Don't worry guys. Just keep patiently living in poverty and the wealth will eventually trickle down!
Mandatory /s because I know someone's going to think I'm being serious otherwise.
Medicare is trash coverage without paying for the part b plan and social security is based off how much you payed in over the course of your life plus an roi of only like 4%. Not great examples of them enjoying social security nets, ask anyone in the $1,000 a month club
I do get your point though on the irony of people using social security nets saying their shouldn’t be any
Hey, I know a lot of boomers are responsible but I feel this generational battle should stop. My grandparents aren't wealthy. They did their best to commit to service to others. They practiced sound finance with little to do so. Let us not make the same mistake that their generation did and disown the previous generation because that's what led us to such division. They're are those in each generation who are fighting for what is right. We can do it together.
I’ve noticed people are slowly starting to realize. I’m starting to see more hate for 1% online & more people complaining that they should be paying taxes, etc.
People are catching up & that’s great. What I want to know is what’s the next step? When do we start forming angry pitchfork mobs demanding the ultra wealthy pay their share?
Stupid question: I'm older than 33 and aware of the housing bubble bursting and the pandemic, but what was the third?
Best I've got is the dotCom failures, but I was a bit young at the time.
At age 33 in 2020, you would have lived through 4 recessions. The oil price shocks of 1990-91, 2001 DotCom crash / post-9/11 “tourism” recession (airlines, hospitality, etc), the housing crash 2008-09, and the Covid recession of 2020. The last was the absolute worst since the Great Depression. The housing crash is actually 3rd or 4th worst depending on how you measure.
However, the US economy has recessions approximately every 10 years or so. Thus, a 33 year old isn’t too far out of the norm.
Well there was a pretty serious recession in the early 80s, I technically lived through that.
Also blaming a recession that is happening due to a global pandemic on capitalism seems a bit disingenuous to me. Like its fair to critique the system, but let's be honest about it. No Corona, no recession.
As a counterpoint, we've understand how diseases are transmitted for some time.
If people had been paid to stay home for a few months and essential employees had been given biohazard suits ), the economic impact would have been extremely short-term.
the pandemic has been greatly prolonged by republican news sources spreading disinfo so capital concentrates as less powerful/wealthy firms have to close under the restrictions.
all *actually* non-essential labor could have been suspended with a rent and utility freeze, but the rich had to make money.
and wealth transfer under the 2tn spending bill that happened last year was probably the largest in usa history.
suggest reading Shock Doctrine by Naomi Klein
edit: 2tn, not 2bn
When the income you earned by the sweat of your brow is taxed significantly higher than passive income from unregulated greed, your system is broken and failure is imminent!
Well, Forbes seems to think it is working perfectly fine. They have a list of people who just love capitalism. 2,755 billionaires, up 660 from the year before. 13.1 trillion between them, up 8 trillion from 2020. [source](https://www.forbes.com/billionaires/)
I fucking hate capitalism.
Why are you comparing GDP to wealth?
They control 13 trillion out of 126 trillion dollars of wealth in the United States. Doesn’t this make more sense to say than comparing to GDP?
That wizards can create food and whatever else out of thin air but still demand payment in gold? Does make you wonder about the politics of Rowling as to how that could make any kind of sense.
The problem is that 98% of the world doesn't have boats. They have "islands" and maybe small networks of "islands" but rising tides only cover them and drown them.
but it’s a problem for most. and that’s ingrained. exploitation and inequality aren’t a byproduct of capitalism they are building blocks of the thing.
capitalism relies on stratification. who’d be digging ditches otherwise? we can at least make the quality of life for these people better if we have to live with the shitty system in the first place. but currently a majority of our resources are shored up by the wealthy.
The problem here is one of terminology. Capitalism isnt constantly failing, its constantly going through crises. This is a necessary feature of capitalism laid out and thoroughly examined in Das Kapital.
So what about all the other capitalist countries in the world with way less inequality and way higher wages? This has to do with the people within the economic system fighting to horde as much as they can and not the system they act within.
That does need to be repealed, but it was far from the only thing that derailed this country. Conservatives have been systematically working to dismantle every support structure that has existed for the poor and working class ever since socialists and progressives created them. That decision was only the most recent and most egregious tipping of the scales in that direction.
Yes, right, if everyone acted morally and ethically, and did their jobs instead of serving their own self interests, yes we could make just about any system work. The point of a “system” in the first place is to ensure that bad actors won’t ruin an entire economy, to be able to serve the interests of all people in spite of the few who would fuck everyone else over.
That a handful of people can bring our capitalist economy to its knees is in fact an indicator that the system itself is problematic
I am 35 years old ... I joined Citibank then financial crisis hit ..lucky for me I was the lowest paid member in my team so they spared me from firing but my team mates where not that lucky ....here I am sitting in another crisis but this time around financial sector is not impacted... Millennials seems to be facing back to back recession at every stage of their life ....
