Warped perception of the economy

[peter0425]

Poor people and rich people view the economy differently. Some rich people may think that Oh, our country's economy isn't bad. We are living very comfortably. But then a question started nagging at me.

Is it possible that the rich don't realize how bad their country's economy is? If you want to understand the economy, you have to look at the bigger picture. But if the rich are only looking at themselves and the other rich people around them, it is easy to live in a bubble and not see how most of the citizens in their country are poor. I actually found an article from a few days ago discussing about "Money dysmorphia" by the New York Times. Basically, what was written was that due to how social media is used nowadays.... People may feel poorer than they actually are. In short, they do not realize how rich they are because they think there is always someone richer than them.

The article tackled more about societal pressure and this being the cause of anxiety and depression among youngsters but for me, I think it still applies even with middle aged people. Sometimes you will meet a man, well along his 30s or 40s, and will say something so dense and out of touch. Can you really discuss economy with someone who is extremely rich? Will their perception of the economy be objective or twisted?

Here's the article if anyone wants to read.

[slapper]

Here's the article if anyone wants to read.

Archive link to avoid paywall: https://archive.ph/M1ic0

Are we entering a new era of article pirating?

Most of us are never invited into the billionaire bubble, but it is not just “them” vs “us”. The wild part is, everyone is confused. Even the “comfortable” normie scroll through feeds and start feeling broke, like they are always one rung below the “real” winners. Everyone thinks someone else has cracked the code, and nobody feels secure. The rich might miss the pain on the street, but the rest of us are haunted by the highlight reels of the 0.1%

You mention those out-of-touch remarks. Yeah, I hear those too. But if it is not just ignorance, but a genuine blind spot: if your friends are all popping Dom Perignon, you forget some people cannot pop a can of Coke without checking their bank app first. Social media makes this worse, since now even the not-rich are performing like they are at Monaco, but feeling anxious inside

What is the fix? Maybe we need more people (rich or not) who can zoom out and see the bigger economic picture and zoom in and remember what it felt like to skip meals. Until then, everyone is living in their own version of the bubble, with anxiety as the real common ground

[mindrust]

The truth is everybody has its own financial reality. Like you mentioned, homeless and rich people live in the same country but they have completely opposite views on the economy.

If you asked the rich, as long as the state guarantees their safety, he would tell you that everything is great and the poor are dumb.

If you asked the same question to the poor people, they’d probably blame everybody but themselves.

Yes, the gap between the poor and the rich is widening, yes it is way harder to land on a job nowadays, the pay is low, the costs are high but still, there are many ways to get rich, even now when I am typing this message, someone somewhere is getting rich.

[HajiBagi]

The truth is everybody has its own financial reality. Like you mentioned, homeless and rich people live in the same country but they have completely opposite views on the economy.

If you asked the rich, as long as the state guarantees their safety, he would tell you that everything is great and the poor are dumb.

If you asked the same question to the poor people, they’d probably blame everybody but themselves.

Yes, the gap between the poor and the rich is widening, yes it is way harder to land on a job nowadays, the pay is low, the costs are high but still, there are many ways to get rich, even now when I am typing this message, someone somewhere is getting rich.

We will never be the same no matter how the economy is affecting the country, the rich people will see the bad economy as something normal but for those who are poor and find it difficult sometimes to eat in a day will know what the country is going through, no matter how it is I will never blame rich people for not seeing how bad the economy is and even when people are complaining they pretend like they don’t know anything about it. The only way to survive in a country when the economy is so bad is to work hard and make money, because no matter how you complain, nothing is going to happen, and that doesn’t mean that the rich people will come out to help you.

[bitLeap]

Do we often see wealthy people feeling satisfied with their current wealth? Despite their high standard of living, they are actually less satisfied with their money. Living in a neighborhood full of other wealthy people makes them feel like there's constant competition, which, unsurprisingly, can create social stress.

As you said, the views of the poor and the rich on the economy are distinctly different. Therefore, the rich will always assume that their country's economy is doing well because they don't live below average. This gap will always be a dividing line between the two, preventing their perceptions from reconciling.

[bubilas]

Poor people and rich people view the economy differently. Some rich people may think that Oh, our country's economy isn't bad. We are living very comfortably. But then a question started nagging at me.

Is it possible that the rich don't realize how bad their country's economy is? If you want to understand the economy, you have to look at the bigger picture. But if the rich are only looking at themselves and the other rich people around them, it is easy to live in a bubble and not see how most of the citizens in their country are poor. I actually found an article from a few days ago discussing about "Money dysmorphia" by the New York Times. Basically, what was written was that due to how social media is used nowadays.... People may feel poorer than they actually are. In short, they do not realize how rich they are because they think there is always someone richer than them.

The article tackled more about societal pressure and this being the cause of anxiety and depression among youngsters but for me, I think it still applies even with middle aged people. Sometimes you will meet a man, well along his 30s or 40s, and will say something so dense and out of touch. Can you really discuss economy with someone who is extremely rich? Will their perception of the economy be objective or twisted?

