I have phases too, right now going through a strong wave. I’m desperately resisting the urge to buy a really nice hyuga kaya table board. I decided to gift it to myself if I ever reach one dan, hopefully that would incentivize staying motivated.
Brooks did an interesting study on this, check Page 5 [0]. The answer is that there is a lot of mobility, but your parent’s income status definitely seems to be correlated with their child’s income status.
That isn’t to say it is causative, maybe people who grew up in high cost of living areas just stay in them, where incomes are higher to accommodate.
>The more interesting data would measure how fluid are the populations of income deciles between generations or even within a single lifespan.
Even that wouldn't be too interesting to me. What if the society we live in just distributes a lot of income on the basis of luck? We would appear to be a highly fluid society but from the perspective of any individual there would still be little you could do to advance. Some really interesting data would be to take a child's income across life and regress it by some of the luckiest things you can have, parental income level / parent hours spent reading to child before 8 years old / attendance of pre-k / quality of child's high school. Then we could see not just fluidity but independent effortful movement in the economy.
Interesting: nominally more of the bottom quintile both stay in that quintile, and make it to the top quintile, than stay in the top, and drop to the bottom.
bottom -> bottom: 41%
top -> top: 40%
bottom -> top: 9%
top -> bottom: 8%
I guess that's kind of evidence for mobility? From the shapes of the other bands, coming from money still massively biases for ending up with it, and not coming from it against.
And the best part is that the next generation will have it even worse. They’ll have 75% Social security payments, little chance of building net worth through home purchases and a lifetime of $10/hr jobs.
Perversely, it may not be the worst thing if an entire generation decides that building wealth through your primary residence is not the best idea, and forgoes this in their lives and pushes their representatives to repeal the slew of incentives currently written into the tax code.
Not if in lieu of homes they invest in nothing at all. If you don't own a home you're paying rent. Rent prices have also increased dramatically so it's not like there's money going into savings.
Personally, I pay more in student loans than every one of my parents, aunts, and uncles pay on ybeir mortgage. I pay 2-3 times more in rent than their mortgage. I might be ok but only because of a high paying tech job. Those at the lower end the scale are absolutely fucked.
This is already happening. The new tax bill hits housing's special status three ways-- the mortgage deduction cap is lowered 25%, the standard deduction doubles (making the mortgage deduction less valuable) and high property taxes are no longer deductable.
Property ownership as your sole investment apparatus is obviously flawed, but seeing the ownership of all land and property centralized even further into the hands of land barons and oligarchs who can afford to rent seek an entire population is much worse.
There was a lot of misguided misdirection in trying to sell every US citizen on home ownership, but there was also a tinge of romanticism towards the principle that maybe everyone could have their own small slice of the pie rather than a few fat cats owning the whole thing with all of us begging to borrow a piece.
The Waymo article focused on testing, both physical and virtual. This article just describes the visualization tool that Uber uses to replay SDC logs. They might use the same tool to control and view simulations, but the article doesn't really touch on that.
Does yours run Windows? Do you get to choose? If you could choose, which OS would you use? Any clear favourites with your peers for development? Just collecting anecdotes ;)
