Are we the last generation to rise economically?

Are we the last generation to rise economically?  The current economic trajectory of the U.S. is similar to pre-revolutionary France where the top 1% controlled the French economy. They ended up losing their heads at the guillotine. We already know the rich richer and the poor poorer. We already know that 1% of Americans own more than 50% of the nation’s wealth and the gap is growing. Economists tell us that there is no such thing as trickle down economics and that in fact wealth historically always trickles up. We already know that wealth is being redistributed to the rich annually by an outdated tax structure that favors investments. And we already know that class warfare is rampant because stocks are reaching record highs while wages drop and the middle class stagnates. Economists warn us that supply side economics do not bottom out but continue to rise, sometimes, dramatically. Thomas Piketty, in Capitalism in the 20th Century, points out that the 20 to 30 boom years following 1950 were an anomaly, and not likely to happen again. Most adults today have not given up hope of getting ahead. Most adults today, however, are no better off than their parents. So far the hue and cry of inequality has not gained revolutionary strength, but the signs of class conflict are inevitable. The American dream of opportunity still shines, but more dimly, as if only reflected in the accomplishments of a generation gone by. A global revolution is coming. If not in violence, at least in the ways we allow creating wealth. Laissez-faire only works when we all participate. Richard Dorsey, Hacienda Heights, CA.

 

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