"We'll never have it so good again"

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"We'll never have it so good again"

Postby 3Boys » Thu Oct 17, 2013 9:36 am

Something to chew on --> http://www.telegraph.co.uk/lifestyle/10 ... again.html

The middle classes can no longer afford the houses and schools that their parents did – and the future looks even more squeezed for their children

.......“Social mobility is no longer just an issue for children from poor families. There’s a real risk that children from families with above-average incomes will in future have lower living standards than their parents.”.....

.....One might ask: how did it come to this? What are the causes of this downward drift?
The first is the increasingly stark division between the tiny minority of super-rich and everyone else – including the middle class. When the first Sunday Times Rich List was published in 1989, a fortune of at least £30 million was required for a place in the top 200. This year, the man in 200th place, insurance magnate Peter Cullum, is worth an estimated £450 million.
Across almost all professions and institutions, private sector and public, a line has been drawn, very close to the top of any given organisation. Below that line, employees – including management – are considered as costs. Therefore, the logic goes, their incomes must be kept down and the maximum productivity squeezed out of them, so as to minimise financial waste.
But above that line a very different logic applies. In this rarefied atmosphere – the world of, say, senior executives at the BBC – employees become assets. They are stars. They have world-class talent. And so the only way to maintain their loyalty is to pay them more, and more, and more.
When Tony Blair came to power in 1997, the bottom 90 per cent of the population had an average annual income of £10,567. By 2007, that had risen by a little under 20 per cent to £12,430. Now let’s look at the top 1 per cent. In 1997, they made an already very impressive £187,989 a year. A decade later, that had risen by more than 60 per cent to £301,325. So the gap between them and everyone else had increased dramatically in both relative and absolute terms.
The middle classes are overwhelmingly on the wrong side of that divide. And that’s not where their problems end. For as middle-class youngsters look towards university and work, they discover that football’s Premier League is not the only place where British talent is being sidelined in favour of foreign imports. British parents trying to get their children into private schools are having to compete against children – and their hyper-ambitious, money-no-object parents – from Russia, China, India, South-east Asia and the Middle East........

3Boys
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Re: "We'll never have it so good again"

Postby h3ngh3ngl4h » Thu Oct 17, 2013 10:40 am

wow UK also feeling the pinch like in Singapore. I guess Singapore's woes are not unique to her.

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Re: "We'll never have it so good again"

Postby 3Boys » Thu Oct 17, 2013 10:58 am

h3ngh3ngl4h wrote:wow UK also feeling the pinch like in Singapore. I guess Singapore's woes are not unique to her.


I think people in Singapore don't quite realise that. And being on a tiny island just makes it all that much worse.

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Re: "We'll never have it so good again"

Postby wonderm » Thu Oct 17, 2013 10:59 am

h3ngh3ngl4h wrote:wow UK also feeling the pinch like in Singapore. I guess Singapore's woes are not unique to her.


I read a similar article about the same situation in USA. It is no surprise since we live in a globalized world.

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Re: "We'll never have it so good again"

Postby atrecord » Thu Oct 17, 2013 11:31 am

These are real problems...

I wonder how will my kids be able to afford their own house and car in the future...

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Re: "We'll never have it so good again"

Postby 路人甲 » Thu Oct 17, 2013 11:43 am

car would be right at the bottom of my list in singapore.

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Re: "We'll never have it so good again"

Postby jetsetter » Thu Oct 17, 2013 12:12 pm

路人甲 wrote:car would be right at the bottom of my list in singapore.


难怪你是路人。 :siam:

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Re: "We'll never have it so good again"

Postby sushi88 » Thu Oct 17, 2013 11:58 pm

I preach this to my kids frequently and today I just mentioned it again.

I told them to enjoy the good life they have now but think about how to sustain this kind of lifestyle in future because it would be tougher and tougher for them with global competition. Good results is not going to guarantee them anything...

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Re: "We'll never have it so good again"

Postby pirated » Fri Oct 18, 2013 3:28 am

http://www.nytimes.com/2013/10/16/opini ... .html?_r=0

Op-Ed Columnist

Sorry, Kids. We Ate It All.

