Tuesday, June 18, 2019

We need transformative financial change

From this piece. Half measures or just tweaking capitalism will not do.

"The Federal Reserve just released some data […] in its new Distributive Financial Accounts data series […] America’s superrich have grown about $21 trillion richer since Taylor Swift was born, while those in the bottom half of the wealth distribution have grown $900 billion poorer."

"So, is an economic system that distributes its benefits in this manner consistent with Americans’ common-sense views of economic justice? If not, would incremental changes be sufficient to bring it into alignment with the median American’s values? Or would more sweeping measures be required? […] Given all this, any politician who insists that American capitalism is 'already great' is clearly a far-right extremist whose indifference to inequality puts him or her wildly out of step with ordinary people."

"It will take a lot of redistribution just to prevent America’s current wealth gap from growing even larger. […] Nothing short of progressively redistributing ownership of capital assets could bring our nation’s wealth distribution into alignment with its values."

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