Why we need a mandatory living wage:

[Chad32]

Isn't it usually the third generation that squanders the wealth and starts the cycle again?

It really depends. My dad works much harder than I do, and he has failed to teach me to work hard due to me having low ambitions and not being physically built for hard work. There are multiple factors, obviously, though I would expect someone who didn't work hard out of necessity to not have that as a big priority when raising his/her children.