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Author Topic: Economic Inequality  (Read 17585 times)

TerryM

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Re: Economic Inequality
« Reply #250 on: October 03, 2018, 03:18:52 AM »
A more gilded age: Lord at truthdig compares the gilded age to our own, and we suffer in the comparison.

" no matter which of 1918’s titans of wealth you consider, the corresponding slice of America’s 2018 elite controls a greater portion of the country’s wealth."

https://www.truthdig.com/articles/in-2018-the-u-s-is-even-more-gilded-than-in-1918/

I fear more and more, that the remedy will be a very old one. One oligarch, one lamppost.

sidd


The lampposts are further apart since we left that gilded gaslit frieze,
and the cross posts so much higher
make the hangings so much harder.
Strange fruit swinging in the urban breeze
while no tree grows in Brooklyn.


Apologies to Billy H.
Terry

sidd

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Re: Economic Inequality
« Reply #251 on: October 04, 2018, 11:32:18 PM »
Rich get richer:

"The total net worth of the 400 people included on the list hit a record $2.9 trillion this year, up from $2.7 trillion last year."

"The average net worth of billionaires on the list rose to $7.2 billion, an increase of a half-billion over last year’s average of $6.7 billion."

"The $2.9 trillion in the hands of these 400 richest people in the United States is roughly three-quarters of the total federal budget"

http://www.wsws.org/en/articles/2018/10/04/forb-o04.html

sidd

sidd

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Re: Economic Inequality
« Reply #252 on: October 04, 2018, 11:33:34 PM »
$15/hr minimum wage could result in net loss of income:

"Curtis Skinner of the National Center for Children in Poverty estimates that a raise to $15 an hour could end up costing a parent over $10,000 a year. According to the Center for Community Solutions, an Ohio worker who receives a raise from $11.50 to $15 actually makes $29 less each month as a result of losing eligibility for food stamps, housing subsidies, and Medicaid."

http://www.wsws.org/en/articles/2018/10/04/pers-o04.html#pk_campaign=sidebar&pk_kwd=perspectives

sidd

sidd

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Re: Economic Inequality
« Reply #253 on: October 17, 2018, 10:59:27 PM »
Two generations condemned to poverty: Stankorb at WaPo reflects on the death of the American Dream:

“It’s cancer,”

"her mobility faltered."

"My father has become my mother’s caretaker"

"he’s dealing with respiratory issues of his own"

"I ask what happens if one of them falls, and there’s no good answer, because they don’t have the money for assisted living or whatever comes next."

“I never intended for you to become my retirement plan.”

"we’re paying a mortgage. And we’re still paying off sizable student loans."

" the median annual cost of a nursing facility was $97,455 for a private room, $87,600 for a shared room or $45,000 for assisted living. "

"don’t want our children struggling, like we are "

"In the coming decade, millennials will struggle to help sick parents, raise kids and stitch together a work life with little or no promise of pensions or the social safety net we keep investing in with little faith that it will be there to support us. We’ll work until we die, and pray that something better is in store for the generations after us."

https://www.washingtonpost.com/lifestyle/2018/10/17/im-part-sandwich-generation-i-feel-more-stretched-than-squeezed/

sidd

sidd

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Re: Economic Inequality
« Reply #254 on: October 22, 2018, 11:00:15 PM »
"Foreign workers, mostly from the Philippines, Pakistan, Bangladesh and impoverished Arabic-speaking countries, are, through the kafala system are often kept as virtual or even literal slaves, cleaning the mansions and 7-star hotels. "

"... the sheer obscenity of shoes that cost $17 million get to the heart (or lack of) of the UAE. It’s an entity that embodies the very worst of the region – states and enterprises built for ultra-rich people over the bones of starving Yemenis, oppressed South Asian slaves and people who don’t deserve lives of basic dignity ... "

sidd

sidd

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Re: Economic Inequality
« Reply #255 on: October 22, 2018, 11:51:51 PM »
Hedges on oligarchy:

"Once the uber-rich take over, Aristotle writes, the only options are tyranny and revolution."

"The state apparatus the uber-rich controls now exclusively serves their interests. They are deaf to the cries of the dispossessed. They empower those institutions that keep us oppressed—the security and surveillance systems of domestic control, militarized police, Homeland Security and the military—and gut or degrade those institutions or programs that blunt social, economic and political inequality, among them public education, health care, welfare, Social Security, an equitable tax system, food stamps, public transportation and infrastructure, and the courts. The uber-rich extract greater and greater sums of money from those they steadily impoverish. And when citizens object or resist, they crush or kill them."