Here's the article if anyone wants to read.

I agree about the question that the better we live, the worse we understand the poor: this is true. People are designed in such a way that the brain very quickly forgets how badly we lived yesterday. We quickly get used to a good standard of living, and if someone takes a new position or simply gets a lot of money from somewhere, then such a person will start to speak a completely different language compared to those who remained at the old bad standard of living. I have encountered such examples in life.

[Akbarkoe]

The article tackled more about societal pressure and this being the cause of anxiety and depression among youngsters but for me, I think it still applies even with middle aged people. Sometimes you will meet a man, well along his 30s or 40s, and will say something so dense and out of touch. Can you really discuss economy with someone who is extremely rich? Will their perception of the economy be objective or twisted?

Whether something is deviant or not has many directions. When a rich person says "A," you might interpret it as "B," depending on how you process the data your brain receives. It then assumes it's knowledge, even though it has a different meaning than what the rich person is saying.

Simply put, the phrase "saving" can be interpreted as putting money in a bank, but in another sense, it can be interpreted as being frugal. Likewise, with investing, rich people have exposure to knowledge for investing, while poor people are talking about land, which, by its very nature, has a very slow turnover of money.

There are countless discussions and books by wealthy individuals, such as Warren Buffett. He writes about every experience and knowledge in his books. It also depends on how you absorb the information. So, whether an objective sentence is objective or not can be biased by your own thinking.

[franky1]

rich get richer.. poor get poorer in both economic directions

inflation:
properties and goods prices rise, and so rich peoples held assets increase in value
however poor peoples income vs spend value does not match so poor get poorer

recession:
property and assets decrease, rich people have opportunity to buy more assets cheap
however poor people get demoted/sacked so have to take lower paying labour roles making them poorer, so cant afford to buy assets

[Plaguedeath]

The rich know exactly when the economy is bad or good, but they're in safe position because they can take advantage over both situation. While the poor have no choice, they work but didn't earn much, in crisis, they're jobless.

That's why rich people looks have no sympathy because during crisis it's also a way for them to make money and they see it as an opportunity.

[kotajikikox]

If you asked the rich, as long as the state guarantees their safety, he would tell you that everything is great and the poor are dumb.

I have multiple times heard or read rich people saying that the poor are lazy and they just need to get off their a$$es and work hard. But I also know many hard-working people who just never got rich. Farmers, public transportation drivers, maids and etc. so I do not agree with this kind of statement. If anything, there are a lot of lazy rich people too who only took life seriously when they got older. But growing up? Did not even study properly and just waste their resources. But since they got daddy's money, they can still own the company eventually.

If you asked the same question to the poor people, they’d probably blame everybody but themselves.

There are stereotypes both about the rich and the poor that don't really apply to everyone. There really are also lazy people and just want to depend on the government or other family members.

Situations are different so statements should not be definitive.

[Die_empty]

Both the and poor feel the impact of a bad economy. But the rich have devised means to cushion the effect of inflation. They own assets that also appreciate during inflation, so they will always have more money to live comfortably.

The only people who claims that the economy is good even when it is nosediving are politicians. They usually come up with concocted statistics to show that the economy is well managed even when  people are becoming poorer.

I have multiple times heard or read rich people saying that the poor are lazy and they just need to get off their a$$es and work hard. But I also know many hard-working people who just never got rich. Farmers, public transportation drivers, maids and etc. so I do not agree with this kind of statement. If anything, there are a lot of lazy rich people too who only took life seriously when they got older. But growing up? Did not even study properly and just waste their resources. But since they got daddy's money, they can still own the company eventually.

I know an acquaintance who inherited wealth who had the same view about poor people. I don't really blame them because they don't know what people go through everyday to survive. I hear them say "work smart and not hard" but they unaware that there are many smart workers who are still poor.

[AVE5]

You see sometimes you hear the poor talking about being tired of life and how life has been treating them unfair especially when they've been surrounded with mysteries that money could had been the solution.
You also think about how comfortable the riches feels and how they think owning a paradise here on earth is the philosophical and illusionary heaven of the religious beliefs just because they could attain or afford whatever necessary they want that money can buy without stress.
The rich have no admiration on the poor rather sees them as minority to life that's why the poor are being trashed on by the rich that even in the court of laws, money speaks and the jurisdictions are corrupted with injustice and inequality of humanity all because breaking out from poverty has become number human race while they poor will always consider the riches are the first class.
Indeed life is full of mysteries. Thanks God isn't a Man and Man isn't God otherwise, they less privilege people would had been sent to extinction by the riches.

[Coyster]

Rich people are definitely aware of the economic situation, far more than any poor person can imagine, i mean, that is how they make money, they see opportunities in every economic situation. So many people are poor because instead of them to look for opportunities, they blame everyone else, including the rich, but they never blame themselves.

The rich are aware that so many people are poor, many of the properties that rich people buy are from bankrupt poor people who basically want to sell it at a discount, so they can survive. Make no mistakes, financial intelligence requires that you know a lot about the market and the economy, how can you be rich without that knowledge.

