There are two key reasons for the dissatisfaction. First, never underestimate the power of the right wing, outrage, media machine which has a triad of FOX News, talk radio and social media. The daily “sky is falling” message is received by the aggrieved. Second, the lack of affordable living due largely to our unsustainable, car centric development leaves people economically and socially in poverty. If there were walkable, livable communities with affordable housing, linked by transit, with a sense of community, many of these problems would magically vanish.
The outrage machine functions on both sides of the spectrum, hence the partisan divide over economic attitudes. And it’s a very good point about the perils of car culture.
What About the underlying system - the Federal Reserve - which involves total fiat money with no fractional reserve? It is based on a house of cards that can fall at any time…
It's almost impossible to compare "health care spending" or "healthcare expectations " between the present and the 1950's because people naturally do not expect what does not exist. The same applies to automobiles and telephones, not to mention computers. Today what a household spends on food, energy, and housing depends on what their income is. Median household income has not kept up with the price level for the lower half of households. Such households spend a larger share of their income on these necessities whose prices have risen faster than the price level. Their problem is not inflation per se but affordability. This notion is not new with me. Listen to Larry Kudlow for a few days.
I'd like a Substack that welcomed questions. Eg....re this article on the economy.....could our increasing expenditures on media and communication be a significant cause of our feeling broke?
I think expectations is a big reason we, the country, are dissatisfied. My parents and their parents primarily lived for one goal - to have their children have a better life than they did!
Most of us boomers probably don't have that goal.
Our culture is to want more and more and more... $1 billion isn't enough, $10 billion isn't enough, and apparently $100 billion isn't enough.
Instead our society decided that billionaires should be in charge and accumulate as much as possible at the expense of consumers and employees.
As a former small business owner I agree that a business owner should be rewarded for the risks, stress and sacrifices one takes on to start and run a business.
But is success achievable without employees, customers, governments (city, state, local)? Is a business sustainable if their customers can't afford their offerings?
Perhaps we need more balance in who gets rewarded from our great economy and the wealth it has created.
Low inflation now, but cumulatively, prices remain high. And our car insurance increased from $1400 to $3400 due to higher costs for parts, etc. I agree that, as generations before us, we have to adapt. Still SS COLA should include food and housing indexes.
Attitudes merely reflect the growing awareness of the unequal distribution of resources and power. Media fuels this, regardless of its excesses. Constant depiction of the “good life” causes people to drown in the sea everyday trying to reach it. Stability, opportunity, safety, these seem ordinary to elites, but the rest still struggle just to stay alive. A rage is growing, and “ let them eat cake” won’t do this time either. One sees it everywhere, humanity has seen “ Paree” and demands a share. Naturally, even if data is authentic, it is dismissed as just another tool being deployed to retain influence for the privileged.
“ You don’t need a weatherman to know which way the wind blows”
I think the key word you use is “awareness.” There has always been unequal distribution, though the extent of that has shrank and grown at different points.
There are two key reasons for the dissatisfaction. First, never underestimate the power of the right wing, outrage, media machine which has a triad of FOX News, talk radio and social media. The daily “sky is falling” message is received by the aggrieved. Second, the lack of affordable living due largely to our unsustainable, car centric development leaves people economically and socially in poverty. If there were walkable, livable communities with affordable housing, linked by transit, with a sense of community, many of these problems would magically vanish.
The outrage machine functions on both sides of the spectrum, hence the partisan divide over economic attitudes. And it’s a very good point about the perils of car culture.
What About the underlying system - the Federal Reserve - which involves total fiat money with no fractional reserve? It is based on a house of cards that can fall at any time…
Mr. Karabell, appreciate your insights and style. Please continue!
It's almost impossible to compare "health care spending" or "healthcare expectations " between the present and the 1950's because people naturally do not expect what does not exist. The same applies to automobiles and telephones, not to mention computers. Today what a household spends on food, energy, and housing depends on what their income is. Median household income has not kept up with the price level for the lower half of households. Such households spend a larger share of their income on these necessities whose prices have risen faster than the price level. Their problem is not inflation per se but affordability. This notion is not new with me. Listen to Larry Kudlow for a few days.
I'd like a Substack that welcomed questions. Eg....re this article on the economy.....could our increasing expenditures on media and communication be a significant cause of our feeling broke?
I think expectations is a big reason we, the country, are dissatisfied. My parents and their parents primarily lived for one goal - to have their children have a better life than they did!
Most of us boomers probably don't have that goal.
Our culture is to want more and more and more... $1 billion isn't enough, $10 billion isn't enough, and apparently $100 billion isn't enough.
Instead our society decided that billionaires should be in charge and accumulate as much as possible at the expense of consumers and employees.
As a former small business owner I agree that a business owner should be rewarded for the risks, stress and sacrifices one takes on to start and run a business.
But is success achievable without employees, customers, governments (city, state, local)? Is a business sustainable if their customers can't afford their offerings?
Perhaps we need more balance in who gets rewarded from our great economy and the wealth it has created.
Would be a challenge to limit gains at the top
Low inflation now, but cumulatively, prices remain high. And our car insurance increased from $1400 to $3400 due to higher costs for parts, etc. I agree that, as generations before us, we have to adapt. Still SS COLA should include food and housing indexes.
Thanks for your comment
Attitudes merely reflect the growing awareness of the unequal distribution of resources and power. Media fuels this, regardless of its excesses. Constant depiction of the “good life” causes people to drown in the sea everyday trying to reach it. Stability, opportunity, safety, these seem ordinary to elites, but the rest still struggle just to stay alive. A rage is growing, and “ let them eat cake” won’t do this time either. One sees it everywhere, humanity has seen “ Paree” and demands a share. Naturally, even if data is authentic, it is dismissed as just another tool being deployed to retain influence for the privileged.
“ You don’t need a weatherman to know which way the wind blows”
Blessings, John
I think the key word you use is “awareness.” There has always been unequal distribution, though the extent of that has shrank and grown at different points.