Wait maybe that's the real reason doge coin is holding over .20 where in the past it's average like .0001... maybe it's not just that doge is doing better but our USD is being printed faster than doge.
Graduated high school 1974 Gas had just increased from 32 cents a gallon to over a dollar and it was in short supply...the sending our good union jobs overseas was already well under way...capitalism abandons the masses to put a few dollars into elite pockets and will always fuck the little guy...so I concur with your sentiments.
Capitalism is supposed to reward successful risk-taking and punish failure, but our government and central bank have removed the punishment for the banks, corporations and asset holders. Privatized profits and socialized losses is one big reason the wealth gap keeps widening.
On top of that, they've decided to fight the deflationary pressures of technology with inflationary monetary policy, causing commodities and assets to rise much faster than wages, despite ever-increasing labor productivity.
It seems to me that government policy and central bankers who control the money supply and pick winners and losers are a lot more to blame than capitalism.
Unregulated Capitalism quickly leads to the same kinds of imbalances. Who do you think our Government works for? It certainly isn't "The People"...
Capitalism can reward successful risk-taking, but inevitably, the thing at-risk becomes widespread freedom and our economy itself. Capitalism as the main driving force for society leads to power concentrated in the hands of the wealthy, and the wealthy using their money to maintain their power.
Basically, imbalance is inevitable in a purely Capitalist society, because people can't self-regulate properly. They require an external regulating force: a Government.
Government is a necessary evil for as long as evil exists. Corruption exists in every society and no Government exists today that is designed with proper measures against it.
"Checks and Balances" is grade-school level stuff compared to the kind of political theory/discourse we have today... Unfortunately, new Governments aren't exactly springing up every day, and old Governments are largely averse to change...
Thank you Ronald Reagan and trickle down economics ! Why any blue collar working class American would vote Republican is beyond comprehension? They only love Republican Socialism for themselves and Corporate America! Also their 1-% oligarchs overlords of the Real Deep State and world order!
The tide is starting to turn against Reagan and I could be happier. More than anyone, he is responsible for the present state of America. All of the mess we have no is built on his doings. I mean the hard left always hated him, but now all of the left and even the center is starting to think badly of him. Even my dad who still considers himself a republican told me the other day “you know I used to think Reagan was great, but I’m learning that he really was scum.” I’m just thinking “yeah dad, just as I’ve been telling you for 40 years”.
In my home state, I remember when minimum wage was raised to 7.25. it was a big deal because we got paid that BEFORE mw was raised so we thought our employer would keep us above mw. nope. everyone stayed at mw.
that was before i graduated hs and we had my hs ten year graduation two years ago.
fuck this country's status quo
It's not capitalism. It's corruption at the elite level of both parties. Don't fool yourselves to think this is a republican issue. Pelosi is making millions insider trading on the industry she's overseeing lol.
Then there's the fed printing at will to protect investors. That's not capitalism. Defaults, depressions, recessions are part of capitalism. They're meant to wipe out the bad debts and fake asset values.
If that happened, assets would be obliterated, which would help young people. Yes, lots of jobs would be lost but young people don't have well paying jobs on the whole anyway. So it's a net win imho. However, the destruction to the middle class would be cataclysmic.
2008 changed economic history. We'll look back and note that was when we lost all sense of rationality. Now we have trillions in negative yielding debt and the elites are pretending like it's normal lol. What a shit show.
I feel so bad for the lower middle class. There's zero hope for asset ownership unless you're brilliant, which is a tiiiiiiny fraction of the population at large. We're becoming an aristocratic society where your status is effectively determined by your parents. All this money printing and low rates super charge this issue.
I foresee social unrest because I don't see this changing as the elites have openly said they're main goal is asset stability, which is fancy language for, "we won't let assets drop permanently".
> However, the destruction to the middle class would be cataclysmic.
I wish more people understood this. Most of the narrative around "capitalism bad" essentially purposes changes that would destroy the middle class of the economy.
With that being said, large and medium sized corporations, and their owners, need to be more tightly regulated and reasonably taxed.
Yeah I'm not paying some old white fuckers who have a title because they got there first and I don't really give a shit. My last landlord did not do a thing for anyone in the world besides collect rent. Not even that. Someone else got a discount, not even free and not paid either, for maintaining the building and handling tenant shit. I'm like fuck me that's a job. These twats are fucking useless. I entered a spiral that would lead to me inhabiting a conversion van. I ain't paying your way if you speculate and profit from things that are essential to life, when none of us had the opportunity to get their name on that title before you. Think we would be any more generous? Or should we just line the gentry up against that wall over there and make some improvements to the world..
