New data shows that the total wealth of the top 1% of Americans just hit a record $44 trillion. Corporate profits are also hitting record highs, raking in $2.8 trillion in the last three months of 2023 alone. And that’s after taxes. It won’t surprise you to hear, given these massive numbers, that
“The very nature of this system allows them to hoard the profits they take from the work of the people they employ. If that fundamental rule remains unchanged, history will repeat itself.” Yup.
This gilded age will be the last. Climate change will ensure so. What this actually is, is the last feeding frenzy before drought and agricultural failure cause social collapse and death at massive scale. Many of these new robber barons are building or buying survival compounds. There's even a complex in abandoned Atlas missile silos. Police forces are militarized now in preparation.
So if the total wealth of the top 1% of Americans just hit a record $44 trillion, and the national debt is a record $34 trillion, then we should be able to tax the 1% at 100% and they would still have 10 trillion left to squabble over. Does that sound reasonable? 🤔
Superimpose over the second Guilded Age the Wolfowitz doctrine that still guides our foreign policy today. You can’t help but notice how the U.S.’s pursuit of absolute world hegemony since 1991 parallels increasing global conflict and the accelerated growth in income inequality in the US .
Loved this! Great piece with a ton of real solid points as to how those “at the top” always had their fingers on the scale, even when making changes. Thank you for this🙏🏽
I agree with you about money in politics and Citizens United, of course. I think there is a basic disconnect from reality, too. It feels like most don't see how literally we have brought the planet to the knees in just 150 years of burning fossil fuels. I write here as well, and when out try to slip in some words about the climate crisis and 6th extinction where I can. The unawareness is stunning and disturbing.
Excellent essay Joshua. Now make the next one all solutions. What system are you proposing to lift all 330 million boats-details? A few of mine that don't require a bloody revolution are #taxtherich (50%) - Get rid of Wall Street Casino that feeds the monopoly beast and creates perverted fake wealth - Congress must undo Citizen's United ASAP to get big, dark endless money out of elections cycles if US is ever to truly progress - Expand SCOTUS to be more representative of USA because 5 citizen judges should not have that much power - adopt more socialist models of everything similar to the rest of modern world since WW2 - as in FREE universal health care, higher education, child day care, paid family leave, etc. and oh yeah - 4 day work week! Let's do this!
Yes, capitalism is a failed model. It has brought a lovely planet to the brink of uninhabitability. The best vision I am aware of is degrowth that addresses both social justice and living within the limits of what the Earth can support. I wrote an article here boiling down the principles to an article if you're interested. https://geoffreydeihl.substack.com/p/degrowth-the-vision-we-must-demand
I really feel like this is the SAME gilded age that was only slightly slowed by the great depression between the first and second world wars.
The inequality, the war profiteering, the environmental destruction, the political corruption, most of the main capitalist abuses have been ongoing my entire life and I am now an old man. Oxfam recently covered the effects of the pollution linked to the rich vs everyone else here.
The ArtDeco Era, the Jazz Age, the Fossil Fuel age, the Electric Age" are essentially synonyms for the last century where the idea of " Progress " with a capital "P" was sold to the masses much as "trickle down economics " was sold more recently in the USA.
Notice my username 🤑 ...
I am actually pro capitalism (compared with the Chinese or Russian communism I've seen), but the guardrails really need to be constantly watched, extended, and reinforced. It is and probably always will be an arms race between the very richest few thousand people vs everyone else on Earth.
So Twain was right, but a bit too optimistic about the end of his Era.
You wrote that "And instead of letting this exploitative system meet its end, FDR got together enough guardrails and major programs to save capitalists from the full consequences of their actions."
Something like the New Deal with an improved safety net is a necessary and salutary corrective to inequality run amuck today. Yes, the New Deal saved capitalism, but it also introduced years of more equitably shared prosperity.
There is no alternative in any timeframe that's meaningful.
Thank you for this article Joshua. I appreciate the historical context and analysis. The greed and subsequent destruction that capitalism perpetuates continues to be so disheartening for me. You mentioned that we need radical change and I agree. I truly believe that radical change starts with those of us who are aware of the problem choosing to organize with other like minded people to divest and transition away from capitalism (and all power-over systems) little by little, step by step. I believe that divesting and transitioning away is a greater use of time and energy than fighting and protesting.
I published a guide on my Substack that I hope will inspire more people to organize in this way.
“The very nature of this system allows them to hoard the profits they take from the work of the people they employ. If that fundamental rule remains unchanged, history will repeat itself.” Yup.
