>>> "Poor people are making economic decisions not to come out ahead but to mitigate their losses"
It's not just those below the poverty line, all of humanity does this... even the rich.
But where did I say they are dumb? I know some incredibly smart people that are horribly off financially. I also didn't say they were the only ones with poor decision making skills. Sometimes the situation is a product of their upbringing or environment, sometimes it is because of willful ignorance or willing risk.
Please don't think I'm denying that for the most part lower socio-economic classes are more liable to be exploited. I understand how class mobility has become increasingly difficult in recent times. I believe in a minimum wage.
But ignoring an important facet of the issue because it's uncomfortable isn't going to get you any closer to solving the causes of the problem. Besides, the good news is you can teach financial literacy and decision making.
>It's not just those below the poverty line, all of humanity does this... even the rich.
No they don't. If that were true no net value would ever be created.
I mean, there are instances where it is true even for the rich (insurance, for example) but most decisions, especially the larger ones, are based on getting something of more value to them than what they are trading. And they are hardly ever bargaining for their life, the ultimate loss, as poor people do routinely.
It's not just those below the poverty line, all of humanity does this... even the rich.
But where did I say they are dumb? I know some incredibly smart people that are horribly off financially. I also didn't say they were the only ones with poor decision making skills. Sometimes the situation is a product of their upbringing or environment, sometimes it is because of willful ignorance or willing risk.
Please don't think I'm denying that for the most part lower socio-economic classes are more liable to be exploited. I understand how class mobility has become increasingly difficult in recent times. I believe in a minimum wage.
But ignoring an important facet of the issue because it's uncomfortable isn't going to get you any closer to solving the causes of the problem. Besides, the good news is you can teach financial literacy and decision making.