How will your grandchildren stop from sliding into poverty? I hope you understand there is a better than even chance that will occur.
Why? Money is accelerating in the direction of the top 1%. This group is growing their wealth at about ten percent faster annually than the bottom 99%.
How are you going to stop this? How are you going to guarantee that the scales will be rebalanced in favor of securing a safe future for your grandchildren.
Here’s what I think will happen to make things fair for your grandchildren.
1- your grandchildren might get inheritance money from their baby boomer grandparents. Baby boomers, a serious working generation, have saved and invested hundreds of billions of dollars. A portion of that amount might reach the grandchildren. (Possibly, but not probably.)
2- the true economic revolution will be, when by law, your grandchildren will receive a guaranteed income from the government tax free. My best guess it will be 1k monthly per person (citizen). Robots and artificial intelligence that will have been eating up more of their jobs will pay for such a radical step into the unknown. Recently, Finland has been experimenting with a guaranteed annual income. Some positive results have been reported.
3- in addition your grandchildren will continue to work their “gig” jobs, which will be part time with no benefits.
4- then they will do the unthinkable. They will dedicate their free time doing two things:
A- they will take three units of college credit every semester for which they will be paid. Their courses will be directly tied to the newest companies developing the latest technology. A portion of your grandchildren will enter a lottery to ensure job availability will be fair.
B- they will create their own work. This will be where the new wealth will be created at the fastest rate among all alternatives mentioned above. There will always be new needs which must be met. Your grandchildren will create new products and services that meet those needs.
Life will carry on normally, except for those who will be creating their own work. In essence, that amounts to creating many new micro economies. By creating their own work, they will be upholding the philosophy of participating in pure capitalism.
But, It’s also socialism, except the government does not tax their monthly 1k. There are those who are afraid that the $1k is a dole – free money. Who are they to criticize? Everyone receives $1k. With that, it becomes a criticism without merit. The true description is it’s jubilee money: it’s made with the purpose of keeping the economy balanced: it covers the gap. Approximately, $324b will be pumped into the middle class and lower class every month. As a whole, it keeps the gap between the haves and have nots from growing. In fact, it begins to close it.
The added benefit is that it is not inflationary. The monthly $1k they receive is consumed on a monthly basis. Companies will have an incentive and assurance that money will be there to consume. This has worked very successfully in countries like the United Arab Emirates. Plus, the work they create will turn into new economic growth.