Posts: 297
Threads: 12
Joined: Apr 2020
Meanwhile, the disparity between stock markets and everything else is driving me crazy. Not that I am not partaking, TBH. My portfolio is tech driven and doing quite well. But I took macroeconomics, and more important I built a tech business that is still thriving, and I can’t understand how stocks do so well when we have unprecedented unemployment, what seems like half of small retail businesses closed, the gig economy workers in ruin, and poverty and homelessness running rampant. And during the worst pandemic in modern history.
I do know that stock prices historically correlate with corporate profits and (inversely) with energy costs. Still, the whole fat cat meme comes to mind, entirely different worlds playing out between the comfortable strata buffered from all this, and the growing poverty everywhere else.
I fear we’re all ignoring the disaster in front of our faces. The concentration of wealth coupled with the increasing power of money in politics has generated a cycle in which wealth buys power and power buys government (the 2017 tax cuts and bailout funds for corporations, for example) and government evolves increasingly into government of the wealthy, for the wealthy, and by the wealthy.
Back in the 60s I remember listening to a talking head suggesting that the problem of haves vs have-nots was going to pull down the prosperity we’d seen since WWII. As a society, we ignored that, and concentration is way worse than back then. We’ve got a society that has a few rich people behind gates and walls, and masses of poor outside. That can’t sustain itself.
I really fear for what’s ahead for our children and grandchildren, in a hostile planet, with oligarchs at war with hordes of starving masses.
I’d love to see the pandemic spark a massive change of power and perception to completely revise the tax structure back to what it was in the 60s and 70s, to tax wealth over (say) $50 million, and tax all inheritance over (say) $10 million per person.
No, I’m not a raving madman. Not Antifa. I’m a business owner. And if advanced degrees and business ownership make me a member of the elite, then yeah, I am. But I just want to avoid the chaos that will come if we as a society ignore poverty, vastly unequal opportunity, and obscene concentration of wealth.