"There is no force within ruling institutions that will halt the pillage by the uber-rich of the nation and the ecosystem. The uber-rich have nothing to fear from the corporate-controlled media, the elected officials they bankroll or the judicial system they have seized. The universities are pathetic corporation appendages. They silence or banish intellectual critics who upset major donors by challenging the reigning ideology of neoliberalism, which was formulated by the uber-rich to restore class power. The uber-rich have destroyed popular movements, including labor unions, along with democratic mechanisms for reform that once allowed working people to pit power against power."

"In “The Postmodern Condition” the philosopher Jean-François Lyotard painted a picture of the future neoliberal order as one in which “the temporary contract” supplants “permanent institutions in the professional, emotional, sexual, cultural, family and international domains, as well as in political affairs.” This temporal relationship to people, things, institutions and the natural world ensures collective self-annihilation. Nothing for the uber-rich has an intrinsic value. Human beings, social institutions and the natural world are commodities to exploit for personal gain until exhaustion or collapse. The common good, like the consent of the governed, is a dead concept. This temporal relationship embodies the fundamental pathology of the uber-rich."

https://www.truthdig.com/articles/the-rule-of-the-uber-rich-means-either-tyranny-or-revolution/

sidd

sidd

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Re: Economic Inequality
« Reply #256 on: October 25, 2018, 10:22:09 PM »
Some brighter signs in the USA: it turns out if you follow individuals and families (and make some different assumptions about things like unreported income and benefits) rather than looking at snapshots of economic quintiles as in Piketty, the picture looks better. Of course this means ignoring the changing demographics of quintiles, so Piketty et al. are correct in their view also.

Article with many references at

https://medium.com/@russroberts/do-the-rich-capture-all-the-gains-from-economic-growth-c96d93101f9c

References:

http://davidsplinter.com/AutenSplinter-Tax_Data_and_Inequality.pdf

http://davidsplinter.com/Splinter-Mobility_and_Inequalitya.xlsx

https://www.brookings.edu/wp-content/uploads/2016/06/11_generations_isaacs.pdf

http://www.equality-of-opportunity.org/papers/abs_mobility_paper.pdf

https://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2012/pursuingamericandreampdf.pdf

https://www.ntanet.org/NTJ/66/4/ntj-v66n04p893-912-new-perpectives-income-mobility.pdf

sidd


Klondike Kat

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Re: Economic Inequality
« Reply #257 on: October 26, 2018, 01:06:20 PM »
Some brighter signs in the USA: it turns out if you follow individuals and families (and make some different assumptions about things like unreported income and benefits) rather than looking at snapshots of economic quintiles as in Piketty, the picture looks better. Of course this means ignoring the changing demographics of quintiles, so Piketty et al. are correct in their view also.

Article with many references at

https://medium.com/@russroberts/do-the-rich-capture-all-the-gains-from-economic-growth-c96d93101f9c

References:

http://davidsplinter.com/AutenSplinter-Tax_Data_and_Inequality.pdf

http://davidsplinter.com/Splinter-Mobility_and_Inequalitya.xlsx

https://www.brookings.edu/wp-content/uploads/2016/06/11_generations_isaacs.pdf

http://www.equality-of-opportunity.org/papers/abs_mobility_paper.pdf

https://www.pewtrusts.org/~/media/legacy/uploadedfiles/pcs_assets/2012/pursuingamericandreampdf.pdf

https://www.ntanet.org/NTJ/66/4/ntj-v66n04p893-912-new-perpectives-income-mobility.pdf

sidd

Very nice sidd.  I found it quite interesting the part about mobility; two-thirds of Americans moved out of their parents income status, with over 80% exceeded their parents status.

sidd

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Re: Economic Inequality
« Reply #258 on: October 28, 2018, 07:49:50 PM »
Kids bailing on the USA to escape debt bondage:

"I've put America behind me,"

"I couldn't make the math work in America,"

 "I lost faith in my country."

"I wish I could come back to America and not be scared,"

Debts that cannot be repaid will not be repaid. A trillion here, a trillion there, soon you're talking real money.

https://www.cnbc.com/2018/10/26/he-moved-to-a-jungle-in-india-to-escape-his-student-debt--and-hes-not-alone-.html

sidd

sidd

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Re: Economic Inequality
« Reply #259 on: October 30, 2018, 06:58:07 AM »
Too many poor people ? Redefine poor !