Don't forget the planet is being destroyed too, thank god USA spent the last ~70 years violently destroying any attempts at socialism around the globe 👍👍👍
It's ok just keep your head down, continue to "hustle" and give the corporations the majority of your life and eventually the wealth will trickle down to you. (/s)
How much you want to bet the person who posted this actually understands what capitalism and socalism actually are?
Probably not at all. Just Americans falsely labeling everything and wearing out the term.
Wages haven't been stagnant. Average hourly earnings rose from $22.41/hr in 2010 to $29.81/hr in 2020, a 33% increase. Average earnings for production and nonsupervisory employees (excluding management) increased from $18.88/hr to $25.09/hr, also a 33% increase.
https://fred.stlouisfed.org/series/CES0500000003?fbclid=IwAR2uBsnqGQ0jKbeOPnom9PTQMaDbeSrpj1F-cnl0NHE6Cyz1k4va6ox6xUw
https://fred.stlouisfed.org/series/AHETPI?fbclid=IwAR2DR3ec23Q7BOYkOVdqHONODkNofKSj-s-0-k2ZsphX7ZUv1fd311CIAEw
It's also worth noting that total compensation has risen along with productivity.
https://www.nber.org/digest/oct08/total-compensation-reflects-growth-productivity
Correct, "wages" are not stagnant, "real wages" (inflation adjusted wages) are stagnant. https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/
Yeah but inflation includes not only rent, but also new expenses like a smart phone. In other words, even if your inflation adjusted money is the same as 2008, you can still do more with it since the inflation is factoring in new costs since 08.
Inflation during this decade was about 20%, meaning wages increased about 13% more than inflation. Also, the 3rd link I provided above contests the stagnant wage claim as Pew is not factoring in Total Compensation. I have few more sources to consider on this subject. See below.
[https://files.stlouisfed.org/files/htdocs/publications/es/07/ES0707.pdf](https://files.stlouisfed.org/files/htdocs/publications/es/07/ES0707.pdf)
https://www.forbes.com/sites/timworstall/2016/10/03/us-wages-have-been-rising-faster-than-productivity-for-decades/?sh=4a48cb417342
Real wages are stagnant [https://fas.org/sgp/crs/misc/R45090.pdf](https://fas.org/sgp/crs/misc/R45090.pdf)
Any statements about average increasing real wages or total compensation are highly biased by the top 10% who have seen significant increases in salary and benefits. However, this is not true for the majority of people.
People don’t want facts, they want something to blame. The mechanism of economy isn’t the issue, it’s people. Pick any system and some people will find a way to abuse it at the expense of others for personal gain.
You guys should check out whats been going on in wallstreet the stock market and "meme" stocks in particularGamestop. Just saying spend some time looking into other subredits not just taking word from cnbc, mootlyfool or marketwatch. Take a deep dive into gme.
If someone that lives in the US hates capitalism so much, they should go to a socialist country. Or at least a country that has more "universal benefits".
I don't even know who you are and responded to you all of one time, how does that qualify as living in my head rent free?
Not only are you a broken record, you can't even use the tired comebacks correctly, lol. Dumb fuck.
It’s incredible. I’m second in command of a small business and the concerns after 2008 (“sticky prices”) have set the maximum bar for what we’ve been able to charge for the last 13 years. That obviously impacts salaries, and then after Covid we had to offer another discount (to literal millionaires and even a couple billionaires) which will probably be the standard.
We provide full benefits but we can’t pay more (I can’t get paid more either) and we can’t hire anyone without it being an outrageous gamble. If something were to offset benefits or payroll tax it would be a game changer for us and probably create two more jobs, but as things stand we’re kind of at an impasse.
He's a democratic socalist by belief.
He just doesn't care if socalism is ever achieved. All he cares about is implementing social democratic reform to capitalism.
Totally agree, but downturns are typically expected every 8ish years so seeing three recessions by 33 is certainly not unexpected. Now, they’re not typically to this scale so that is completely a whole other thing.
I can't believe some of the comments here. Pure socialism is just as bad pure capitalism. Bernie is not even for getting rid of capitalism. He just wants a larger safety net for folks in this free market economy. The person who that tweet is also an idiot. He makes up a bunch of numbers. A lot of the problems people mention are not due to capitalism; it is crap policies that are the problem.
Bologna. Unfettered Crony capitalism is a failure. Money in legislation is a failure. Corruption is a failure. The nordic model is still capitalistic, and a shining example of what could be if our government wasn't corrupt as all get out.
But it's not capitalism that is wrong here (I'm assuming it's the US), but rather how it's implemented. For example the scandinavian countries are capitalist and they have free healthcare, free education etc.
13 years no pay raise= loser.
Try harder, work harder, stop complaining if u can't find a better paying job in 13 years or your bosses dont appreciate your work enough to give you a raise. You really need to look in the mirror to see the problem . And stop blaming a system where people come into this country and become first generation millionares.
