The Nomad Economist
Premiered May 14, 2022
IF YOU ARE NOT OUTRAGED, YOU HAVE NOT BEEN PAYING ATTENTION.
The income inequality in the United States has not been this pronounced in over a century. The middle class doesn’t exist anymore, and the new working poor cannot continue for much longer.
The top 10% has 50% of the country’s Income. And the top 1% has 20% of the income. while a quarter of all American workers struggle on wages of less than $10 an hour putting them below the poverty line .
Meanwhile the salaries of the CEOs of top corporations are often in the billions of dollars . Today there are 2200 billionaires in America. This income inequality is global ; the wealthiest 1% of the world’s population controls 40% of The world’s wealth.
We are at a point in which the capitalist system; which has been the growing dominant system for the last 300 years; and wanted to present itself in contradiction to feudalism and slavery; as the system that creates a massive the middle class that lifts everybody up.
And what we have now ; is that it has become the global system that is the exact opposite. It has reproduced the kinds of grotesque inequalities that we associate with everything from the Versailles Palace of the late King Louis back to the Pharaohs of ancient Egypt. It is a stunning expose of an economic system that couldn’t deliver what it promised. And now wants to distract everybody from this harsh Reality.
This is the a significant measure of a capitalist system by Its own claims, and it can’t deliver. That’s why we’re besieged with economic and political theater; anti-immigration and tariffs; All that kind of stuff blaming foreigners for anything to get us away from confronting an economic a system that doesn’t work for the majority of the people.
Not only this capitalism does not work, but the assault is being exacerbated. As we saw with the new tax code . The new tax code really is a kind of explosive excess. it’s when you’ve crossed the line, and finally it is so grotesque that even those who didn’t want to see are forced to see .
We have had 30 to 40 years in which corporations have paid fewer taxes than they ever did. They have made more money than they ever did before. They have been able to keep wages stagnant; while the the productivity of labor rose. This is the last moment historically that they needed another big gift; let alone at the expense of the very people whose wages have been stagnant.
To give them a tax bust of this sort; basically reducing from 35 percent to 20 percent is a 40 Percent cut. This kind of crazy excess does remind us of the late Louis in France before the French Revolution. When the level of excess reached the Explosive social dimensions. And I think That’s where we are.
What about that a moment in American history, let’s call it the Golden Age of Labor right After World War Two. When ,capitalism took credit for and, we did have for a period of a couple of decades a well Compensated working class. Working class could be part of the middle Class. The irony which people don’t want to remember ,yes that’s true. I’d like to explain to you how the figures that they use to justify , what they call a recovery are, in fact, fictional.
Yeah there’s a number of ways in which this is done . You know; at any moment there are an immense array of economic statistics some of them make it look like the future might be a little bit better others make it look like the future look And grim. A reasonable approach tries to weigh these .
But if you don’t do analysis you do advertising or ideological more then you only look at the one . And you pretend the other ones don’t exist. So bear with me . if I point out some of the data that don’t show that this is a recovery.
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