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What Happened to America’s Wealth? The Rich Hid It


#21

I’m with you Fester. I was just jesting.

No one would intentionally poison themselves with something so vile as Tweetle-Dumb.


#22

The process that should stop is continuing to fight over crumbs.

Democrats labor under the delusion that there is still wealth in this economy to be had. I no longer believe that is true. Until we figure out how to create new prosperity and a new economy, we will be fighting over an ever smaller piece of the pie.


#23

Surprisingly, the working class do NOT pay income tax and many other taxes. This is part of the Marxist analysis called the Labour Theory of Value.

What those “patriotic” capitalists are complaining about it is that their partners in crime - the thieves of surplus value from workers labour - sweat, blood and tears - find themselves paying an “unfair” share of taxes to the government which is expected to maintain the up-keep of the wage-slaves to ensure a ready available supply of healthy, educated workers. When one group of employers attack another, it is the falling out of robbers.


#24

What is wealth also depends on your definition of wealth. There are still resources in this country. People continue to find food to eat. There remains something to base an economy upon.
I agree with you that we need to reinvent our economy and redefine what prosperity is.


#25

Are you familiar with the 50 year cycles of capitalism? One theory is that we are about 10-20 years overdue for what should be the next economic boom or wave. To make a long story short, the reason we are overdue is because the last cycle did not play itself out according to the pattern of previous cycles, and the information age infrastructure, as it turns out, is not readily monetized and is turning out to be thin gruel to base an economic recovery on.

There is a theory proposed by Paul Mason that we are entering an era of Post-capitalism due to capitalism’s inability to expand and enclose additional arenas in the public sphere (try as capitalists might!). The idea is capitalism has petered out - as evidenced by the hyper-financialization we observe in the economy (neo-liberalism). It is yet unclear what follows capitalism.

Capitalism skews the definition of wealth as only important insofar as it is easily convertible to financial capital. However, there are at least 8 forms of capital. I propose that whatever economic system comes next will not have financial capital as its base “currency”.

As a hedge against uncertainty in what continues to be an unstable economy, I believe it will be necessary for government to reverse the neo-liberal trend toward greater privatization and re-nationalize much of the private sphere in order to remove it from the influence of the markets, since they will bottom out sooner or later.

I agree with you there is wealth in this economy. However, the current economic system has become an engine for the destruction of wealth.

Yada…yada…yada.

The point I’m trying to make is what is the Democratic party doing to address what may be on the horizon in this regard? I say nothing. Why is it the word “vision” never escapes the mouth of Tom Perez? Party leaders are MIA. If Trump isn’t a wake up call, what is?