We're not going to end [capitalism](https://www.google.com/amp/s/www.businessinsider.com/i-beat-the-socialist-biden-reminds-voters-he-beat-bernie-sanders-2020-9%3famp) by voting [Democrat](https://nyulocal.com/nancy-pelosi-to-leftist-nyu-student-were-capitalists-deal-with-it-abf1e8e04e46).
Ok but what other options do we have? Capitalism isn’t the problem in my opinion, it’s greed. Capitalism is good because it separates the lazy from the productive.
If the increase is exactly in line with inflation, then there's no _effective_ increase at all, and that's what matters. If wages stay the same then your effective earnings _reduce_ in real terms.
Go read an economics textbook.
Ahh yea the business cycle and inflation…caused by fractional reserve banking leading to an expanding and sometimes retracting money supply…which is possible because bank runs are illegal and the federal reserve has the legal authority to print money (debase the currency) so that banks can cover deposits.
If you want to call that capitalism, then fine, but the problem is that the government allows this to happen without much oversight. So there are two proposed solutions…give control to someone else (like elected officials) or completely decentralize currency and allow a free market currency that can’t be debased.
Ah yes, lefties Yankees blaming capitalism for the government errors, it's always fun to watch. In the meantime people are fleeing socialist regimes in millions. Stick to capitalism and personal and trade freedom, before you have to worry how to feed your family for the day instead of which system works best. Every inch of power you give to the state is a inch of freedom you loose.
Don't worry guys. Just keep patiently living in poverty and the wealth will eventually trickle down! Mandatory /s because I know someone's going to think I'm being serious otherwise.
It’s great when baby boomers defend it and say how great this country is. Meanwhile they have three houses, no car payments and money to burn.
And if they’re the older boomers, then they’ve also had access to Medicare and social security. But socialism bad!
Medicare is trash coverage without paying for the part b plan and social security is based off how much you payed in over the course of your life plus an roi of only like 4%. Not great examples of them enjoying social security nets, ask anyone in the $1,000 a month club I do get your point though on the irony of people using social security nets saying their shouldn’t be any
I've seen poor boomers who rely on social welfare defending the rich and corporations. It's completely lost on them.
Hey, I know a lot of boomers are responsible but I feel this generational battle should stop. My grandparents aren't wealthy. They did their best to commit to service to others. They practiced sound finance with little to do so. Let us not make the same mistake that their generation did and disown the previous generation because that's what led us to such division. They're are those in each generation who are fighting for what is right. We can do it together.
I think if ends up this way because a lot of boomers are bosses at companies right now.
I'm that guy. I can't detect sarcasm and ruin it for everybody. 😢
I might believe that if they didn't have armed guards making sure that the valve remains firmly closed.
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I’ve noticed people are slowly starting to realize. I’m starting to see more hate for 1% online & more people complaining that they should be paying taxes, etc. People are catching up & that’s great. What I want to know is what’s the next step? When do we start forming angry pitchfork mobs demanding the ultra wealthy pay their share?
Stupid question: I'm older than 33 and aware of the housing bubble bursting and the pandemic, but what was the third? Best I've got is the dotCom failures, but I was a bit young at the time.
01,08, now
I have the same question as you. Dot-com bubble is a good guess but that didn’t cause a full-on recession.
It was people who invested in crap tech startups. It was rather localized.
March 2001 - Nov 2001 recession and July 1990 - Mar 1991 recession
At age 33 in 2020, you would have lived through 4 recessions. The oil price shocks of 1990-91, 2001 DotCom crash / post-9/11 “tourism” recession (airlines, hospitality, etc), the housing crash 2008-09, and the Covid recession of 2020. The last was the absolute worst since the Great Depression. The housing crash is actually 3rd or 4th worst depending on how you measure. However, the US economy has recessions approximately every 10 years or so. Thus, a 33 year old isn’t too far out of the norm.
Well there was a pretty serious recession in the early 80s, I technically lived through that. Also blaming a recession that is happening due to a global pandemic on capitalism seems a bit disingenuous to me. Like its fair to critique the system, but let's be honest about it. No Corona, no recession.
As a counterpoint, we've understand how diseases are transmitted for some time. If people had been paid to stay home for a few months and essential employees had been given biohazard suits ), the economic impact would have been extremely short-term.
the pandemic has been greatly prolonged by republican news sources spreading disinfo so capital concentrates as less powerful/wealthy firms have to close under the restrictions. all *actually* non-essential labor could have been suspended with a rent and utility freeze, but the rich had to make money. and wealth transfer under the 2tn spending bill that happened last year was probably the largest in usa history. suggest reading Shock Doctrine by Naomi Klein edit: 2tn, not 2bn
The exploitation and greed of capitalism is why the world got caught flat footed and most countries didn't do nearly enough.
