Uber driver this morning: mid-50s, former middle-management tech exec. laid off from Intuit five years ago.
Thousands of resumes later, he quit trying because it’s pointless when they can hire an H-1B for a fraction of the cost. Also ended up divorced after four kids & 25-year marriage. Not sure the DC types fully understand the simmering anger out there.
The pace at which extreme wealth is rising is simply staggering: the wealth of global billionaires now reaches the equivalent of 17% of world GDP.
What this means is that if billionaires (about 3,000 households) spent all their wealth, they could buy 17% of everything that is produced in a given year globally. In 1987 – the first year of the Forbes billionaire list – this number was 3%.
"older people have so much electoral power that they can prevent their rights from being touched. Young people are becoming fewer and fewer and can't do that. The consequences are easy to guess."