Has Our Democracy Come to an End...
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5fish
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Video is about Argentina's economic history, and they have a political system that is so unequal that the elite state capture it, just as Musk and the billionaires have done here... watch the last third of the video, by Argentina's history was interesting...
diane
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There's the old saying: Them that has, gets.Hoarding is killing America
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Silas Marner. Needs to be read more again! The acquisition of so much, isolates and that twists. Yes, Mr Gatsby, the rich are not like other people! Mr Potter substituted power for decency - that's why he had Napoleon busts around his office and a skull paperweight on his desk. (I'm not sure It's A Wonderful Life is a Christmas movie, by the way, but that's another thread!)
Interesting to look at the world's richest women and what they are like. Alice Walton, of Walmart fame, may be at the top. There are about a dozen men ahead of her and most of them are household names. It's still a bit of a mystery about the female view of extraordinary wealth. (And the assumption that all of them are heiresses! Most, but not all...) Women, even wealthy ones - and that seems to be even more inhibiting - use the power differently. But there aren't enough with enough to really study!
5fish
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Here is this on Hoarding Billionaires. This article is from 2022 only gotten worse...
asiatimes.com
The world’s 10 richest men now possess – and largely hoard – more wealth than the 3.1 billion poorest people
But the world’s roughly 2,700 billionaires make most of their money not through wages but through gains in the value of their stocks and other investments.
The rich tend to spend less of their money than the poor. As a result, the extreme concentration of wealth can slow the pace of economic growth.
Extreme inequality can also exacerbate political dysfunction and undermine faith in political and economic systems. It can also erode principles of fairness and democratic norms of sharing power and resources.
Hoarding billionaires stunting global growth - Asia Times
US income inequality grew in 2021 for the first time in a decade, according to data the Census Bureau released in September 2022. That might sound
asiatimes.com
The world’s 10 richest men now possess – and largely hoard – more wealth than the 3.1 billion poorest people
But the world’s roughly 2,700 billionaires make most of their money not through wages but through gains in the value of their stocks and other investments.
The rich tend to spend less of their money than the poor. As a result, the extreme concentration of wealth can slow the pace of economic growth.
Extreme inequality can also exacerbate political dysfunction and undermine faith in political and economic systems. It can also erode principles of fairness and democratic norms of sharing power and resources.
5fish
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It's the rich...
www.marketplace.org
If you are a frequent listener of “Marketplace” — or even an infrequent listener, for that matter — you are well aware that the American consumer is the beating heart of this economy, accounting for almost 70% of U.S. GDP.
Turns out though in recent years, all that spending has been increasingly driven by a relatively small group of people. Namely, pretty well-off people.
According to a recent analysis from Moody’s Analytics for the Wall Street Journal, households with the top 10% of incomes, making about $250,000 or more a year, now account for nearly half of all consumer spending — the highest share since they’ve been collecting data on this stuff.
Top 10% of U.S. earners drive nearly half of all consumer spending - Marketplace
While inflation and a softening labor market have forced lower-income Americans to focus on necessities, high earners are still splurging.
www.marketplace.org
If you are a frequent listener of “Marketplace” — or even an infrequent listener, for that matter — you are well aware that the American consumer is the beating heart of this economy, accounting for almost 70% of U.S. GDP.
Turns out though in recent years, all that spending has been increasingly driven by a relatively small group of people. Namely, pretty well-off people.
According to a recent analysis from Moody’s Analytics for the Wall Street Journal, households with the top 10% of incomes, making about $250,000 or more a year, now account for nearly half of all consumer spending — the highest share since they’ve been collecting data on this stuff.