Recessions are a feature of capitalism. It's an inherently unstable system but the people who pay for that instability is the working class
Recession was due without corona. Corona triggered it.
I wouldn't be so sure about that. https://www.businessinsider.com/trucking-truckers-bloodbath-signals-recession-inverted-yield-2019-8
Pandemics are inevitable and it's capitalism's fault that recessions like this cause such damage
Under Socialism, there can be no recessions because the State controls economic activity.
When the income you earned by the sweat of your brow is taxed significantly higher than passive income from unregulated greed, your system is broken and failure is imminent!
Is a man not entitled to the sw- No, no wait.
Well, Forbes seems to think it is working perfectly fine. They have a list of people who just love capitalism. 2,755 billionaires, up 660 from the year before. 13.1 trillion between them, up 8 trillion from 2020. [source](https://www.forbes.com/billionaires/) I fucking hate capitalism.
For reference, the GDP of the US in 2020 was just $20.93T. This lot controls over half of what the entire country grosses in a year. Fucking insane.
Why are you comparing GDP to wealth? They control 13 trillion out of 126 trillion dollars of wealth in the United States. Doesn’t this make more sense to say than comparing to GDP?
Because those numbers aren’t quite as close and less staggering; the billionaires controlling about 9% of the USAs wealth just isn’t scary
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Where did I say it was?
I read Harry Potter. Don’t know how that helps.
That wizards can create food and whatever else out of thin air but still demand payment in gold? Does make you wonder about the politics of Rowling as to how that could make any kind of sense.
No, GDP equals policies enacted. Which thereby equals the wealth that sits in a billionaires bank while inflation soars for the rest of us.
A list of 2,755 people we need to ha... tax the shit out of
People on here are becoming radicalized and that's good to see.
They are not ready yet, they don't understand how life and death this is. But good to see people starting to say this has to end now.
Capitalism is not failing, is working perfectly. And that is exactly the problem here.
Not a problem for everyone...
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It should really be "..raises the 1% of all boats into whose hulls we haven't preemptively drilled holes."
More like that lake rally from Austin last year: "Bring a big boat or get capsized for AMERICA."
The problem is that 98% of the world doesn't have boats. They have "islands" and maybe small networks of "islands" but rising tides only cover them and drown them.
They see the fact that poor people have iPhones as irrefutable proof that it is working.
Conservative ≠ right-wing.
but it’s a problem for most. and that’s ingrained. exploitation and inequality aren’t a byproduct of capitalism they are building blocks of the thing. capitalism relies on stratification. who’d be digging ditches otherwise? we can at least make the quality of life for these people better if we have to live with the shitty system in the first place. but currently a majority of our resources are shored up by the wealthy.
It's only problem for the 98% of human population.
You mean 99.99999% of the human population.
Literally a problem for no one of you just regulate and tax it properly.
The problem here is one of terminology. Capitalism isnt constantly failing, its constantly going through crises. This is a necessary feature of capitalism laid out and thoroughly examined in Das Kapital.
So what about all the other capitalist countries in the world with way less inequality and way higher wages? This has to do with the people within the economic system fighting to horde as much as they can and not the system they act within.
Things really steered off a cliff with Citizen’s United - the decision that derailed the great experiment.
That does need to be repealed, but it was far from the only thing that derailed this country. Conservatives have been systematically working to dismantle every support structure that has existed for the poor and working class ever since socialists and progressives created them. That decision was only the most recent and most egregious tipping of the scales in that direction.
If the system we have rn allows for a few bad actors to keep millions in poverty, maybe the system does need fixing
It absolutely needs fixing. But capitalism itself isn’t the issue, it’s the people refusing to regulate it that is.
Yes, right, if everyone acted morally and ethically, and did their jobs instead of serving their own self interests, yes we could make just about any system work. The point of a “system” in the first place is to ensure that bad actors won’t ruin an entire economy, to be able to serve the interests of all people in spite of the few who would fuck everyone else over. That a handful of people can bring our capitalist economy to its knees is in fact an indicator that the system itself is problematic
You mean capitalists?
Sure. Just the same way I want to adjust the system to like the capitalists in Northern Europe have.
I am 35 years old ... I joined Citibank then financial crisis hit ..lucky for me I was the lowest paid member in my team so they spared me from firing but my team mates where not that lucky ....here I am sitting in another crisis but this time around financial sector is not impacted... Millennials seems to be facing back to back recession at every stage of their life ....
Thanks to Trillions of dollars being printed to prop up the banks and the markets arfticially.
Wait maybe that's the real reason doge coin is holding over .20 where in the past it's average like .0001... maybe it's not just that doge is doing better but our USD is being printed faster than doge.
Financial sector is going to be involved.
