adult, I get straight A's in college. Going off of high school grades would have meant that I wouldn't qualify for college.
8:49 “it helps that the school only takes the very brightest”
How can you admit this and then go on to say that it’s making a difference. It really doesn’t count if you focus your efforts on those who, relatively speaking, need the least help. You’re in the kingdom of the blind recruiting one eyed men and turning around looking for accolades because all your students have such great vision.
Bright kids who would if not for this school be in a zoo of place as would be the case in the US.
I agree. I'm in two minds, a college like this allows exceptional kids from low backgrounds better chances. But it still perpetuates the issue that if you're poor, you have to be very smart. If you're rich, you only need to be mediocre to succeed.
Im from the lower class, my parents are from a third world society, and I come from a dysfunctional household. So I can relate to so much of what this guy was saying at 24:00
For me, I don't have parents that know how to teach me how to adult in a first world society. In fact, we have to learn by our selves and teach them things, or just do them due to the fact that English isn't their first language, they're not technologically literate and dont have the eduction we do. And I left school early, and worked my way back up through the systems. It makes life harder and disadvantages you for some of us. But I'm grateful for the opertunities I have/had.
I was born in Jamaica but I was definitely not apart of that Jamaica program. I was fortunate enough that my father got admitted to a university in California and we relocated. I attended a University of California (under a track & field scholarship) and I’m a young white collar worker, but my story is filled with many lucky breaks. The same has not happened to many (if any at all) of my fellow prep school friends from Jamaica.
As someone who studied at Uni and from a blue collar background the social capital is really an important thing, it’s what gets you into a company and giving little presentations about who you are and what your goals are, should’ve practiced at uni.
I went to university in the 1970s when only 12% of the population went to university. In my class I found the other students had dads with occupations like a pilot, architect, lecturer, dentist, business owner. I had problems making friends with them, maybe because my dad was a waiter. I did not seem to have much of an ego in comparison to them. One said I was a sub-person. They would talk about their family as if it were normal. I would never talk about my family which must have seemed odd. I did not have much of an ego because family were also negative towards me, they did not have a car so I was never driven anywhere, I did not have birthday parties or holidays, at school some friendships ended because I repeatedly went around their houses and their parents got fed up as my parents would not allow my friends to visit, etc. My parents never visited me at university and when I got married my parents had no interest in coming to my wedding. It is easy to say get poor kids into university. You may be sending them to a place where they will not fit in and will not be accepted.
Did you marry someone from the same background?
Your parents probably didn't go to the wedding because they may have felt out of their comfort zone.
so true .. i studied in brighton and things was like that. me .. a Cretan person from a very poor farmer family with no education ,,it was so weird to have all those people around me some of them super rich, with companies, with completely different mindset.. one really need skills to blend in.. it helped a lot that i was smart and super creative and i was "admired" from many people that got to know me . but man.. so difficult to blend in ...and so weird to get along with people with so different mentality ... i really feel you ..
@@gaithouri how could you afford to study in Brighton if you come from a very poor farmer family though?
@@amexen weeeell .. after army and after i quit drugs .. i found my life in crete and in grecce generally meaningless.. so i worked a bit.. i had some english lessons enough to pass TOIFEL exams, got 1000 euros and i applied in some universities, from wich i had been accepted in history of art at Manchester and EEEng in Brighhton.. i choose to go to Brighton.. at that point (2005) the tuition fees were being payed by european union for people like me that were poor.. so i flew at brighton and enrolled myself to brighton uni, and left with 400 euros in pocket,.. found a room, found job, worked hard, and at some point managed to finish and get a batchelor, i got some help from family during studies around 5000 euros, and i made it..
it was very hard for me ..
i had to take a break before the last year, i got a job in back in Crete as an art director at a local newspaper, and went back to brighton were i could work from distance , i bought a cheap van and i was living at the university's parking in the van.. enrolled in the uni's gym for shower and was making the newspaper from a computer the librarians let me have in the library...
was sureal..
but finaly i got the degree ...
15 years later...
my life is still the same mess 😂
so.. there you go!!
@Liliya Amelina p.s. the most sad thing over this is that due to depression and generally the inability of my mind to stay focus, be resultful and progress in life, although im a very creative and maybe charismatic, for some, person, i actually couldn't capitalise on my studies.
many times i feel that all that huuuuge effort i did, i finally maybe wasted it.
i often feel somehow jealous of other people that are more simple minded and can have a stable mental state.
but... thats life ..