"reducing the number of undernourished people by half before 2015, which, given the population at the time, meant slashing the poverty headcount by 836 million."

" the goal was rewritten ...  the new goal was effectively reduced by 167 million."

"the goal was diluted two more times. First, they changed it from halving the proportion of impoverished people in the world to halving the proportion of impoverished people in developing countries, thus taking advantage of an even faster-growing demographic denominator. Second, they moved the baseline of analysis from 2000 back to 1990, thus retroactively including all poverty reduction accomplished by China throughout the 1990s, due in no part whatsoever to the Millennium Campaign.

This statistical sleight-of-hand narrowed the target by a further 324 million. So what started as a goal to reduce the poverty headcount by 836 million has magically become only 345 million - less than half the original number. "

"But there's more. Not only have the goalposts been moved, the definition of poverty itself has been massaged in a way that serves the poverty reduction narrative. "

"the absolute number of those living on $1 per day or less continues to increase. The worldwide total rose from 1.2 billion in 1987 to 1.5 billion today and, if recent trends persist, will reach 1.9 billion by 2015."

"This amounted to a PR nightmare for the World Bank. Not long after the report was released, however, their story changed dramatically and they announced the exact opposite news ... This new story was possible because the Bank shifted the IPL from the original $1.02 (at 1985 PPP) to $1.08 (at 1993 PPP) ... The IPL was changed a second time in 2008, to $1.25 (at 2005 PPP). And once again the story improved overnight ... creating the illusion that an additional 121 million souls had been "saved" from the jaws of debilitating poverty ... "

https://www.aljazeera.com/indepth/opinion/2014/08/exposing-great-poverty-reductio-201481211590729809.html

sidd


sidd

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Re: Economic Inequality
« Reply #260 on: October 30, 2018, 08:24:32 PM »
Hudson interview on bailout of banks and immiseration of the debtors:

"The problem is, you can’t save the banks and the economy. "

" this is the Democratic Party’s position: The role of wage earners is to make enough money so that all of their income over and above survival needs has to be paid for the banks"

"The first debts to be wiped out are going to be what companies and states owe for pension payments. "

"The first thing Obama did when he was elected was to send a list of recommended cabinet positions to Rubin at Citicorp. So Citicorp got to name the cabinet. Of course, it wasn’t going to accept anyone who would regulate it, or any people in Justice who would throw a banker in jail. "

"But you can’t bail out the banks, leave the debts in place and rescue the economy too. Somebody has to lose."

"a large portion of the politicians elected as Democrats are actually Republicans running as Democrats."

" Ben Bernanke, who was head of the Federal Reserve under Obama, wrote a paper a little while ago saying that there wasn’t any crisis in 2008. In his view, there was a panic, simply because people didn’t have faith. If you have faith in the neoliberal system and its rising debt overhead, everything will be okay. "

"Almost 100% of mortgages for houses under about $600,000 are now guaranteed by the Federal Housing Authority. Banks will not make loans on housing, or student loans, unless the government promises that if the loan goes bad, the government will pay. So the banks take zero risk."

"The Eurozone was designed by rightwing politicians. It was basically a fascist plan, fascist as in the 1930s, fascist as in the Austrian School ...  The Eurozone was created as an anti-labor, organization ..."

"the Eurozone is basically a class war against labor. The intention of the Eurozone from the beginning was to break labor unions, to increase unemployment, to make living standards fall by about 20%, to shorten the life spans, to increase suicide rates, increase disease rates and lower birth rates. All of this was written at the time, as if this is a solution to the inflation problem, not a problem in itself. The solution to the economic problem, the Eurozone said, is people are living too well. We have to cut their living standards by 5, 10, 20% so that all the money goes to the wealth creators, namely the financial sector. "

https://www.nakedcapitalism.com/2018/10/michael-hudson-rescuing-banks-instead-economy.html

sidd

sidd

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Re: Economic Inequality
« Reply #261 on: November 06, 2018, 10:13:25 PM »
Rich folk shouldn't have to see the poor: move em on out

"The first six months of the year saw a rise of almost 50 percent in the numbers of London’s homeless families being rehoused outside the city, some as far away as Cornwall and Manchester."

" ... one of her constituents with a job, a 12-year-old at school and a 14-month-old baby being moved away. She told Buck she had to wake her family at 5:40 a.m. to get her daughter to school and herself to work. They got home at 9 p.m. after nearly five hours spent commuting."

"Birmingham has moved nearly 2,000 households outside the city, and Liverpool has moved 82."