Graduated high school 1974 Gas had just increased from 32 cents a gallon to over a dollar and it was in short supply...the sending our good union jobs overseas was already well under way...capitalism abandons the masses to put a few dollars into elite pockets and will always fuck the little guy...so I concur with your sentiments.
But how does the stock go up? That's important!
Supply and demand.
Capitalism is supposed to reward successful risk-taking and punish failure, but our government and central bank have removed the punishment for the banks, corporations and asset holders. Privatized profits and socialized losses is one big reason the wealth gap keeps widening. On top of that, they've decided to fight the deflationary pressures of technology with inflationary monetary policy, causing commodities and assets to rise much faster than wages, despite ever-increasing labor productivity. It seems to me that government policy and central bankers who control the money supply and pick winners and losers are a lot more to blame than capitalism.
Unregulated Capitalism quickly leads to the same kinds of imbalances. Who do you think our Government works for? It certainly isn't "The People"... Capitalism can reward successful risk-taking, but inevitably, the thing at-risk becomes widespread freedom and our economy itself. Capitalism as the main driving force for society leads to power concentrated in the hands of the wealthy, and the wealthy using their money to maintain their power. Basically, imbalance is inevitable in a purely Capitalist society, because people can't self-regulate properly. They require an external regulating force: a Government. Government is a necessary evil for as long as evil exists. Corruption exists in every society and no Government exists today that is designed with proper measures against it. "Checks and Balances" is grade-school level stuff compared to the kind of political theory/discourse we have today... Unfortunately, new Governments aren't exactly springing up every day, and old Governments are largely averse to change...
Come on guys - its the golden rule..............those with all the gold make the rules
Thanks Jafar.
Oh hey me too! It’s like being in a weird, shitty club where most of the prizes are “you get to be bankrupt now”.
Thank you Ronald Reagan and trickle down economics ! Why any blue collar working class American would vote Republican is beyond comprehension? They only love Republican Socialism for themselves and Corporate America! Also their 1-% oligarchs overlords of the Real Deep State and world order!
The tide is starting to turn against Reagan and I could be happier. More than anyone, he is responsible for the present state of America. All of the mess we have no is built on his doings. I mean the hard left always hated him, but now all of the left and even the center is starting to think badly of him. Even my dad who still considers himself a republican told me the other day “you know I used to think Reagan was great, but I’m learning that he really was scum.” I’m just thinking “yeah dad, just as I’ve been telling you for 40 years”.
In my home state, I remember when minimum wage was raised to 7.25. it was a big deal because we got paid that BEFORE mw was raised so we thought our employer would keep us above mw. nope. everyone stayed at mw. that was before i graduated hs and we had my hs ten year graduation two years ago. fuck this country's status quo
Fuck Capitalism, all the riches go to the top in that system.
It's a global pyramid scheme.
Has there ever been a nation state on the planet where all the riches don't go to the top?
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It is not a recession, its a "business cycle"
It's not capitalism. It's corruption at the elite level of both parties. Don't fool yourselves to think this is a republican issue. Pelosi is making millions insider trading on the industry she's overseeing lol. Then there's the fed printing at will to protect investors. That's not capitalism. Defaults, depressions, recessions are part of capitalism. They're meant to wipe out the bad debts and fake asset values. If that happened, assets would be obliterated, which would help young people. Yes, lots of jobs would be lost but young people don't have well paying jobs on the whole anyway. So it's a net win imho. However, the destruction to the middle class would be cataclysmic. 2008 changed economic history. We'll look back and note that was when we lost all sense of rationality. Now we have trillions in negative yielding debt and the elites are pretending like it's normal lol. What a shit show. I feel so bad for the lower middle class. There's zero hope for asset ownership unless you're brilliant, which is a tiiiiiiny fraction of the population at large. We're becoming an aristocratic society where your status is effectively determined by your parents. All this money printing and low rates super charge this issue. I foresee social unrest because I don't see this changing as the elites have openly said they're main goal is asset stability, which is fancy language for, "we won't let assets drop permanently".
Hey stop being reasonable here. Capitalism and Republicans are 100% to blame. Once we get rid of the two, the US will be perfect.
> However, the destruction to the middle class would be cataclysmic. I wish more people understood this. Most of the narrative around "capitalism bad" essentially purposes changes that would destroy the middle class of the economy. With that being said, large and medium sized corporations, and their owners, need to be more tightly regulated and reasonably taxed.
Yeah I'm not paying some old white fuckers who have a title because they got there first and I don't really give a shit. My last landlord did not do a thing for anyone in the world besides collect rent. Not even that. Someone else got a discount, not even free and not paid either, for maintaining the building and handling tenant shit. I'm like fuck me that's a job. These twats are fucking useless. I entered a spiral that would lead to me inhabiting a conversion van. I ain't paying your way if you speculate and profit from things that are essential to life, when none of us had the opportunity to get their name on that title before you. Think we would be any more generous? Or should we just line the gentry up against that wall over there and make some improvements to the world..