Considering the dropping the SAT from college admissions because richer people can afford to buy more preparation courses or can simply afford to spend more time preparing because they do not have to work or babysit their siblings and so on: what kind of admission test will eradicate this bias? If you introduce any admission test for prestigious college there will be people capitalizing on the fact that people want to be accepted and start selling preparation courses and you are back where you started. You could simply measure IQ but that would be unfair as well because it would eliminate the drive and hard work from the process and it is becoming clear that IQ is imperfect measure if inteligence. So how do you really want to fix this?
It would likely be best to use a combination of assessments, and past accomplishments, as standardised testing allows fair assessment, however should not be used alone.
SAT is actually one of the fairest way to measure ones ability to go through college. Saying that you need expensive prep courses is not true. It is way more fair to judge based on SATs than ECs
@@Ichan251298 schools already use a combination of the sat/act and ones other life experiences. Wouldn’t change a thing since poor folks don’t have the opportunities for joining 4 different clubs to write about.
What’s needed is less societal shame around going to community colleges and instead of eradicating tests because prep costs too much, just fund public test prep to near private prep quality
You could fund preparatory courses that are accessible for everyone.
I don't know how it could be fixed, but in Brazil there is also a public contest that is too much elitist. In the recent years, it has managed to be more poor-friendly by lowering the amount of questions that could only be learned by a high society lifestyle (questions like which version of a specific play has been presented in a theater of New York in 2006, for instance).
Yet, the contest still is very difficult. Since 2005, it has implemented an affirmative action in order to help black students to fund their studies. Every year, around twelve to fifteen black students that had made the test in the previous year earn around R$30.000,00 (U$5.389,58). Although beeing a huge amount of money, it almost never can finance the entire preparation, but it helps a lot.
The problem is that to finance every people in poor conditions the government/institution should have a trillion budget. In my opinion, the principle for addressing the problem is to continue in this direction: giving the poor conditions to compete. The state should continue on its mission of distributing wealth so it can avoid the arise of a new aristocracy and help ordinary peolpe to achieve the bare minimum to live well.
We earn only 60k€ for family here in Åland/Finland, feeling pretty rich, dont need think about medical bills and lot of other expences. House paied off long time ago and zero debt.
What does that money buy you in your country? It's not the dollar or euro amount, it's the value. Protectionism makes it hard to export to many EU countries. Think VAT tax.
I really wish that videos like this would emphasize that relative income mobility is totally different from absolute income mobility. We really need to worry a LOT more about the latter than the former because it is theoretically possible for everyone to increase in absolute income mobility but if we increase relative income mobility that means that we not only will see more people doing better but we must, BY DEFINITION, also have more people doing worse. That is because relative income mobility is simply about relative ranking, while absolute income mobility is about actual wealth.
Many Millennials have paid tens of thousands of dollars in tuition, in the form of students loans to get degrees in art, literature, sociology, history, poli sci, psychology, philosophy --- but end up doing odd jobs. Now many have moved back with mom and dad, who own their own homes and work in industry as engineers, technicians, skilled trades that they first learned at community college and vocation-technical schools.
They didn't do their research. They listened to teachers or parents saying that ANY degree is important. Horrible advice. Fluff degrees are often a waste of time and money. The market determines what has value, not dreamy idealists.
We should not let the market say what is,valuable..... saying buying making consuming valuable has gotten us into a global mess. A world without music, philosophy, story telling, historical rememberances is a very bleak one. + + BAD to quote BB...
I feel like in Canada it's pretty common to move in either direction on the income ladder. My dads parents were upper middle class, he slid to working class, I grew up working class and moved back up to upper middle class by my mid-late 20s. Paid off my student loans in 6 years, got lots of government grants to help me out
Lol… Canada is a socialist state.. there’s not much margin to begin with… It’s easy to go from working class upper middle .. but equally easy to slid back down
@@vishalkanwar2333 Lol. You don't know much about socialism if you consider Canada a socialist state 🤣.
@@carogaudet lol
i lost everything at 19 years old (was kicked out of the house). Things worked out, but it took me 20 years to get back to feeling "comfortable" again.
What happened?
@@melindavalerialendvai3609 - Put it this way, those close to me, say "write a book". I often joke in a serious way, "my life could be a Neflix doc."
A very long story short. The hardest part of my life started when my mom passed at 17 yrs. old. After that, at 18ish or so, I met a girl in high school and 9 months later, after graduating, she was my "stepsister", but technically not, because it was my stepfather who raised me since I was 3. He married my, of course by now, ex's mom.
