322 karma · joined March 20, 2019
By all accounts, there are many times more people who are not billionaires than billionaires. And in a functioning democratic republic, you would think that the billionaires would be taxed a lot more. But by now, even Joe the Plumber is thinking he will need those low low tax rates himself one day.
For a long time, political economy was synonymous with economics. Once a broad political consensus was reached, however, politics was dropped to emphasize the economics based on that consensus.
Seems to me that no matter which political party the poor voted for, their economic agenda was always thwart by corporations need for cheap labor in countries near and far.
I vaguely remembering President Obama giving a rather technical explanation why nothing can be done to bring back the job for a laid off Midwesterner.
As for the Republicans, this new Yorker political cartoon[1] says it all: I am going to eat you. He tells it like it is.
[1] https://en.wikipedia.org/wiki/Regression_toward_the_mean
Calling VSG Donald...
What do you think is the ultimate cause of wage stagnation then?