The self-destroying economy, by Paddington

One of my old friends once told me how an accident saved his life. He slipped in his driveway, and the subsequent CAT scan uncovered a growth on his kidney. That discovery gave him a number of extra years of life.

In a similar way, the pandemic has made issues with our country readily apparent, rather than causing them: access to health care, lack of sick leave, a weak safety net, and the imbalance in the economy.

Forty years ago, a person could work really hard at a union job, and support a family. I read this morning how some celebrity’s first job was sweeping up in an Iowa factory, at $12 per hour. Today, that same job would probably earn about the same, even though the total inflation since that time has been something like 400%

Starting in about 1980, a large proportion of GDP has been the banking sector, now reaching 40% Realize that banking, while necessary, is essentially parasitic. Not coincidentally, 40% of the gains of the economy go to 1% of the population, most of whom are in banking and investment. If one looks at gains in the stock market, 92% go to the 10% of the richest.

We have created an unsustainable economy, and not in the way that conservatives would have us believe. In the past 250 years, the Scientific, Industrial and Agricultural Revolutions brought plenty to the wealthy nations, and that plenty has now been sequestered by a handful of largely non-productive individuals.

At some point, the average people will earn too little to keep the system running. If too few people have good health insurance, then the medical system will not do research or treatment, because there won’t be enough money in the system. Likewise for energy, information, and all other industries.