Salient to a lot of argument ITT about real wealth, inflation, and the US economy:
no analysis of the contemporary bubble is possible without explicit treatment of the mind-boggling capture of wealth by the richest quintile and in particular the richest < 5%, which began in 1971 and has only accelerated.
If you are not yet familiar with the hard numbers on this, I beg you to look it up.
It is life-changing to realize that the true decline in wealth accumulation, leisure, security, social mobility, etc., since ~1970-71,
(described elsewhere in the thread here as "real GDP decline" etc.),
is ENTIRELY a product of wealth-capture by the very rich.
Actual total wealth in this country is at least triple what it was in 1971 by any meaningful metric. But the wealth held by all but the top 10-20% has DECLINED in that time. Because ALL the gains have been captured by the wealth; and most of that by the VERY VERY VERY wealthy.
The social disruption, material breakdown, comprehensive anxiety cum tribalism, etc., could ALL have been avoided.
Now consider that wealth capture has resulted in political capture and media consolidation and oligopoly. Why are the consequences of this wealth accumulation never discussed, or made into policy centerpieces, except for a few lone voices who are written off as radical or eccentric?
This has changed from general-order horror to active-threat horror in the last 10 years because the capture of wealth cum power is now driving us away from solutions to urgent problems:
• political tribalism cum brewing civil war
• accelerating worst-case climate change
These are major forces for social disruption.
Confronting them is impossible without addressing the consolidation of wealth and power by the uber-rich.
no analysis of the contemporary bubble is possible without explicit treatment of the mind-boggling capture of wealth by the richest quintile and in particular the richest < 5%, which began in 1971 and has only accelerated.
If you are not yet familiar with the hard numbers on this, I beg you to look it up.
It is life-changing to realize that the true decline in wealth accumulation, leisure, security, social mobility, etc., since ~1970-71,
(described elsewhere in the thread here as "real GDP decline" etc.),
is ENTIRELY a product of wealth-capture by the very rich.
Actual total wealth in this country is at least triple what it was in 1971 by any meaningful metric. But the wealth held by all but the top 10-20% has DECLINED in that time. Because ALL the gains have been captured by the wealth; and most of that by the VERY VERY VERY wealthy.
The social disruption, material breakdown, comprehensive anxiety cum tribalism, etc., could ALL have been avoided.
Now consider that wealth capture has resulted in political capture and media consolidation and oligopoly. Why are the consequences of this wealth accumulation never discussed, or made into policy centerpieces, except for a few lone voices who are written off as radical or eccentric?
This has changed from general-order horror to active-threat horror in the last 10 years because the capture of wealth cum power is now driving us away from solutions to urgent problems: • political tribalism cum brewing civil war • accelerating worst-case climate change
These are major forces for social disruption.
Confronting them is impossible without addressing the consolidation of wealth and power by the uber-rich.