By THOMAS L. FRIEDMAN

Published: October 15, 2013

Eventually this shutdown crisis will end. And eventually the two parties will make another stab at a deal on taxes, investments and entitlements. But there’s one outcome from such negotiations that I can absolutely guarantee: Seniors, Wall Street and unions will all have their say and their interests protected. So the most likely result will be more tinkering around the edges, as our politicians run for the hills the minute someone accuses them of “fixing the deficit on the backs of the elderly” or creating “death panels” to sensibly allocate end-of-life health care. Could this time be different? Short of an economic meltdown, there is only one thing that might produce meaningful change: a mass movement for tax, spending and entitlement reform led by the cohort that is the least organized but will be the most affected if we don’t think long term — today’s young people.

Whether they realize it or not, they’re the ones who will really get hit by all the cans we’re kicking down the road. After we baby boomers get done retiring — at a rate of 7,000 to 11,000 a day — if current taxes and entitlement promises are not reformed, the cupboard will be largely bare for today’s Facebook generation. But what are the chances of them getting out of Facebook and into their parents’ faces — and demanding not only that the wealthy do their part but that the next generation as a whole leaves something for this one? Too bad young people aren’t paying attention. Or are they?

Wait! Who is that speaking to crowds of students at Berkeley, Stanford, Brown, U.S.C., Bowdoin, Notre Dame and N.Y.U. — urging these “future seniors” to start a movement to protect their interests? That’s Stan Druckenmiller, the legendary investor who made a fortune predicting the subprime bust, often accompanied by Geoffrey Canada, the president of the Harlem Children’s Zone, of which Druckenmiller is the biggest funder. What are they doing on a Mick Jagger-like college tour where they don’t sing, don’t dance, and just go through a set of charts showing young people how badly they’ll be hammered if our current taxes, growth rates, defense spending and entitlements stay where they are?

“My generation — we brought down the president in the ’60s because we didn’t want to go into the war against Vietnam,” Druckenmiller told an overflow crowd at Notre Dame last week. “People say young people don’t vote; young people don’t care. I’m hoping after tonight, you will care. There is a clear danger to you and your children.”

Whenever Druckenmiller (a friend) is challenged by seniors, who also come to his talks, that he is trying to start an intergenerational war, he has a standard reply: “No, that war already happened, and the kids lost. We’re just trying to recover some scraps for them.”

With graph after graph, they show how government spending, investments, entitlements and poverty alleviation have overwhelmingly benefited the elderly since the 1960s and how the situation will only get worse as our over-65 population soars 100 percent between now and 2050, while the working population that will have to support them — ages 18 to 64 — will grow by 17 percent. This imbalance will lead to a huge burden on the young and, without greater growth, necessitate cutting the very government investments in infrastructure, Head Start, and medical and technology research that help the poorest and also create the jobs of the future.

Druckenmiller is not looking to get his taxes cut. He considers Social Security and Medicare great achievements for how they’ve reduced poverty among the elderly. He and Canada are simply convinced that only a Vietnam-war-scale movement by the young can break through the web of special interests to force politicians to put in place the reforms that would actually secure both today’s seniors and future seniors, today’s middle class and the wanna-be middle class. (Watch their N.Y.U. presentation: http://www.youtube.com/watch?v=fbgIiAnpcPc).

Druckenmiller urges young people to design their own solutions, but, when asked, he recommends: raising taxes on capital gains, dividends and carried interest — now hugely weighted to the wealthy and elderly — to make them equal to earned income taxes; making all consumers more price sensitive when obtaining health care; means-testing Social Security and Medicare so they go to those most in need; phasing in higher age qualifications for entitlements and cutting corporate taxes to zero, so the people who actually create jobs will have more resources to do so.

At the Harlem Children’s Zone, explains Canada, “we have made a promise to all of our children: you play by the rules, do well in school, avoid drugs, gangs, crime and teenage pregnancy, and we will get you into college and on your way down the path of the middle class” and toward a future of financial security. But, he adds, “the current spending on my generation — I’m 61 — if it continues unabated, will erase any chance my children will have the safety net of social, education and health services they will need. It seems deeply offensive to me that we will be asking these poor children from Harlem to subsidize a generation that is, by and large, more well-off than they are, and then leave them deeply indebted in an America that had eaten the seed corn of the next generation.”

this will happen to singapore if we are not careful.....

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Re: "We'll never have it so good again"

Postby 3Boys » Fri Oct 18, 2013 7:17 am

Th inter generational war is ALREADY happening in Singapore, only people don't realize it.

The imbeciles at ToC and TRE who constantly rail against CPF, calling for more and more healthcare subsidies, are basically eating their children's lunch. Those of us who think and plan and wish to leave a legacy, cannot let those voices prevail.

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