[Findingnemo]

Rich people prosper only if the economy is in good shape so they care more than anybody about the country's stability then only they can do whatever business they are doing and keep generating the income. Some rich doesn't have any business in a country where they live who may not care about whatever fuck is going on.

Meanwhile poor people will affected if the economy is in downhill but most of the time they don't realise it at all, they just try to survive for their daily needs and pay for their bills and end up in a spiral that never ends.

[philipma1957]

Here's the article if anyone wants to read.

Archive link to avoid paywall: https://archive.ph/M1ic0

Are we entering a new era of article pirating?

Most of us are never invited into the billionaire bubble, but it is not just “them” vs “us”. The wild part is, everyone is confused. Even the “comfortable” normie scroll through feeds and start feeling broke, like they are always one rung below the “real” winners. Everyone thinks someone else has cracked the code, and nobody feels secure. The rich might miss the pain on the street, but the rest of us are haunted by the highlight reels of the 0.1%

You mention those out-of-touch remarks. Yeah, I hear those too. But if it is not just ignorance, but a genuine blind spot: if your friends are all popping Dom Perignon, you forget some people cannot pop a can of Coke without checking their bank app first. Social media makes this worse, since now even the not-rich are performing like they are at Monaco, but feeling anxious inside

What is the fix? Maybe we need more people (rich or not) who can zoom out and see the bigger economic picture and zoom in and remember what it felt like to skip meals. Until then, everyone is living in their own version of the bubble, with anxiety as the real common ground

The article was decent.  I think many people have not lived long enough to see patterns repeat.

I am 68 and I have seen economy repeat itself In quite a few ways.  As to rich nope I am not rich as to poor nope I am not poor. I am still stuck in the middle.

[Ishicryptic]

Very rich people in a very poor economy will join the poor to say that the economy is bad to patronize them so that the poor will feel like they are all together in the struggle. The truth is that the rich might not prosper as much as they ought to in a bad economy but they are still very much comfortable than the poor. There are people that benefit from a bad economy and the they will do everything possible to see that things are as bad as they are.

Imagine a country with a population of hundreds of millions of people and they don't have constant electricity power supply, every rich person have their own power generators while the poor sleeps in darkness because alternative electricity generation is very expensive. The high class joins the poor to complain about lack of electricity but it doesn't affect them personally because they enjoy personal electricity power generators. People who import power generators, petrol, inverters and solar panels will not like constant government power grills to function untimely. This is not my imagination I have been experiencing it since my childhood till this moment. The rich

[WillyAp]

hardly anyone has a full and entire view of their economy as some details behind grasp.
Especially politician have a kind of romantic view in their countries economy and compare themselves to others which have a different set of parameters.

[₿itcoin]

The truth is everybody has its own financial reality. Like you mentioned, homeless and rich people live in the same country but they have completely opposite views on the economy.

If you asked the rich, as long as the state guarantees their safety, he would tell you that everything is great and the poor are dumb.

If you asked the same question to the poor people, they’d probably blame everybody but themselves.

Yes, the gap between the poor and the rich is widening, yes it is way harder to land on a job nowadays, the pay is low, the costs are high but still, there are many ways to get rich, even now when I am typing this message, someone somewhere is getting rich.

Those who are rich are never going to understand the suffering of poor people. I don't mean people who are working really high-end jobs or the owner of multimillion dollar industry/company. Those who are actually rich, who could spend $1 billion right now and it wouldn't hurt their pocket even a little bit, or those who can spend multi billion dollars on something very stupid will never understand how poor people live.

You might be heard a lot of complaints about Amazon workers who say that they are underpaid. Also overworked but meanwhile he is one of the richest dudes in the whole world and also spent almost like 60 million for his wedding. You think that guy is actually going to understand what a 9 to 5 worker actually goes through? No chance.

[yhiaali3]

I've noticed for some time the negative impact of the spread of social media and globalization. Humans, by nature, look up, and when they see such wealthy people living lavish lifestyles and posting their lavish photos on social media, they long to be like them.

When young people see how these wealthy people live on social media, they developa sense of rebellion, rejection, and hatred for the reality they live in. Although they aren't poor, they rebel against their families, demanding more money. Their primary concern is to obtain money by any means necessary to emulate these wealthy people. This causes major social problems in poor and middle-income communities.

[BIT-BENDER]

Yes, the gap between the poor and the rich is widening, yes it is way harder to land on a job nowadays, the pay is low, the costs are high but still, there are many ways to get rich, even now when I am typing this message, someone somewhere is getting rich.

The type of information we are expose to can determine if we would get rich or get wealthier. The rich today keep getting rich because the are opportune to have many sources of high level information that will still get them richer and those who have broken out from being broke to getting rich are those who also get the right Information.

Many poor people are the back bone of the wealthy, they do the hardest job, they don't take any risk just do the hard job and get paid for it, but those who get rich has the information, takes the risk and reaps the profit.