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Senior Contributor

America has the highest level of wealth and income ever,

unfortunately it has become increasingly concentrated in the upper strata via trickle up economics.

The road to American Carnage begins under Ronald Reagan, with some cameo appearances by Maggie Thatcher, Pope John Paul II and Billy Graham (in the spirit of ecumenism)* and a cast of thousands. Uncle Miltie Friedman was sort of the High Priest. The peak years of neoliberal deregulation under Clinton/Gingrich followed with the desperate attempt to rev the economy via a Wall Street crime wave under Bush- a predictable outcome.

Financialization was primary, with trade liberalization second. The needs of "capital" to break any form of power that labor had was deemed as necessary to the "competitiveness" of the country.

Arguments can be made for the broad benefits of less labor rigidity and freer trade. The problem came when the GOP and neoliberal Dems became Social Justice Warriors for the Wealthy and government was unable to redistribute any of those gains across classes.

There's nothing particularly ennobling about standing on a line and turning a wrench or cutting up pigs 8 hours a day, but if those jobs are going to become fewer and less remunerative then you'd better have a plan or you're going to have a lot of unhappy people.

There are a lot of ways to spread out the distribution of wealth that those policies created. The USA USA USA has been slowly falling into dilapidation throughout that period and we easily could have taxed and spent a half $T every year throughout that period. Roads, bridges, wastewater systems, locks and dams, levees and shoreline protection stuff costs a lot of money and we're unlikely to ever catch up with the degree of maintenance that has been deferred.

Had we taxed high incomes and wealth to pay for that it would have easily overcome the negative effects of "liberalized" policies. And the rich- and a new class of rich- would have done very well in a strong economy, thank you.

Now we've reached our ultimate destination- we have a guy who played a billionaire on TV as President who is doing nothing other than leading a full bore attack to destroy whatever competence and capacity remains within government so that there will never be any force capable of contending with the people who sacked the country.

Deflecting blame to minorities,  immigrants, the poor and foreigners is the oldest trick in the book.

*they captured both the secular philosophers (economists) and religion. Christianity became a political movement that kept people distracted with wedge social issues and "their own salvation" rather than a force for social justice.

 

 

 

 

 

9 Replies
Senior Advisor

Re: America has the highest level of wealth and income ever,

Now that they have proven so effective let's give them a 100% monopoly over health care. And put them in charge of free college. And implement a $20/hr minimum wage. And a guaranteed income of $500/month for everyone one who make less then 100K/year. You know. Since government has proven to be so effective. Let's just go ahead and give them complete control.

Senior Contributor

Re: America has the highest level of wealth and income ever,

Given the amount of squealing that goes on here you'd think that the Reagan Revolution hasn't worked out that well for them.

 

Senior Contributor

Re: America has the highest level of wealth and income ever,

BTW, about the hay cart you use to haul the strawmen out of your haymow, does it have any grease zerks?

 

Senior Contributor

Re: America has the highest level of wealth and income ever,

Just an observation.

The Government became the enemy of many Good People when it made a mild shift from the previous policy which was Affirmative Action for Straight White Males Only.

As far as the relatively unqualified fact that trade makes the overall pie larger, that's not the issue.

The size of the pie isn't important- who deserves first divs is.

 

Senior Contributor

Re: America has the highest level of wealth and income ever,

1913

Senior Contributor

Re: America has the highest level of wealth and income ever,

Another matter but definitely the thing for goldbug nutters.

The date is fairly clear.  The American Dream started to fray in the '70s but the liftoff for massive upward redistribution of wealth and income of  and growing inequality begins in 80s.

 

Senior Advisor

Re: America has the highest level of wealth and income ever,

The 80s were a great time for working America. The real trouble started when we demanded our manufacturers met new environmental regulations but not demand that countries we imported from not meet the same. Our manufacturing left the country and those jobs were replaced with low wage service jobs. CEOs continued to make great wages on the backs of cheap foreign labor inside of countries who care nothing about the environment. Trump is trying to reverse that trend. The dems don't want that because their power lies in giving out free stuff. People who take care of themselves are views as their enemies. They have to labeled them as racist in the hopes they will vote progressive out of guilt. It worked for a while but the people have caught on to the scam. Now the dems are desperate to import new voters because they have alienated and aborted their old base. The dems are no longer the party for working America. They are the party of the foreign worker and ILLEGAL alien.

Senior Contributor

Re: America has the highest level of wealth and income ever,

Advisor

Re: America has the highest level of wealth and income ever,

Milligan, that's not really fair to Canada and Mexico....I am sure that there are a lot of areas in both countries that support free enterprise, morality, and the rule of law. At least, I hope so.