That's just the middle of my "dramatic" issues I had to cope with. It was a psychological warfare in my mind for yrs. But today, with the world as it is, I am a small tiny seed of an issue. Much worse is happening to ppl as we speak. 🥴
edit: thank you for asking , btw🙏☺️
It’s ironic that US, the shortest history as a nation, craving for any “legacy”, as anything pre-midcentury is “vintage”.
That school for elite kids from disadvantaged background, is still “elite”. No difference than wealthy family sending kids to Eton. No one wants to start a school to help average kids; kids with average intelligence and middle of the road drive.
Yeah had to have a laugh at that 😂
So dumb, you are not making much of a difference if the kids are at an advantage to get into better schools if they have amazing grades
you mean a middle of the road drive to be a capitalist d bag
@@troywalkertheprogressivean8433 yeah exactly, look how you turned out
Yes. We call them magnet schools in the USA, they are even more selective than private schools. At least with private schools you just need money. Some US magnet schools even interview the parents to determine eligibility.
There is a population of intelligent children that come from poor families. Intelligent individuals progress entire societies. To remain competitive at a global level the brightest individuals must be given opportunity regardless of being born poor. Innovations in science and technology shape our world. Giving intelligent yet poor children the same opportunities to higher education as the intelligent and rich or average and rich, is a positive incentive to poor communities. Education is the way out of poverty.
The reason is there was so much more opportunities for our parents, well depending on the country your from!! My dad and their generation was given free apprenticeships, scholarship were more readily available but their economies were also so much better, money was worth more and could stretch further!! Everything is so much different today than back then, I can't afford to buy a house, can't think when my children grow up how they are going to struggle!!
I'm from USSR, now living in the west. I've achieved so much more than my parents and grandparents generation.
Capital returns will always beat labor income. As long as it is possible to stay rich without any effort just because you were born rich and simply from capital ownership - chances are determiniert to get worse. The cake is already distributed. Climate change will force us to limit to what we already have. So the time of growth is over for the next decades. I think this will lead to massive generation conflicts. Our economic system is not made for this scenario.
America has a lot of mom and pop landlords. Robinhood made trading available to everyone. I think capital income is the way of the future. It's not just got people born into wealth. I work overtime in manufacturing and invest as much as possible.
More people need to get onboard with investing. We have too many people buying Starbucks coffee while only working a 40 hour week. That's the real unsustainable trend in America!
@@anniealexander9616 No matter how much of your income you invest you will never reach someone who started with a big amount and gets the same return.
@@koupdude Sure about that? Lots of rich people end up broke and poor become millionaires.
@@anniealexander9616 I'll add an important part. Few poor people become millionaires.
Poor people should stop having poor children but the exact opposite is happening.
There is a particular problem in English speaking countries due to the elitist private school and university system. In Germany we don’t have this private schooling tradition and hence opportunities are more equally available. I think it is perfectly possible in Germany to graduate from university even coming from a very low income background. University is for free and there is enormous support for low income students with student housing, allocations and all sorts of pay outs. What I see more as the “issue” is that the general level of education has significantly risen in society since our parents started their careers. It is absolutely nothing special anymore to hold a university degree no matter in what discipline. There is also international competition from lower income countries for a variety for previously high paying jobs. You can contract a marketing agency or IT developers abroad paying a small percentage of what you’d pay to a German specialist. That’s the price you pay for globalization. In my job the rate of international hires from lower paying countries is 50%. So yes, it is more difficult to attain a certain lifestyle despite degrees and work experience. There is too much international competition and too little value in degrees as roughly 50% of children finish school today with the possibility to access university. This used to be rare only 30 years ago.
But on the other hand, the overall quality of life has improved for most people. Life of a low income family today is way better than 50 years ago which is also due to the enormous taxation of better salaries and redistribution of money. The best example of this phenomenon is our housing situation: we live in a two bedroom house which used to be a social house. It’s 50% of my income in rent and charges! Our neighbors receive the same house from the social services. If well paid professionals can only afford a lifestyle that is considered normal even for people on government support, then there is definitely something wrong.
Wealth inequality is higher in Germany than in the UK. Germany has also a higher poverty rate than the UK.
The problem is not just about education, but also about the jobs in the market. The World today is addicted to cheap labour from developing countries and outsourcing. If all these are stopped, the salary for blue collar jobs will climb significantly. Education is important, but it is more important to have people filling every sector of employment required for societies to operate, and pay them decently.
Costs go up as well, in proportion to labor force size and wage increase. You can't increase business expenses and keep the price the same.
Unfortunately this will simply lead to increase in prices of goods, making it even more unaffordable. Developed countries need to educate their workforce for advanced industries not blue collar jobs.
