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The company boss doesn't make much more than you when there aren't a bunch of regulations and taxes preventing you from starting your own company with blackjack and hookers and 0.2% lower profit margins (thereby pushing him out of the market unless he sells his cabana).

And poor you will be, if you live in the US and it manages to install and keep high (200%+) tariffs on non-economically-crippled nations. You'll have a lot less stuff than the Boomers had, but you'll have a job and only a little smog, which is a lot better than having cheap dog toys you can't afford because there are no jobs while China buys your power plants. It's by far the lesser of evils, but will require a degree of austerity.