"Figures for January 2018 showed a 169 percent increase in rough sleeping since 2010. The July-September figures show this trend continuing, with outreach workers finding 1,382 people sleeping rough for the first time during this period. This was up 28 percent on the previous three months, and up 20 percent on the same period last year."

" ...  449 deaths since October 2017, well over one per day."

http://www.wsws.org/en/articles/2018/11/06/home-n06.html

sidd

sidd

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Re: Economic Inequality
« Reply #262 on: November 07, 2018, 08:41:33 PM »
Apparently rich people don't like the poor to look at them: Tate Gallery sued

" a handful of residents in the multimillion-dollar homes — part of the NEO Bankside development that was completed in 2012 — filed a lawsuit against the Tate Modern, arguing the museum has created a state of "near constant surveillance" since opening the terrace"

https://www.npr.org/2018/11/05/664527780/luxury-apartment-owners-head-to-court-against-peeping-from-tate-moderns-balcony

sidd

sidd

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Re: Economic Inequality
« Reply #263 on: November 08, 2018, 01:31:30 AM »
To have and to have not in the USA:

"Estimates of adults living from paycheck to paycheck range from half to 60 percent to 78 percent."

"No American adult in the bottom 40% has more than $31,124 in total wealth, including house and car and savings"

"While 1 in 7 Americans is part of the world’s poorest 10%, nearly 3 in 7 Americans are part of the world’s richest 10%. "

https://www.truthdig.com/articles/proof-poverty-in-the-u-s-is-getting-exponentially-worse/

sidd

sidd

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Re: Economic Inequality
« Reply #264 on: November 19, 2018, 06:24:11 AM »
Pope tells it like it is:

"the wealthy few feast on what, in justice, belongs to all. Injustice is the perverse root of poverty."

" "The cry of the poor daily becomes stronger but every day heard less," he said. That cry is "drowned out by the din on the rich few, who grow ever fewer and more rich," the pontiff said. "

https://www.apnews.com/c183ed8b9269499ea0f537d9e8a9f2b6

https://abcnews.go.com/International/wireStory/pope-din-rich-drown-cries-poor-59276074

sidd
« Last Edit: November 19, 2018, 06:38:42 AM by sidd »

Red

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Re: Economic Inequality
« Reply #265 on: November 20, 2018, 01:32:24 PM »
Not sure if this is in the right place? The more I look at "connect the dots pieces" the more it looks like the path to the place in time we now live in was paved decades + + ago. We have a human tendency to look for an "axis" of evil and for many that live outside its borders it's the US. I think the problem is not the US as many would quickly point to. The US has been highjacked by the forces of moneyed interests and is being used to promote a point of view that is vastly different from what its real power is being used for. Most of the decision making is being influenced by people who aren't even Americans or no longer live there much. After all you wouldn't want to have to look too long at the US hinterlands which tragically reveal the aftermath of five + decades of fiscal policy that has moved the value of industry to other countries, so as to pile more wealth on the few. I love connect the dots in the human enterprise, it really is as simple as follow the money. We very much are the product of our environments, if taken literally means, we soon will be comprised mostly of machine and plastic. I fear the plastic part the most.

In Retinger’s words he founded Bilderberg Group simply to, “foster dialogue between Europe and North America.” That was for public consumption. In reality he built a very dark agenda that drew in the most reactionary circles in postwar Europe and tied them to the most powerful of postwar American oligarch families, that of Rockefeller and their emerging “American Century.” The Bilderberg Group was to insure that that Century would be heavily influenced by postwar Vatican geopolitics. Its first meeting in 1954 was funded by Walter Bedell Smith’s CIA, with subsequent meetings financed by the CIA’s close ally during the Cold War, the Ford Foundation. [10]

https://www.greanvillepost.com/2018/11/19/bilderberg-group-keeps-europe-and-usa-under-the-thumb-at-a-grand-hotel-in-holland/

kassy

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Re: Economic Inequality
« Reply #266 on: November 20, 2018, 10:01:00 PM »
It is much older of course.

If you are interested in this see WW1 Conspiracy Corbett Report on Youtube.

sidd

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Re: Economic Inequality
« Reply #267 on: November 23, 2018, 08:51:01 PM »
Killing the poor: In the UK they die a decade earlier than the rich

"the life expectancy gap between the most affluent and most deprived sectors of society increased from 6.1 years in 2001 to 7.9 years in 2016 for women, and from 9.0 to 9.7 years in men."

