The Economic Outlook

The post-1980 period had it’s ups and downs, but throughout it all the quiet little-noticed phenomenon was that the rich were back, and getting richer, and then VASTLY richer, and then UNFATHOMABLY richer. This was bound to lead, as it always does, to an economic crisis, which it did. But when the smoke cleared, there was no reckoning. The wealthy, instead of feeling a tiny amount of responsibility and remorse, instead felt THEMSELVES to be the aggrieved party! People didn’t WORSHIP them quite as much as they had come to enjoy and expect.

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The ability of workers to get significant wage increases is long gone. The ability of a small fraction of people to finagle a jackpot for themselves, and keep it, is welded firmly into place. The political system is beyond the self-correcting stage. Welcome to now.

  Tom Toles