Everyone has heard this sentiment at some point in their lives, often to justify the "service economy." Great goal for an individual, but how does that make sense??
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"Service economy" jobs feed off people who produce products for a living, aka creating value. Without manufacturing, what producers do we have? The tech industry? The whole of America cannot subsist off the tech industry. So what's left? Construction? Farming? America is supposed to survive off providing healthcare and financial services to farmers and Google employees?
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To work in tech, or in most service sectors like finance, law, medicine, data analytics, etc, let's say your IQ needs to be about 1 standard deviation above the mean. That leaves about 80% of Americans in the cold. Overestimation? Maybe, but probably not far from the truth.
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So how does the service economy achieve a 5% unemployment rate? Top service job sectors are education/healthcare with 26M employees in schools, hospitals, and social services, and 23M employees in "government." LOLLLLL
So you have:
- government-funded (or directly government-run) schools, universities, and hospitals employing the biggest chunk of people
- then another 23M people explicitly paid by the government
- then millions of women in the private business sector who are essentially subsidized by government-mandated email jobs
- then the transportation and UberEats sector that feeds off these people's Amazon deliveries and takeout orders
- then the legions of people on disability or food stamps or not making enough to actually pay taxes
- then the remainder of the population that actually creates some kind of value (excluding service jobs like legal, financial, business services, etc)
Our country runs off unlimited debt and pixie dust.
It definitely runs off debt. If you somehow always pay cash and owe nothing, you have no credit score and that hurts you.
to be brutally honest, that makes sense. A credit score is essentially a way to measure your ability to pay off debts. if you never take on any debts, then you have no history of paying off debts. therefore you are unpredictable.
what really needs to happen is banks need to be able to look at more than credit score when assessing whether to give someone a loan or not. it's a good metric, but it should not be the only metric.
Not having debt is a good indication that you paying off debt.
And no one ever consented to having a credit score. Not. One. Person.
now that you mentioned it, technically Experian and FICO should legally obligated to delete your credit score and other personal data on request, at least in California and the EU. I wonder if anyone's tried this?
Not if you've never taken debt.
Yes even if you’ve taken debt…once.
Then you can tell.
No, a credit score is a measure of how much money (((they))) can make off you. As in, the parasites are ranking you as a host. Look at who uses it, who contributes to it, and how to get a higher score.
I pay off my credit cards immediately (meaning they don't make interest), and have had very few loans, each with very low rates (started them when rates were low). They barely make money off of me, yet my credit score is well above average.
Payment networks like Visa are still taking 3% transaction fees off of credit card transactions. The merchant doesn't have to tell you about it but it's still there. Some may offer cash discounts or add credit card surcharges. Interest isn't the only way the payment network makes money.
Credit cards are a way to safeguard checking account assets by not having paper checks floating around with account numbers, or not having to carry large amounts of cash. It is a practical way to protect debit cards from card skimming. There is also transaction protection from fraud or non-delivery of goods or services. Some of the network payment fees may even out with 2% cash back or other intangible benefits such as miles so that it's more enticing to use credit card.
You may be paying off balances monthly without paying interest. It isn't free to use a credit card, and there is more net benefit to the payment network than for you or a merchant. There are trade-offs to consider using a credit card, however.
Notice I said "can make", and not "are making".
So, they didn't lose any money. They got the principal back, and then some.
Basically, you are showing that you have plenty of
bloodmoney that they can suck out of you, if you gave them the opportunity.I have multiple friends who were declined small loans (on the scale of a car loan) because of insufficient debt (not credit score) despite having cash on hand to buy the item outright. The indicators they use are crazy.
Anyone with $2000 could take $2000 in debt and spend $4000 in nonsense and be left with nothing. Having money is not a good indicator.
What you want to know is how predictably they pay off debts. This requires not debt, but a history of paying them regularly and on time.
If this were true, then the score itself would be vastly wider, and it would be entirely based on whether the debt was paid or not. This is completely false on both accounts, for example, paying off a debt early to pay less interest hurts your credit score. Being a minority gives you preferential credit treatment. It’s never been about paying debts, it’s about how much they can fleece from you or write off from you for ESG money and government compliance. I’ve know people who have never once made a late payment or had any negative credit impact after multiple houses and they still can’t get above an 800 credit score, simply because they pay off the loans quicker.
I won't comment on ESG stuff, but regarding the original point of credit score:
Exactly. It's about predictability. Paying as originally stated is what's ideal for these purposes.
No. It's about predictability, not paying the debt itself.
That’s not “predictability”. If someone predictably paid off their debt early every time then that is just as predictable as scheduled. It’s entirely about squeezing as much interest as possible. If “predictability” was the actual metric my friend would have the highest credit score humanly possible, he makes the exact same percentage payment every time, it’s just one that benefits him more than the loaner.
You're arguing for the sake of arguing. I'm not giving my opinion here: I'm describing how it actually works.
When one makes a debt and promises to pay in X cuotas of $200, as a lender I can make plans for that income through time. Any deviation, regardless of whether the debt is paid, creates uncertainty. Even "positive" uncertainty worries me, because it could mean, for all I know, that the person might be impulsive (an unwelcome character trait in borrowers). Many people pay their debts early once they get money because they don't trust themselves not to waste it. Paying early can be an indicator of untrustworthiness.
