Comment by specproc | Hacker News Reader

Comment by specproc | Hacker News Reader

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The flipside is that you have no job security. In Europe, we've been moving towards more American style "flexible employment" for years, and it's highly controversial.

As an aging guy, I'm also staring down the barrel of cross-party consensus on replicating the predatory US healthcare model in my country. I see what things look like in the States, and no thanks.

> While getting terminated is disruptive, it isn’t the end of the world for the typical American.

Whenever conversations like this come up, I feel the need to remind folks that most folks don't work in tech for colossal salaries. Around a quarter of Americans have less than USD 1,000 saved, most under 5,000.[0] No runway is the norm, I'd put that well above "disruptive" for "most Americans".

[^0] https://www.forbes.com/advisor/banking/savings/average-ameri...

They don't save because they don't need to since there's always a job available as hiring is so easy. In Europe we need to save in case we want to quit, since then we lose all rights and protections and need to wait months before finding a new job.

A major reason poor people don't save is the inflationary currency and government control of interest rates (plus other central bank policy) encourages debt over saving. We slowly put a noose around our necks because our laws put lights on that runway. We need major reform to get back to a saving mindset. It'll be a world where the government will borrow and print far less money.

Poor people don't save because they are poor and there's nothing to save.

It costs loads more to be poor than to have some money. You won't save money by buying up-front, if your credit is low you'll pay more than a person with more money, you miss payments and the late fees rack up, you overdraft and your fees add up, you can't go on autopay to save money because you risk going into overdraft, etc.

Maybe if the 1% didn't own 50% off all the resources (money) than poor people could find some money to save.

I'm looking at the data and there is zero relationship between inflation, interest rates and personal savings in the USA. People save in time of crisis (2008, covid, etc.), and don't when the economy is good (1990 -> 2007)

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