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   GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Saturday, 17-May-2025 05:31:40 JST GhostOnTheHalfShell

   @economics-that-works

   12 min

   The constant drip drip drip drip of the cost of living crisis.

   Gary Stevenson has risen to notoriety because he's called a spade spade.

   Wealth is driving poverty. The cost of living crisis is a product of spiraling wealth disparity on many different levels.

   Simple wealth disparity means the rich can simply outbid a working class person for a house. Pernicious disparity occurs with monopoly.

   https://www.cnbc.com/video/2025/05/12/why-millennials-gen-z-feel-broke-despite-rising-net-worth.html

   #economics #politics

   • Embed this notice
     cy (cy@fedicy.us.to)'s status on Saturday, 17-May-2025 05:31:37 JST cy

     in reply to

     • Janis
     • a
     Be sure to point out that we are taxing the rich, and we have been for quite some time. Taxing the rich therefore doesn't even tax the rich, because they bribe/blackmail politicians into giving them tax loopholes.
     
     "We will now tax the rich for 99% of their wealth." - a country who now taxes the rich for 0% of their wealth.
     
     CC: @janisf@mstdn.social @economics-that-works@a@masto.ai.gup.pe
     
   • Embed this notice
     GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Saturday, 17-May-2025 05:31:38 JST GhostOnTheHalfShell

     in reply to

     • Janis

     @janisf @economics-that-works

     I’m currently working on a video essay who argues taxing the rich is useful, but it falls far short of actually bringing wealth disparity back to earth.
     The net worth of the super rich and super huge corporations that are the basis of their net worth they’re largely unreachable.

     And I argue that we can do much more to choke off the Niagara of money flowing into their hands in the first place. At that point the tax shelters don’t really matter so much.

   • Embed this notice
     Janis (janisf@mstdn.social)'s status on Saturday, 17-May-2025 05:31:40 JST Janis

     in reply to

     @GhostOnTheHalfShell @economics-that-works It's still smacks of hustle culture. People are putting groceries on credit. There comes a point (which we've passed) where microeconomics, regardless of what you're putting on your toast, doesn't cut it. Childcare, medicine, and education costs are rising because people need higher wages. The big cash flow, though, is going to passive income, namely, /unregulated/ global digital & real estate investment companies.

     Tax the rich, globally.