Anonymous ID: 232a72 April 8, 2020, 8:48 a.m. No.8722273   🗄️.is đź”—kun

>>8722243

America’s Drift toward Feudalism

 

https://americanaffairsjournal.org/2019/11/americas-drift-toward-feudalism/

 

At least among whites, there was also far less poverty in America, compared to Europe’s in­tense, intractable, multigenerational poverty. In contrast, as Jeffer­son noted in 1814, America had fewer “paupers,” and the bulk of the pop­ulation was “fed abundantly, clothed above mere decency, to la­bor moderately and raise their families.”

 

Yet in recent decades this country, along with many other liberal democracies, has begun to show signs of growing feudalization. This trend has been most pronounced in the economy, where income growth has skewed dramatically towards the ultrarich, creating a ruling financial and now tech oligarchy. This is a global phenomenon: starting in the 1970s, upward mobility for middle and working classes across all advanced economies began to stall, while the prospects for the upper classes rose dramatically.

 

The fading prospects for the new generation are all too obvious. Once upon a time, when the boomers entered adulthood, they en­tered an ascendant middle class. According to a recent study by the St. Louis Fed, their successors, the millennials, are in danger of be­coming a “lost generation” in terms of wealth accumulation.