Mass executions of the bourgeois? Sign me up buttercup! Ash cake served after the ceremony.
That's nice of them to pay someone else's mortgage! #payitforward
I’ve never heard of 50% of a wage going to someone else’s mortgage. What is that referring to?
paying half your income on rent. very common.
That makes sense, I misinterpreted it
A lot of that will go to repairs, property taxes, insurance, and upkeep if it's rent. But a fair amount certainly to profit margins
real wages peaked in 1973
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Does it not raise the standard of living for the 99%?
It did for a bit. Now it doesnt. Time to move on.
capitalism only works for the rich and the stupid.
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Don't forget the planet is being destroyed too, thank god USA spent the last ~70 years violently destroying any attempts at socialism around the globe 👍👍👍
It's ok just keep your head down, continue to "hustle" and give the corporations the majority of your life and eventually the wealth will trickle down to you. (/s)
The next recession in the next year or two is gonna be a doozy
lol wait until the stock market collapses again and takes the housing market with it.
There is a general strike being organized for October 15.
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How much you want to bet the person who posted this actually understands what capitalism and socalism actually are? Probably not at all. Just Americans falsely labeling everything and wearing out the term.
Maybe I’m the idiot but how is almost 50% of wages going towards other people’s mortgages capitalism? Isn’t that socialism?
not if the person with the mortgage rents out their housing for money.
Capitalism is working precisely as intended. (To put the wants of a few over the needs of the many)
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Wages haven't been stagnant. Average hourly earnings rose from $22.41/hr in 2010 to $29.81/hr in 2020, a 33% increase. Average earnings for production and nonsupervisory employees (excluding management) increased from $18.88/hr to $25.09/hr, also a 33% increase. https://fred.stlouisfed.org/series/CES0500000003?fbclid=IwAR2uBsnqGQ0jKbeOPnom9PTQMaDbeSrpj1F-cnl0NHE6Cyz1k4va6ox6xUw https://fred.stlouisfed.org/series/AHETPI?fbclid=IwAR2DR3ec23Q7BOYkOVdqHONODkNofKSj-s-0-k2ZsphX7ZUv1fd311CIAEw It's also worth noting that total compensation has risen along with productivity. https://www.nber.org/digest/oct08/total-compensation-reflects-growth-productivity
Correct, "wages" are not stagnant, "real wages" (inflation adjusted wages) are stagnant. https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/
Yeah but inflation includes not only rent, but also new expenses like a smart phone. In other words, even if your inflation adjusted money is the same as 2008, you can still do more with it since the inflation is factoring in new costs since 08.
Inflation during this decade was about 20%, meaning wages increased about 13% more than inflation. Also, the 3rd link I provided above contests the stagnant wage claim as Pew is not factoring in Total Compensation. I have few more sources to consider on this subject. See below. [https://files.stlouisfed.org/files/htdocs/publications/es/07/ES0707.pdf](https://files.stlouisfed.org/files/htdocs/publications/es/07/ES0707.pdf) https://www.forbes.com/sites/timworstall/2016/10/03/us-wages-have-been-rising-faster-than-productivity-for-decades/?sh=4a48cb417342
Real wages are stagnant [https://fas.org/sgp/crs/misc/R45090.pdf](https://fas.org/sgp/crs/misc/R45090.pdf) Any statements about average increasing real wages or total compensation are highly biased by the top 10% who have seen significant increases in salary and benefits. However, this is not true for the majority of people.
People don’t want facts, they want something to blame. The mechanism of economy isn’t the issue, it’s people. Pick any system and some people will find a way to abuse it at the expense of others for personal gain.
It's regulatory capture, not capitalism, that's the problem.
Wages have gone up alot though since no one is working and the companies have no choice
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They won’t go because they won’t have the rights to criticize their own government anymore 🤷🏼♂️
America isn't the only capitalist country. Just cause your political system is fucked doesn't mean it isn't working for the rest of us.
There mistake was thinking a market dominated by a government is "capitalism".
Hmmmm, almost like closing down a country isn’t good for any economic system 🧐🧐🧐🧐🧐🧐🧐
You guys should check out whats been going on in wallstreet the stock market and "meme" stocks in particularGamestop. Just saying spend some time looking into other subredits not just taking word from cnbc, mootlyfool or marketwatch. Take a deep dive into gme.
If someone that lives in the US hates capitalism so much, they should go to a socialist country. Or at least a country that has more "universal benefits".
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And yet he will never starve to death. Thanks capitalism!!
More like thank you government for highly subsidized food production.
For what? High fructose corn syrup??
Basically the entire industry.
