While many pine for "the good old days" perhaps we can almost say the middle class was a 50-60 year thing in our 250 year history?
The Colonies and thru the mid to late 1800's our great growth was in part attributed to our agricultural sector and perhaps Slave labor had much to do with that. In its wake, and following other economies with great natural resources the industrial revolution of the late 1800's and for 100 or so years relied on immigration to fuel its labor needs and with great supply low wages were accepted. In time unionization tames the ravages of pure capitalism to help grow the middle class.
All thru history there was great disparity of wealth in the classes. The monarch/nobles who managed the colonies were the CEO's of the day overseeing the investment of the "New world" and thru taxes/return of investment paid to the English king who granted those opportunities. Plantation owners, and eventual the monopolies of the railroad barons, steel barons, banking barons, manufacturing barons........all created great wealth employing many who came here looking for opportunity that did not exist elsewhere. We all know this story. Many great fortunes and fables of a successful republic and many atrocities committed at the same time.
Our failures? They existed. Many were failed gov't policies that perhaps had good intentions but failed to execute. Again, old stories that both democrats and republicans were guilty of. The Financial crisis of 2008 for example was fueled by policies that home ownership was the path to wealth and prosperity and we relaxed control until it got out of hand.
Our system requires some form of rules and regs.
Its much more complicated that the above for sure but NYC represents perhaps more a very close study in disparity of wealth and perhaps when it leaves a huge gap things happen. Things that change the paradigm. Its been building. The Occupy wall street movement 20 years ago started it. The Financial policy of covid was needed to keep it together. Agree or not but we don't know what would have happened if the massive cash infusion did not occur. And nobody knew how the pandemic would also play out. It was very predictable real estate and equities of (the big got bigger) would benefit. Inflation was inevitable.
Taxing the people (tarifs) and reducing low cost labor by a fearing immigration policy/environment is fueling inflation as well.
People vote on fear and money is a big one. Take out parties, how does a politician really enact price reduction of food? energy? wages? If they do, what is the resulting issue? Trump told you for years he'd do away with "ObamaCare" but has nothing in its place? Said he'd lower the price of food. You listen to his rants, he offered hope but nothing substantial.
In time if he does not help the economy or pricing he too will be gone. My take? He had nothing. Neither did Harris BTW. He has enacted tarifs that are vendettas. They are arguing this in the supreme court this week. Things are building.
Back to NYC. Im not a fan on Mandami. Free transportation and child care? Lets just say that in a free market the issues of affordability is real. When the wealthy and big banks have nobody to maintain the service, provide food, repair, etc....then prices go up. Do real estate taxes in NYC not provide enough subsidiaries to people? If not, raise them. Property owners should pay. Mandami will use some of that to pay for his agenda.
That not socialism, its reality. But wealthy folk don't want to pay. When that happens we getting closer to the tipping point of when shit hits the fan. It starts with A young ideal guy like Mandami, who reminds me of Obama. Charismatic energy with hope. He won't get it done, but old hacks like Cuomo won't either. I don't live in NYC and its not my fight. I do feel for those being squeezed out. My great grandparents were squeezed by Pogroms in Ukrane/Russia 140 years ago and came here. We not there yet but scapegoats are always a thing in history. This democracy makes great strides then takes steps back. It takes pain to make progress and how this onfolds is
Bottom line? All great systems of economics have disenfranchised and while it sucks, the powers that be are not there for you but to give you hope. This country like many is a tough place and we like to think we above it. We are not. Gov't is not here to make it nice. I don't know when the next big shift takes place and AI will be part of a new era. Those that can leverage it will succeed. Those that can't won't. We need to pay to take care of the disenfranchised. There is a mean spirted and historically redundancy to blame them for problems. When we lose our compassion and tolerance we will fail. Not just in the USA, anywhere.
