American capitalism has taken an apocalyptic turn

Post by Ekaros » Thu, Jun 04, 2026, 5:53 AM UTC

wesselbindt wrote: post #98

aeternum wrote: post #26

I thought the Economist used to have much higher quality articles. Where is the historical analysis? Is it more apocalyptic now than during the cold war when kids hid under their desks? Did America really win the space race because of a presidential speech or was it the apocalyptic threat that if we lose, we will all live under communist rule? Would American manufacturing have ever caught up to Germany if it weren't…

America won the space race? The only milestone where the US got there first was having boots on the moon. Every other milestone (first artificial satellite, first organism in space, first man in space, first woman, first spacewalk, first craft on the moon) was achieved by the soviets first. Taking the one arbitrary milestone where the US did come in first and declare it the finish line feels weird as heck.

Post by srean » Thu, Jun 04, 2026, 5:55 AM UTC

crossbody wrote: post #184

srean wrote: post #179

Earlier quoted context omitted.

Counterfactuals no, but one can make good-faith scientific attempts. We don't because we are locked by ideologies.

Exactly, and thankfully those have been made based on natural experiments like the ones I shared. And the consensus among serious modern economists (not those making money on selling popular books) is that redistribution negatively affects economic growth with all else being equal

Post by bluefirebrand » Thu, Jun 04, 2026, 5:58 AM UTC

hparadiz wrote: post #132

Nursie wrote: post #105

Earlier quoted context omitted.

> I watched them become millionares by simply getting up and working hard. If it was that easy, every office cleaner or bank clerk would be a millionaire. > living in literally the best time ever to be a human being Sure, but we're also watching the rise of a new oligarchy, and their latest innovation appears poised to put a lot of people out of work, making their lives materially worse.

It literally is. People just have no discipline or skills with money. Go on the fire subreddit. 25k saved per year is a million after twenty years with a modest very conservative amount. And if you can double that with a spouse you're looking at a million in only ten years. People who stretch that to 20-25 years end up with 3-5 million.

Post by crossbody » Thu, Jun 04, 2026, 6:00 AM UTC

srean wrote: post #189

crossbody wrote: post #171

Earlier quoted context omitted.

My bad, wrong chart (it's in real terms though) Here is net wealth increasing for all, let's celebrate: https://commons.wikimedia.org/wiki/File:1962-_Net_personal_w... My point is that the pie is growing and all are benefitting. Yes, rich may be getting more but not at the expense of poorer people as their wealth is increasing too. It's rather unfortunate but it seems that the pies grows fastest (and poor benefit fro…

> My point is that the pie is growing and all are benefitting. This is the main point of contention though. Earlier generation middle class seems to have been larger and more financially secure. That would be our parent's generation. Of course not all of our parents would qualify.

Post by srean » Thu, Jun 04, 2026, 6:05 AM UTC

WalterBright wrote: post #204

srean wrote: post #182

Earlier quoted context omitted.

> laborer gets paid for the value he creates Not true at all. Most labourers have nowhere close the pricing power necessary for this to be true. Information is obfuscated (legally of course) on purpose.

If you are creating 10x the value you are paid, then plenty of other employers will offer you a raise. If you believe you are seriously underpaid, explain to your employer what value you are creating, and negotiate. If you start your own business, you'll find out exactly what you're worth.