The ultra rich who manage the engines of developed economies have been obsessed with cheap labour and outsourcing that’s the main culprit to lack of mobility. All the blue collar jobs were outsourced to India and China. That was a massive wealth transfer from west to east. The economist conveniently doesn’t address this as it probably doesn’t sit right with their utopian globalisation economic model they have pushed for over 20years.
more manufacturing jobs are lost to automation than outsourcing, and that trend would continue everywhere
@@majnushetty5583 "more manufacturing jobs are lost to automation than outsourcing, and that trend would continue everywhere"
That may be, but the real problem with having a significant part of the supply chain for things we depend on in an authoritarian country with imperialist ambitions is that when China starts to try to conquer other nations then the full idiocy of ever boosting their economy with lavish trade deals in the first place will be revealed. And China is foreshadowing the conquest of Taiwan and other nations practically daily at this point, making threatening moves that are disturbing to say the least. So it will come as no surprise if they actually go into full tilt imperialist warmonger mode.
Yes and no. If its not outsourced the end product would be more costly no?. More wages .. more costly items isnt it? And actually there are more stem graduates in india too which is why its happening so often.
YES
I live in Ukraine. Although the Gini index shows that in our country inequality is small, in fact, it considers it all only by official income, and in our country a very large amount of GDP is in the shadows. For example, if you go to Kyiv or any other regional center with a population of 300k+ you will not notice that you are in Europe's country with the lowest GDP per capita. Medium and premium class cars, fancy new buildings, clothes on people, every second child has a new iPhone - all this will show you that you are at least in the Czech Republic or East Germany. But once you get outside the city, you are in the real Africa. People are quite poor, living mainly from selling what they have grown in their vegetable garden. But wherever you are, in our country there is one single, clean, and legal way to move relatively quickly into a different social class - the IT industry. I have plenty of examples of people from poor families and villages becoming IT specialists and buying nice cars and apartments in a few years. This is also, by the way, an example of how we instead of taking away jobs in the US, only not in a factory (as China does), but in an office. Almost all customers of outsourcing services in Ukraine are in Western Europe and the USA. It is more profitable for them to pay a Ukrainian 36 thousand a year than an American 120 - 150 thousand (salary of a middle specialist) for the same level and volume of work. At the same time, the salary of 36 thousand in Ukraine is a middle+ level (even before the war)
For me it’s just the wish that one day, maybe one day money will not be a dominating problem that plagues my every decision.
Of course it was easier to get ahead in the post-war era. There was a shortage of labour for obvious reasons, and plenty of work needed to be done in areas such as housing. Grammar schools gave greater opportunities for social mobility than had previously been the case. Furthermore, economic circumstances were favourable. However, from about 1973 onwards, economic circumstances became less favourable. The irony is that, at the same time that access to higher education increased, many youngsters have been sold down the river, ending up with considerable debt and with degrees of limited value in the marketplace to boot. Then, the relaxation of credit controls in the early 1980s started a trend in house prices which has priced most under 35s out of the housing market. Total madness!
It's a real struggle cause housing is like a billion % more expensive than it was 50 years ago. Work full time on just above mind wage, technically able to afford to rent a place but you have to choose between just living Vs saving for the future
The Problem is also that even with higher education and better paying jobs, we still dont actually earn more because of inflation and price increases. I can be an engineer and still have the same living standard as my dad who is a factory worker .
If you're black you have more to worry about than inflammation buddy
Thisssss!!!!!
Ending the SAT is not a great way to increase social mobility. Kids will wind up going to schools they are not academically prepared for and will wind up not graduating, but with loads of debt.
In the US there are community colleges that are quite affordable. You can build your skills in community college and then apply to a better 4 year uni than you would have been able to achieve straight out of highschool and graduate with less debt.
Forget college. You can learn everything you need directly using libraries and internet. There are very few college courses that you will actually need to make money, you just don't know this until you've paid $80k or whatever for 4 years and a piece of paper. Whereas if you start your business immediately and then educate yourself as you go not only will you have more practical knowledge but you will potentially pay nothing for it.
The SAT has been proven that it doesn't measure ability it measures resources and wealth. Too many wealthy students are able to pay someone else to take the exam for them (the university scandal for example). It happens often. Stop glorifying rich people who often aren't very competent themselves, just rich and overly confident
@@e.g.4483 source?
So blacks want SAT abolished because they cannot compete with Asian students, yet they do nothing about the lack of Asian players in the NBA where black players account for more than 80%. Hypocrisy at its finest.
