hippiewannabe wrote:Well, I never finished the damn book.
And I got annoyed at some of his a priori conclusions that aren't backed up by his own data. Like in his calculations of capital, equating modern housing stock to agricultural land in the 18th century. Housing, with a home ownership rate of 65%, is nothing like the landed gentry sitting back and collecting rent from the peasants.
Home owners aren't really home-owners in most instances now. The banks are the owners and the home-owner is the mortgage peasant, vulnerable to all kinds of predations (see recent BofA fines).
He may be right that eventually we will have an elite that makes all its money from inherited capital, but his own data shows that the inequality of today is earnings based, not capital based. Bill Gates' and Mark Zuckerberg's kids may not have to work a day in their lives, but their own wealth was not inherited.
It is a closed system, that's the point. Capital gets dammed up there in family dynasties. Rockefeller and Carnegie and Dupont made their own money too, the problem of the elite hoarding and manipulating the system was true then.
Revolutions come from hunger. We would all use violence after just a few days without food, like the French did. But if you are hungry in America, you'll be fed. In fact, the biggest problem of the poor is not hunger or access to health care, it is obesity. You don't have to work to have enough food to be morbidly obese. And the morbidly obese make lousy revolutionaries.
Sort of true, but look carefully at the food industry and its profits. They market distinctly different messages to the poor than the rich. Children do have raging hunger after a cheap poptart breakfast. It is real hunger, it is real malnutrition, and we pay a huge cost as a society for these poorly-fed children becoming tomorrow's unhealthy adults.
2019 Annual Funding Drive!
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