This gilded age will be the last. Climate change will ensure so. What this actually is, is the last feeding frenzy before drought and agricultural failure cause social collapse and death at massive scale. Many of these new robber barons are building or buying survival compounds. There's even a complex in abandoned Atlas missile silos. Police forces are militarized now in preparation.
Appreciate your perspective! And look forward to working through your other essays.
This is a hard read, I published in 2022. Unfortunately, nothing has changed my mind about our trajectory since then.
https://geoffreydeihl.substack.com/p/circumstantial-evidence
This is far beyond a left - right issue right?? I mean, both parties are corrupt and have fault in letting this happen, right?
So if the total wealth of the top 1% of Americans just hit a record $44 trillion, and the national debt is a record $34 trillion, then we should be able to tax the 1% at 100% and they would still have 10 trillion left to squabble over. Does that sound reasonable? 🤔
Superimpose over the second Guilded Age the Wolfowitz doctrine that still guides our foreign policy today. You can’t help but notice how the U.S.’s pursuit of absolute world hegemony since 1991 parallels increasing global conflict and the accelerated growth in income inequality in the US .
Loved this! Great piece with a ton of real solid points as to how those “at the top” always had their fingers on the scale, even when making changes. Thank you for this🙏🏽
I agree with you about money in politics and Citizens United, of course. I think there is a basic disconnect from reality, too. It feels like most don't see how literally we have brought the planet to the knees in just 150 years of burning fossil fuels. I write here as well, and when out try to slip in some words about the climate crisis and 6th extinction where I can. The unawareness is stunning and disturbing.
Excellent essay Joshua. Now make the next one all solutions. What system are you proposing to lift all 330 million boats-details? A few of mine that don't require a bloody revolution are #taxtherich (50%) - Get rid of Wall Street Casino that feeds the monopoly beast and creates perverted fake wealth - Congress must undo Citizen's United ASAP to get big, dark endless money out of elections cycles if US is ever to truly progress - Expand SCOTUS to be more representative of USA because 5 citizen judges should not have that much power - adopt more socialist models of everything similar to the rest of modern world since WW2 - as in FREE universal health care, higher education, child day care, paid family leave, etc. and oh yeah - 4 day work week! Let's do this!
Yes, capitalism is a failed model. It has brought a lovely planet to the brink of uninhabitability. The best vision I am aware of is degrowth that addresses both social justice and living within the limits of what the Earth can support. I wrote an article here boiling down the principles to an article if you're interested. https://geoffreydeihl.substack.com/p/degrowth-the-vision-we-must-demand
Thank you, and thank you for subscribing.
I really feel like this is the SAME gilded age that was only slightly slowed by the great depression between the first and second world wars.
The inequality, the war profiteering, the environmental destruction, the political corruption, most of the main capitalist abuses have been ongoing my entire life and I am now an old man. Oxfam recently covered the effects of the pollution linked to the rich vs everyone else here.
https://www.oxfamamerica.org/explore/research-publications/climate-equality-a-planet-for-the-99/
The ArtDeco Era, the Jazz Age, the Fossil Fuel age, the Electric Age" are essentially synonyms for the last century where the idea of " Progress " with a capital "P" was sold to the masses much as "trickle down economics " was sold more recently in the USA.
Notice my username 🤑 ...
I am actually pro capitalism (compared with the Chinese or Russian communism I've seen), but the guardrails really need to be constantly watched, extended, and reinforced. It is and probably always will be an arms race between the very richest few thousand people vs everyone else on Earth.
So Twain was right, but a bit too optimistic about the end of his Era.
Hi Josh,
You wrote that "And instead of letting this exploitative system meet its end, FDR got together enough guardrails and major programs to save capitalists from the full consequences of their actions."
Something like the New Deal with an improved safety net is a necessary and salutary corrective to inequality run amuck today. Yes, the New Deal saved capitalism, but it also introduced years of more equitably shared prosperity.
There is no alternative in any timeframe that's meaningful.
Thank you for this article Joshua. I appreciate the historical context and analysis. The greed and subsequent destruction that capitalism perpetuates continues to be so disheartening for me. You mentioned that we need radical change and I agree. I truly believe that radical change starts with those of us who are aware of the problem choosing to organize with other like minded people to divest and transition away from capitalism (and all power-over systems) little by little, step by step. I believe that divesting and transitioning away is a greater use of time and energy than fighting and protesting.
I published a guide on my Substack that I hope will inspire more people to organize in this way.
https://open.substack.com/pub/sustainablesolutionsmedia/p/after-the-protests-organize-e9291ddbef23?r=3ehdaw&utm_campaign=post&utm_medium=web
How can you possibly claim that Mark Zuckerberg is "tilting the Facebook algorithm to favor the far-right."? Where is your evidence?