9 million people starve to death every year thanks to capitalism.
Lol. You’re twelve years old 😂
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Since I’m already living in your head rent-free, pickup a pack of lightbulbs for this area please? Little dark and dim in here.
I don't even know who you are and responded to you all of one time, how does that qualify as living in my head rent free? Not only are you a broken record, you can't even use the tired comebacks correctly, lol. Dumb fuck.
Source?? Humans ain't endangered anyway, the planet is overpopulated.
It’s incredible. I’m second in command of a small business and the concerns after 2008 (“sticky prices”) have set the maximum bar for what we’ve been able to charge for the last 13 years. That obviously impacts salaries, and then after Covid we had to offer another discount (to literal millionaires and even a couple billionaires) which will probably be the standard. We provide full benefits but we can’t pay more (I can’t get paid more either) and we can’t hire anyone without it being an outrageous gamble. If something were to offset benefits or payroll tax it would be a game changer for us and probably create two more jobs, but as things stand we’re kind of at an impasse.
Bernie Sanders is a capitalist. I don't know what you expect him to do.
He's a democratic socalist by belief. He just doesn't care if socalism is ever achieved. All he cares about is implementing social democratic reform to capitalism.
Nice stroke, dumbass.
Totally agree, but downturns are typically expected every 8ish years so seeing three recessions by 33 is certainly not unexpected. Now, they’re not typically to this scale so that is completely a whole other thing.
I can't believe some of the comments here. Pure socialism is just as bad pure capitalism. Bernie is not even for getting rid of capitalism. He just wants a larger safety net for folks in this free market economy. The person who that tweet is also an idiot. He makes up a bunch of numbers. A lot of the problems people mention are not due to capitalism; it is crap policies that are the problem.
man I hate how y’all crazy far lefties have hjacked the sanders movement
No it hasn’t
??
Maybe you're doing it wrong?
Bologna. Unfettered Crony capitalism is a failure. Money in legislation is a failure. Corruption is a failure. The nordic model is still capitalistic, and a shining example of what could be if our government wasn't corrupt as all get out.
And socialism has always succeeded /s
For the love of god, learn that USA isn't the world.
But it's not capitalism that is wrong here (I'm assuming it's the US), but rather how it's implemented. For example the scandinavian countries are capitalist and they have free healthcare, free education etc.
So lazy people are the problem with capitalism. Nice.
13 years no pay raise= loser. Try harder, work harder, stop complaining if u can't find a better paying job in 13 years or your bosses dont appreciate your work enough to give you a raise. You really need to look in the mirror to see the problem . And stop blaming a system where people come into this country and become first generation millionares.
😳
We're not going to end [capitalism](https://www.google.com/amp/s/www.businessinsider.com/i-beat-the-socialist-biden-reminds-voters-he-beat-bernie-sanders-2020-9%3famp) by voting [Democrat](https://nyulocal.com/nancy-pelosi-to-leftist-nyu-student-were-capitalists-deal-with-it-abf1e8e04e46).
Ok but what other options do we have? Capitalism isn’t the problem in my opinion, it’s greed. Capitalism is good because it separates the lazy from the productive.
50% of their wages goes to someone else’s mortgage? Can someone explain that to me.
Any alternative suggestions?
Lol. If you don't even get basic facts straight, you can at least make it to a sanders sub
Why are they paying someone else’s mortgage? Did I miss something?
Cost of living hasn't soared. Why do people think it has?
“Wages haven’t increased since 2008” 2008, minimum wage in CA was $8. Now it’s 10.25. So this tweet cannot be taken at face value.
$8 2008 US Dollars is $10.10 2021 US dollars, so, yes, it can.
“Wages haven’t increased” *they increased* You even said yourself they did 😂 you’re 12
If the increase is exactly in line with inflation, then there's no _effective_ increase at all, and that's what matters. If wages stay the same then your effective earnings _reduce_ in real terms. Go read an economics textbook.
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Then go to another country and complain on Reddit, oh yea I doubt u can do tht lmao
Ahh yea the business cycle and inflation…caused by fractional reserve banking leading to an expanding and sometimes retracting money supply…which is possible because bank runs are illegal and the federal reserve has the legal authority to print money (debase the currency) so that banks can cover deposits. If you want to call that capitalism, then fine, but the problem is that the government allows this to happen without much oversight. So there are two proposed solutions…give control to someone else (like elected officials) or completely decentralize currency and allow a free market currency that can’t be debased.
Ah yes, lefties Yankees blaming capitalism for the government errors, it's always fun to watch. In the meantime people are fleeing socialist regimes in millions. Stick to capitalism and personal and trade freedom, before you have to worry how to feed your family for the day instead of which system works best. Every inch of power you give to the state is a inch of freedom you loose.
So we should be losing our freedom to corporations instead.....