"Working income has stagnated and benefits have been cut, forcing many working families to use foodbanks. The price of healthy foods like fresh fruit and vegetables has increased relative to unhealthy, processed food, putting them out of the reach of the poorest."

He added: "The funding squeeze for health and cuts to local government services since 2010 have also had a significant impact on the most deprived communities, leading to treatable diseases such as cancer being diagnosed too late, or people dying sooner from conditions like dementia." "

https://medicalxpress.com/news/2018-11-poorest-dying-years-younger-rich.html

sidd

magnamentis

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Re: Economic Inequality
« Reply #268 on: November 24, 2018, 01:02:08 AM »
Killing the poor: In the UK they die a decade earlier than the rich

we can start with nutrition:

i made many test as to the purchase of food over a given period of time and found out that eating:

a) junk = 1x (the base)

b) normal (common often processed and industrialized food) = 2x the price of (a)

c) normal healthy but non-bio or top quality etc. = 3x the price of (a)

d) very healthy and select food without any processed food = 5x the price of (a)
.   that's without fancy stuff like too much booze, caviar or champagne but basics
.   like fresh vegetable, fresh meat, fresh fish and fresh fruit from the markets
.   y tiendas de alimentos saludables

e) top level, bio only and non-processed food = 15x the price of (a)
.   the difference is about what kind of fish and meat, a t-bone, chuleton de buey or a porterhouse
.   costs about 3 times as much as an average entrecote and some fish or crabbs cost about 10
.   times as much  as common fish like rosada and the likes.


hence it's obvious that the vast majority with kiddies cannot afford anything but (a) + (b) and in some countries eventually (c) while (a) and (b) are rarely really healthy, too much salt, sugar and other chemical ingredients.

normally when the two of us stick to a mix of (c+d) the food costs about 1000€ and once we calculated that for a 4-5 people household once can guess that's rarely feasible as an average
amount people can spend for food permanently.
http://magnamentis.com
Knowledge, Understanding & Insight Are Among The Best Sources For Personal Freedom & Vitality !

sidd

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Re: Economic Inequality
« Reply #269 on: November 26, 2018, 10:02:08 PM »
Kill the old. No good to us anymore.

"some residents regularly soiled themselves while waiting for help to the bathroom. A woman dying of uterine cancer was left on a bedpan for so long that she bruised."

"One man had been dosed with so many opioids that he had to be rushed to a hospital, according to the inspection reports. During an undersupervised bus trip to church - one staff member was escorting six patients who could not walk without help - a resident flipped backward on a wheelchair ramp and suffered a brain hemorrhage."

"a nurse's aide who should have had a helper was trying to lift a paraplegic woman, the woman fell and fractured her hip"

"my mom would call us every day crying when she was in there ... It was dirty - like a run-down motel. Roaches and ants all over the place."

"Under the ownership of the Carlyle Group, one of the richest private-equity firms in the world, the ManorCare nursing home chain struggled financially until it filed for bankruptcy in March"

"The rise in health-code violations at the chain began after Carlyle and investors completed a 2011 financial deal that extracted $1.3 billion from the company for investors but also saddled the chain with what proved to be untenable financial obligations, according to interviews and financial documents. Under the terms of the deal, HCR ManorCare sold nearly all of the real estate in its nursing home empire and then agreed to pay rent to the new owners."

"we can't afford to have that many people on staff. "

" three falls, multiple infections, dehydration and bedsores"
" multiple falls, one that caused a broken hip"
"fallen six times during four months"
"broke his hip when aides were moving him  ... had to wait two hours before he was taken to a hospital."
"The short-staffing was to the extent that it was very dangerous for the residents,"
 "At times, it was just one aide for 60 patients. And it just kept on getting worse."

Read the whole thing, if you have the stomach:

https://www.themorningsun.com/business/distress-detailed-at-nursing-homes-that-went-bankrupt-after-investors/article_d8ec674c-31e2-5cc8-9f09-7c40fe364c61.html

I go thru Pottsville a lot. Beautiful countryside that conceals these horrors. I find it amazing that none of the the children of these tortured, sick, unfortunates have not yet hunted down and murdered the Carlyle board of directors.

sidd

sidd

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Re: Economic Inequality
« Reply #270 on: November 29, 2018, 12:15:12 AM »
Too poor to live:

" she needed to raise $10,000 before she could be put on a list for a possible heart transplant."

asked to raise money on the net:

"  The Committee is recommending a fundraising effort of $10,000 "

"Spectrum Health told the media that the cause of Martin’s rejection was her insurance’s annual deductible of $4,500 and drug co-pay of 20 percent, stating that if she couldn’t afford the immunosuppressant drugs the donor heart would be “wasted.” Costs are sometimes a “regrettable and unavoidable factor in the decision making process,” they said ..."

