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The 1% is starting to worry.


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2015 Aug 11, 7:07pm   3,040 views  4 comments

by tatupu70   ➕follow (0)   💰tip   ignore  

I’ve written previously about the growing fear among elites that they’ve pushed economic inequality too far. That fear is proliferating, according to a New York Times Op-Ed this weekend by former marketing conglomerate CEO Peter Georgescu. Joined by his friend Ken Langone, founder of Home Depot, Georgescu warns his fellow 1 percenters that “[w]e are creating a caste system from which it’s almost impossible to escape.” The column raises the specter of “major social unrest” if inequality is not addressed.

Georgescu writes:

I’m scared. The billionaire hedge funder Paul Tudor Jones is scared. My friend Ken Langone, a founder of the Home Depot, is scared. So are many other chief executives. Not of Al Qaeda, or the vicious Islamic State or some other evolving radical group from the Middle East, Africa or Asia. We are afraid where income inequality will lead.

http://www.salon.com/2015/08/11/why_conservatives_billionaires_have_started_talking_like_bernie_sanders_we_are_creating_a_caste_system_from_which_its_almost_impossible_to_escape/

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1   Bellingham Bill   2015 Aug 11, 7:42pm  

blue is mfg and construction jobs

red is 1/6 the working-age population

One thing about Trump's message is that he's banging on jobs, and how we've lost so many to China and Mexico.

This is entirely true and a large part of the current dysfunction. Offshoring benefits pundits in the press and professional people, but not the middle quintiles and below, except if they've got a moat preventing competition with $3/hr Mexico like being in the service sector.

2   saroya   2015 Aug 12, 8:52am  

Bellingham Bill says

One thing about Trump's message is that he's banging on jobs, and how we've lost so many to China and Mexico.

I had no idea that all of the people Trump employs in Asia making his many clothing lines and and various golf equipment, and all of the aliens he employs to maintain his 63 golf/real estate projects had such a detrimental affect on American jobs. Trump reminds me of the guy who walks up and down your neighborhood street hurling rocks wrapped in paper through everyone's front picture window. When you get up and open the wrapping you see it is merely a flyer advertising a special on glass repair, and if you don't take advantage of it you are an idiot and a loser.

3   HydroCabron   2015 Aug 12, 9:18am  

Bellingham Bill says

Offshoring benefits pundits in the press and professional people, but not the middle quintiles and below

The professional people (read: "Patnet users") don't mind the massive savings resulting from Trump's offshoring his production and bringing in Hispanic/Latino maids for his hotels, because that's free enterprise.

For some reason, however, bringing in H1Bs is not free enterprise. I believe that the key to understanding the distinction lies in Upton Sinclair's statement "It is difficult to get a man to understand something, when his salary depends upon his not understanding it."

4   EBGuy   2015 Aug 12, 12:52pm  

And in other news:
Ford Motor Co on Wednesday will start building its medium-duty F-650 and F-750 commercial trucks at a Cleveland-area plant, moving production out of Mexico for the first time.

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