I came across an interesting piece the other day: "Why do so many Americans feel so financially stressed when the overall economy is strong?" The basic reason is because we are not seeing a situation of where a rising tide raises all boats; rather, we are only seeing greater wealth concentration. From the piece:
We need to have a serious national discussion on market concentration and monopoly power among our businesses. Nearly every industry - including staples and discretionary sectors - have gone through wave after wave of consolidation.
Today in many industries there is an illusion of competition which is helping to keep prices stubbornly high while margins / profits as a share of GDP [gross domestic product] are near historic highs. And don’t get me wrong, I’m a red-blooded capitalist, but today’s market structures are more crony capitalism than they are true capitalism.
Related: "Only 48 Percent Of U.S. Adults Under The Age Of 30 Have A Full-Time Job?"--Citizen Watch Report. That's correct, according to a recent Rasmussen survey. The article also notes that many high paying jobs are disappearing: "Through September 15th, big tech companies had laid off 166,000 employees so far this year."
How many of those "stressed" individuals start their day with an overpriced cup of flavored hot water from the place down the street, drive to work in the car that is not worth what the payments are, complain to their friends on the latest I phone then on the same phone order dinner to be delivered by Uber eats?
ReplyDeleteOf course, such complaints are generally given right before a massive lay-off...
DeleteAnd such lay-offs are just as frequently to protect the DEI hires and the newest executive's AI-powered pet-project that over-promised and under-delivered as they are to cut overhead and make the illusion of profit for the board.
But what do I know?
Anyway, gotta drink some over-priced stimulants, drive two hours to a company that's immune to anti-trust laws, and train the H1B diversity hire to take over my job.
Sure hope my 8-year-old phone can keep running the mandatory 2FA app I need to be allowed to bank and work.