So, lenders want predictability. Not just of paying the debt: that is not enough. They want predictability of each payment step. That is what determines that the borrower is disciplined and does things as expected.
What other metric can there be for objectively assessing whether someone can pay off debts than their debt-paying predictability?
How would you decide if you were to loan your money at risk of losing it?
an excellent question.
I don't have concrete answers, but one idea would be to use the borrowers current income/expenses ratio.
Granted, that's one factor.
Debt is the currency of slaves.
Our paper dollars right now are only backed by the implicit threat of our military - which has been a glorified welfare program for mulattos and faggots for a long time now. We'd be obliterated in a hot war with Russia/China.
Can confirm. Although I do have some student loans but I'll drop thousands on stuff in "cash" and then when I do want to take out a small loan I get told to fuck off because I have no credit history
It's been a Ponzi scheme (or scam) ever since a Federal (or even State/Provincial) Government "borrowed" money.
The government never intends to pay OFF the debt, just pay it "back". Although low level (city, municipality) may issue Bonds & such for specific projects & those are paid out over time? The ongoing burden of debt for day-to-day operations is never intended to be repaid. It is ALWAYS re-paid by... borrowing more money!
This inevitably leads to "The Black Wall Of Debt" and disaster, but who cares? Some other sucker will be in office by then, and I'll have my gold-plated pension for life!
iirc? My city now pays HALF its annual budget into debt. Meanwhile it jacks up taxes to fund essential things like police, fire and ambulance. While maintaining vanity projects and "special interest funding" out the wazoo. Try to point out that resolving the debt (by cutting wasteful spending) would leave TONS of money for that = yeah, good luck getting anyone to listen.
I don't think most of the people parroting it to their own children are doing it this maliciously.
They want their children to have safe, well paying jobs. A goal I think we can all understand. Hard labor is often not only incredibly dangerous both in terms of immediate problems but also gradual build up destruction of your body, but also not exactly well paying. A lot of people assume the trades fall into this category, and they often can, but most hard labor jobs aren't skilled nor compensated well enough for the wear and tear on your physical form.
Its not a sentiment that is beneficial for society as a whole, but its absolutely a well meaning one for the individual family. Everyone wants to think their kid can do whatever they want and be one of the few capable of getting into those cushy jobs, even if to an outsider its obvious Jim is gonna hold signs for road workers.
Now of course the government and Elites abused this in all the ways you listed, but that's one of the most evil things about them. They take things that should otherwise be wonderful (a parent's desire for their children to succeed) and twist it into their whims to destroy everything.
yeah I heard that growing up for sure. It was common at least.
While a great portion of the US economy is service sector, government, and military, one of the anchors is innovation and intellectual property. Especially in the areas of medicine and computers. While we are certainly not the only ones, we are the most open and available for other countries to engage with. However, this also means untrustworthy actors, like China, will take advantage of us.
Regarding manufacturing, much of it is old technology and doesn't fit with the theme of innovation and intellectual property.
So, our debt is backed up by exporting everything that makes us great, and the military.
And, yes, college is pointless for >68% of the population.
Yup….we can’t have a successful economy until the majority of people are fitted with jobs that actually produce something of value, but don’t necessarily require higher education to do so competently, that’s what we had with our former manufacturing industry, until Kissinger and the jewish puppets he advised decided it was a good idea to destroy the jobs market for the uneducated masses with NAFTA. We should be producing just about every product Americans need for ourselves, that way whatever we buy keeps our dollars in the hands of other Americans…not to mention, national security requires that we don’t rely on other nations to provide us with everything we need, so if our relations go bad with those trading partners, it won’t lead to a complete loss of those products. but independence was never the objective for our jewish overlords, who know a dependent population is a compliant population, that artificial scarcity can be turned into a weapon of control. Ultimately, they want most jobs automated and offshored so poverty leads us to accept a UBI, that can be used to dictate that you do as ZOG says, otherwise you'll be cut off from the assistance you desperately need to survive.
We need a multitude of jobs and job types to be self reliant. There is value in both directions. The farmer benefits from having the business he works with US owned. The millionaire banker benefits from his food being grown domestically. Having an actual manufacturing base, a labor base, an agricultural base, an innovation base, a financial sector based, a tech base, an energy base, are all vital for each other. Whatever you don't have you are reliant on others for. Best case they rip you off for it. Worst case, they deprive you of it entirely.
The US can do without cheaply made shit. We can't go without food.
China gets about 7% of its food from imports. That's only what they admit to.
Excellent epiphany. You are seeing how America is fake and gay. No amount of voting or nationalist tax hikes will fix this. İt has to implode and reset. And if we look through history, that never happens, it just implodes and another empire rises somewhere else.
Shut up Pajeet.
Where's the lie? "America" was destroyed long ago and its corpse is being looted.
Believe me, I've heard it all... techies making insane money drinking boba all day and trade supremacists stacking bales of cash.
The techies leave out the insane political drawbacks of SF and the skilled trades leave out the politics of getting a slot in the union. The only thing you can say with certainty is if you've got it made, you got it made.