This is interesting. I grew up in a great place, but I have learning disabilities and chronic illness, and wondering if me taking longer to do a degree will affect me, and if I'll face challenges in finding a job that doesn't just ignore me due to my challenges. It make interviews very difficult, so even though I can write decent cover letters, sometimes that's not always enough to get me past the interview stage when they see my memory and social challenges. But the hardest is the "3 years full time work experience required" part of most jobs, when I've been in school my whole life and didn't have an opportunity to get experience other than classwork and volunteer projects which often don't count.
No offense but how does that relate to the video kid?
I hear you. The ableism in education and the job market (and just in general).
@@guilhermefreire8093 are you an idiot? Its everything to do with the video just on a personal scale, the video talks about people needing degrees to move up in life and here they are saying they will struggle to get one. The video talks about the hidden benefits of having a social network of friends and people you can call upon to help you and they talk about have social challenges and there for prob lack that ability connect and network and so dont have the contacts to help them in those subtle ways, the end of the video showed people setting up clubs to give support to other likes them, lacking those soft skills and contacts to people with them!
Government jobs tend to be forgiving to people with disabilities. They have quotas so you should absolutely use that to your advantage.
is there a local organization you could work with that can help connect/align you with roles?
To start of with, getting people to achieve higher education to go to university, shouldn't be the main goal to improve financial wealth. For me for example, I'm autistic and dyslexic. I went to a special needs school after being in a mainstream school, and I still struggled with the education system. So, you would have people like me who are unable or not interested in higher education. The other point is, we should be trying to improve wages and working conditions for low paying jobs.
The more people you have in a country the less valued you Are the inner circle is stronger than ever those who signed up to the to the European treaties know this with their soft power
So is it your view that Scotland is correct to become independent?
@@stephenconway2468 hi my opinion about Scotland is everything needs to be done through the ballot box and you need to check with A fine comb what you will be given in return for your opinion the mastrict treaty's brought in zero hour contacts to the workers of the European workers while protecting the MEPS RIGHTS OF WORK MEANING THE BENEFITS REMAINED THE SAME FOR THE FEW . I HOPE SCOTLAND WILL MOVE FORWARD AND MAKE THE RIGHT DECISION FOR THE MASSES , AND NOT THE FEW
@@dennisatkins9666 So regarding Scotland and their vote in the late 1970's where more than 50% wanted to leave the UK... we should have respected that?
I ask because there is an amazing ability being shown by some to twist history.
For example, people forget it was France that basically should be called the winners of WWI. It was Russia or China for WWII.
@@dennisatkins9666 " the mastrict treaty's brought in zero hour contacts " - that is not quite correct. It sought to remove such practices, but the UK pushed for changes which allowed the UK to ignore such restrictions. Zero-hours were there before Maastricht.
Hey - maybe we should all stop obsessing over how many pieces of paper we can acquire, and start obsessing over how we can build a society which values the sanctity of human life by sharing all the resources our planet has to offer? Why is it always a competition for resources? We are all equal, which means we all deserve an equal share. The problem most of us have is that the few in power are highly motivated to perpetuate this myth that it's okay for one person to hoard enough resources to build themselves ships to outer space without batting an eye while there is a *single* person on the planet who does not even have adequate, permanent shelter. A lot of human beings are dying of starvation and dehydration while other people are buying an old rug for $8 million. We could all have everything we ever wanted or needed if we would just walk away from the hoarders and their BS ideas.
I really admire and appreciate the courage of Mouhssin Ismail had. It's always goods to see such precious individuals.
I'm not sure what this obsession is with "elite" universities. Of the top 20 richest people in the US, only 4 went to Harvard or Princeton, a number dropped out, most went to state universities. In addition, some states have a robust, low cost alternative to expensive universities - community colleges. In fact, most state schools would rather you take your first two years elsewhere and transfer in as a junior.
The hard truth is that going to a T20 is pretty defining of your future, and at 17 most people don't have enough resources to figure this out. So their success is basically shaped from their parents success
It's really not about the better schools having better quality education but the prestige attached to the big name school. School has never been about education.
Also, most employers don't really care where you started - they care where you graduated from. So if it takes you 2 years or 6 to get a degree, employers don't care and probably won't notice.
That's also something that nobody talks about, it's more of a cultural pressure. Same with getting your degree in 4 years with full debt versus 5 with less debt because you got a job.
So of the top 20 richest people, 20% of them went to Harvard or Princeton. That's a percentage several orders of magnitude greater than for the overall population.
@@blakejohnson3864 No.. being rich makes you daring and innovative. You have absolutely nothing to lose.. why wouldn't you go for crazy ideas. Most people just don't have that luxury.