"the hospital involved is Spectrum Health’s Richard DeVos Heart & Lung Specialized Care Clinic"

"After two strokes and two bypass operations, Richard DeVos travelled to Great Britain to receive specialized care and a heart transplant at the age of 71."

"as many as 25 percent of the poor or uninsured give their organs, but very few receive them."

“GoFundMe is our healthcare system now,”

"Having raised the cash, she said the hospital may now reconsider her case."

https://www.wsws.org/en/articles/2018/11/28/char-n28.html

sidd

sidd

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Re: Economic Inequality
« Reply #271 on: December 14, 2018, 09:48:55 PM »
Screw the old. No good to us anymore.

"At 80 years old, Coomer is still working as a part-time greeter five days a week at a Walmart in Oklahoma."

"Over the years, they burned through retirement savings and downsized their house and lifestyle, but still have a mortgage they can never pay off."

And look, we got 'em blaming themselves:

"If I had planned harder when I was younger and if things had went better, I wouldn't be going to work this morning ... That's in my mind a lot and I blame myself for it."

https://www.cbsnews.com/news/i-blame-myself-retirement-remains-out-of-reach-for-millions-of-americans/

sidd

sidd

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Re: Economic Inequality
« Reply #272 on: December 14, 2018, 09:52:47 PM »
Half the USA never recovered from 2008:

" nearly half of all counties nationwide saw flat or declining growth"

"While a handful of places around the U.S. are thriving, most regions are barely trudging ahead. And that trend is creating a widening geographic gap between a relatively few prosperous areas, mostly urban oases, and the desert of stagnation that lies beyond."

"The bottom third of U.S. counties actually saw their economies shrink"

"Between 2007 and 2016, the U.S. added 3.7 million net new jobs, Lettieri said. But more than 90 percent of those were created in the richest 20 percent of ZIP codes."

"that threatens the idea of fundamental fairness to our system."


The "Fundamental Fairness of the System." Now that's funny. Tell me another one.

https://www.cbsnews.com/news/half-of-america-hasnt-recovered-from-the-recession/

sidd

magnamentis

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Re: Economic Inequality
« Reply #273 on: December 14, 2018, 11:39:36 PM »
Half the USA never recovered from 2008:

make that half of western economy ( countries instead of counties)

Quote

"that threatens the idea of fundamental fairness to our system."

The "Fundamental Fairness of the System." Now that's funny. Tell me another one.

that's an easy task to come up with another one ;)

what about: "that threatens the idea of fundamental un-fairness that is our system"

while we have to put into account that nothing in this universe is fair, sounds perhaps a bit off but i really think that we are fighting kind of laws of nature (creatures) which is why we
make progress so slowly and why each apparent progress is soon replaced with a new scheme
to re-establish and/or keep the idea of "fundamental un-fairness" running

have a nice week end @all
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TerryM

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Re: Economic Inequality
« Reply #274 on: Today at 12:47:43 AM »
Screw the old. No good to us anymore.

"At 80 years old, Coomer is still working as a part-time greeter five days a week at a Walmart in Oklahoma."

"Over the years, they burned through retirement savings and downsized their house and lifestyle, but still have a mortgage they can never pay off."

And look, we got 'em blaming themselves:

"If I had planned harder when I was younger and if things had went better, I wouldn't be going to work this morning ... That's in my mind a lot and I blame myself for it."

https://www.cbsnews.com/news/i-blame-myself-retirement-remains-out-of-reach-for-millions-of-americans/

sidd


Relentless propaganda blaming the victims rather than identifying the perpetrators is probably the only thing keeping torches and pitchforks from destroying our better's enclaves. The armed guards at the gate are primarily to assuage the guilt driven paranoia of the residents.


So many followed the rules, did as they were told, and ended their lives in misery, blaming themselves for circumstances over which they had no control. Wikipedia claims that suicide in America increased 24% between 1999 and 2014. My guess is that it's terribly under reported.
Terry

sidd

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Re: Economic Inequality
« Reply #275 on: Today at 09:13:02 AM »
"The armed guards at the gate are primarily to assuage the guilt driven paranoia of the residents."


Sorta like US defense spending. But thats for another thread.

sidd