What now?

Digby:

A lot of people like to say that government is run purely for the rich. But that’s not entirely true. It’s not true in many European nations where austerity is being enacted, anyway. And most of the rich don’t actually benefit from a double-dip recession.

What seems more likely is that the current economic, ecological and political system is broken and unsustainable. Globalization creates downward pressure on labor, which pushes wealth upward and depresses wages, which forces policymakers to incentivize asset growth over wage growth while decreasing the cost of goods and increasing consumer debt. That in turn becomes impractical and creates wobbly, crash-prone economies even as middle-classes disappear. Birth rates decline due to lack of economic opportunity and insanely long periods of educational indenture for young people, which causes developed economies to turn to immigration for demographic balance, which in turn causes social unrest. Nation-states are powerless to stop multinational corporations from blackmailing them over “jobs” and buying their governments, and struggle to find coherent ways to deal non-state-actor crises such as international terrorism and climate change. Meanwhile, ecological and crises are abundant, guaranteeing a slowing of economic growth absent some significant paradigm shift.

No, I don’t know how to find an alternative or what the alternative would look like.

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