50% of all consumer spending in the US is done by the top 10% of the population. Most of the bottom 90% are broke because the top 10% has siphoned all of the wealth, so people have been using credit cards to pay for essentials like groceries, gas, etc. This isn't sustainable.
trade war as domestic class war, where the petite bourgeois rentiers tank the economy to maintain a chokehold on a limited supply of goods and services, at the expense of their domestic class enemies - this is the heart of MAGA protectionism rather than reviving manufacturing
The liberal outrage and hatred for trump is largely because his lack of all pretence & decorum destroys the fairy tale of a benevolent US & reveals the thuggish empire it is. They always care more about appearance, rhetoric, and performance than actual policies and their impact.
If you're wondering why Hakeem Jeffries isn't putting up a battle as America falls to full-fledged tech bro fascism, here's your answer: AIPAC, BlackRock, Lockheed.
It’s worthwhile to know what Lenin was *actually* like according to those that worked directly with him, rather than interpreting what we think he was like based on the century of mystique that followed his death
One of the biggest misconceptions about capitalism is that it rewards intelligence. First & foremost, it rewards privilege (being born into wealth). Beyond that, it rewards ruthlessness, manipulation & anyone willing to exploit others. The working class is full of "smart" people.
The richest 1% of people now own nearly 45% of all wealth, while 44% of humanity are living below the World Bank poverty line of $6.85 per day, per Oxfam.
If you include people who can only find a part time job when they need full time work and those who are paid poverty wages of less than $25,000 a year, the real unemployment rate in the U.S is 23.7% while 60% of Americans live paycheck to paycheck. No. The economy is not booming.
I have to be honest and say I do not think the Democratic party as currently constituted will ever have the political will to rebuild the administrative state and people should start coming to terms with what that means
I think in essence liberal governance in the US, in its familiar postwar form, is already over. This has all moved so quickly I don't really see people processing it in those terms yet but I think it will become increasingly clear. So, what's next?
Not a surprise to anyone who was paying attention (and in my case writing about it in 21-22). I think a lot of liberal econ discourse reaction is driven by fundamental snobbery and paternalism about the working class
In preparation for today’s Super Bowl, state police forced over 100 homeless men and women onto buses under threat of arrest, dumping them in a freezing warehouse. Tents destroyed, belongings lost. Press are barred from the site.
The price tag for this cruelty? $17.5 million
Robert F. Kennedy, Jr., who is in the running to serve as health and human services secretary, revealed he was carrying up to $1.2 million in credit card debt in recent financial disclosures, per CNBC.