Several of mariner’s news sources have begun to focus on issues that fall under the general subject ‘plutocracy’. Latest topics are from Florida, a government that sees itself as a partner with business, having passed legislation to protect obstetricians from lawsuits about botched births and now passing legislation to protect sugar harvesters from lawsuits about polluting the air.
On manipulations of the rich to stay rich, Elizabeth Warren just released her wealth tax legislation – she is back on the hunt and is the archenemy of the banking industry. The legislation targets the wealthy’s privileged investment practices that in fact are protected by Federal investment practices. Further, Banking has become more involved in partnering with nonbanking enterprises as a legitimate partner and not just a source of financing (Did you notice an American bank tried to launch the Super League in European soccer?)
ProPublica just posted an article that says “longstanding inequality in the U.S. has been exacerbated by the Fed’s role in touching off a multitrillion-dollar boom in stock markets — and stock ownership is heavily skewed toward the wealthiest Americans”. It is worthy to note that the average citizen’s IRA and 401(k) accounts don’t share comparatively in this boondoggle. [1]
Further, Social Security is the top source of wealth for most lower-income households with workers nearing retirement, according to Teresa Ghilarducci, an economist at The New School in New York City who specializes in retirement. If the guaranteed income stream of Social Security is treated as an asset, she estimates it amounts to 58% of the net worth for near-retirees in the bottom half of the U.S. wealth distribution. Other retirement savings represent only about 11% of their net worth, and stocks are just 1% – meaning that the wealthy have their own, federally supported economic world while the remaining US citizens still struggle with minimal income and no long term security. Apparently Andrew Yang’s chart about the distribution of income was correct.[2]
The most effective way to attack this plutocracy is to have term limits for all legislators state and federal and to outlaw party-managed redistricting, otherwise known as gerrymandering. In the meantime, the voting citizen will be caught in a battle between those who collect dollars for satisfaction and those who extol populism for satisfaction. It’s up to the electorate in 2022.
Ancient Mariner
[1] It is mariner’s opinion that ProPublica is by far the most honest, accurate AND the most thorough investigative reporting source among many online services. He recommends everyone subscribe to their email service at https://www.propublica.org
[2] See mariner’s post, “A Stipend for a Day Lived” published April 19, 2021.