In an op-ed by Phil Gramm and Mike Solon in the Wall Street Journal the authors argue that without the deregulation of the 1970s the U. S. economy would be a lot smaller. I won’t even bother to excerpt it. Read it if you care to. My reaction was who cares?
Just a dozen or so people account for more than $1 trillion in wealth and the experience during the pandemic is that the ultra-rich have become ultra-richer. If you want people to be concerned about the things Sen. Gramm and Mr. Solon are writing about they need to have a much greater stake in the economy than they do. I honestly don’t care if Jeff Bezos’s income goes down.
According to their logic, totalitarianism is more desirable because a dictator can make the trains run on time.
They assume these much desired monopolies came into existence fully formed. The social, cultural, and governmental environment predates the monopolies, and evident to even an idiot, a prosperous economy requires a specific environment. Libertarians make the same assumptions.
It should be noted that Phil Gramm, libertarians, progressives, BLM, etc. will ever suggest applying their solutions anywhere but the US. Additionally, they all adore China which is fascist.
They assume everything can be scaled up infinitely and trends will continue indefinitely.
(This is why metaphysics and epistemology are important. They are not simply academic studies.)
And I raise you one Victor David Hansen:
https://amgreatness.com/2021/07/14/class-the-word-we-dare-not-speak/
TL;DR? Dims are the party of the rich.
Of course, since the 1970’s the working class has lost over 20% of real income (no current data, but trend continues), and the middle class has experienced stagnating incomes. The rich have seized all the economic growth since the 1970’s, and they have clawed income away from the workers.
Gramm and Solon helped to create this situation. Count them as Progressive Democrats.
Hansen is right.
A text I remember from a psychology class claims that when people make you predictably feel a certain way, you can be certain as well, that they mean to.
Are we being drip-fed anger and hate for one another to protect class barriers?
https://www.browndailyherald.com/2014/02/12/dorris-15-wont-talk-class/
I didn’t come away from the article thinking their central point was about GDP, per se. Rather it was about regulation artificially keeping prices high, and restricting access to the general population. That regulations leads to regulatory capture can hardly be debated. Flying has become a glorified cattle drive, but the fact of the matter is that it has opened up travel to Everyman.
“Of course, since the 1970’s the working class has lost over 20% of real income (no current data, but trend continues), and the middle class has experienced stagnating incomes. The rich have seized all the economic growth since the 1970’s, and they have clawed income away from the workers.”
I hear this a lot, but rarely with proper attribution to causes. I’m no apologist for Jeff Bezos, but he didn’t “seize” anything from Joe Lunchbucket. He simply applied one of the 3-4 basic business models (skip the middle man) to retail products. And the people liked it. Entertainers were cited in a comment. People can choose to spend their hard earned dollars making entertainers rich, but they don’t have to buy $250 pairs of sneakers, $18 hot dogs at the ball park or $15 movie tickets.
Wage stagnation is due mostly to globalism and its attendant unfree trade, and to immigration policy. That’s an unholy arrangement largely between big corporations and government. As I’ve noted here, anyone who thinks that large corporations suddenly became woke out of altruism are mistaken. They are falling in line to avoid the wrath of government.
Its just as wicked as it seems.
Hear that Drew? You are a Democrat.
Steve
If by “globalism” and “immigration policy” you mean neoliberal ideology, I agree.
I hardly consider globalism and our immigration policy as neoliberal. Its crony capitalism. A wicked deal between government and other large organizations to impose their interests on the people, often at the expense of the people. That’s not free markets and reduced government.
And today’s version of the Democrat Party, progressives, is in the process of becoming as authoritarian as the the worst regimes in history.
In denial Drew? You are wealthy and all wealthy people are now progressives. Listen to your fellow conservatives here.
“as authoritarian as the the worst regimes in history.”
The FEMA camps were real but temporary. However, building a real gulag has been difficult. In the ideal we have some equivalent to Siberia so we can send conservatives off to freeze, but unfortunately climate change is real and we just dont have enough cold areas. Maybe we can work out a deal with Canada. We are banning all religious practice next month so tell all your church going friends down there to get in a last visit or two.
Steve