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The most popular conspiracy theory in the US today is that American wealth is the result of a steady cabalistic transfer of extant wealth from the poor and middle class to "like 10 people" at the "tippy top." It's provably false but will define the next several election cycleshttps://twitter.com/AOC/status/1127270688925134849 …
Take a look at what AOC is pointing out: for-profit prisons, student loans, "tricking the country into war," abusing food stamp programs. Notice a theme? Prisons are a product for governments. Rich people do not declare wars or issue food stamps. Student loans are backed by whom?
The trap I *don't* want to fall into is claiming that all is well. Wages have stagnated while healthcare and higher ed pricing skyrocketed, and both systems are regulatory fortresses. Regulatory capture via licensure and accreditation is locking in profit for the current players
The healthcare/education monster is unavoidably a private interest + government collaboration. Moreover, the collaboration has grown so complex and labyrinthian that it's unclear how to attack it. And it's moot anyway, unless it sounds better than "boo yachts, free college!"
Here's what worries me: whether via a punitive income tax bracket or a wealth tax, you're hitting a group that contains some game-players and many more value-creators. If you don't first solve the regulatory capture issue, you funnel the gains straight back to the game-players.
If we bet on a policy as aggressive as Warren's wealth tax, it'd become nearly impossible for ultra-successful entrepreneurs to maintain controlling stakes in their own companies over 1-2 decades. It should not be controversial to say this would be disastrous for the US economy.
Find me a politician who's saying "we need to prevent the AMA from artificially bottlenecking residencies" or "we need to reorganize higher education around student career expectations and implement elements of apprenticeship." Then find me a voting populace who wants to hear it
Well, there does seem to be a dynamic of transfer from low time preference mindset to high time pref and those that are taking advantage of those with low. You can correlate that with all kinds of stuff, dunno about causal arrow
There’s a dynamic where the wealthy capture an increasing share of the GDP, and use this to purchase greater influence in politics, which fuels the process. Saying “we need less government” in the face of this is like saying “we just need less wind” in the face of a tornado.
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