THE NEW AMERICA: 3 Million Overlords, 300 Million Serfs
HENRY BLODGET
BusinessInsider.com
NOV. 29, 2013
One of the most disturbing trends in this country is the rise of extreme wealth and income inequality.
As the following charts show, America is rapidly becoming a country of a few million overlords and 300 million serfs.
Unfortunately, this issue has been politicized, which means that people don’t think about the implications of it — they just start yelling.
But extreme inequality is bad for everyone, even the overlords.
Why?
Because when inequality gets bad enough, serfs can’t afford to buy products from overlords. This hurts the overlords’ ability to get even richer.
And that’s what’s wrong with the American economy right now. The serfs are tapped out. The overlords are responding by cutting costs (firing serfs), to increase profits. Unfortunately, one person’s “costs” are another person’s “wages,” so this is making the problem worse.
The best way to start reversing our inequality trend is not to increase taxes on overlords and give the additional money to the serfs. That just inflames class warfare and gets people yelling about “socialism.”
The best way to fix inequality is to persuade our overlords that it is in their best interests to share more of their wealth by paying their employees more for their work — work that, not incidentally, is what makes the overlords rich.
The Rest…HERE
