General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIs Capitalism broken?
I can't get beyond thinking that inflation is driven by politics becase it could easily go away if those price gouging companies ceased gouging. It benefits them at a time like this to keep the public outraged at Democrats. But very unhealthy for our economic system. Before the Limbaughs of the world were paid outrageous salaries to promote shredding the safety net, we had a healthy middle class. And we weren't told to fear an educated public.
I also think because the number of monthly bills has more than doubled over the past 30 years, that most of us will never be able to have enough money to pay for all the extras we've come to rely on.
If gougers were controlled, they would cry "Socialism!" But they give Capitalism a very bad name and seem intent on destroyimg the whole thing. WE ARE THE ECONOMY.
Then there's this from The New Republic, that I missed:
"Dont be hoodwinked. It isnt Joe Biden whos making record profits and gouging U.S. consumers. That would be corporate America.
The prices of everyday goods are going up, and everyone from members of Congress to talking heads on cable news have their own diagnoses as to why its happening. But theyre all missing the biggest piece of the puzzle about what is to blamenamely, corporate profiteering.
https://newrepublic.com/article/164505/inflation-corporate-profiteering-biden-consumers
smirkymonkey
(63,221 posts)Yes, unregulated capitalism is not sustainable and is ultimately a disaster for all but those at the very top.
Eko
(7,234 posts)Make the rich richer and everyone else poorer.
In It to Win It
(8,224 posts)anarch
(6,535 posts)it's not "broken," it's just awful to begin with
bucolic_frolic
(43,044 posts)It never makes sense to work for anyone because you never get paid what you're worth.
Wounded Bear
(58,598 posts)SleeplessinSoCal
(9,082 posts)We experience reality. But then are flooded with lies. It only succeeds in making us depressed and feeling hopeless. TFG should be rotting away in prison for what he did January 6, 2020. The sheer will power of that beast is devastating to us as a so-called nation of laws. That is how we've been described historically. Also, if the business of America is business, what does that say about how much cheating and gouging goes on to create so many monopolies?
Where are the antitrust laws today?
https://www.classlawgroup.com/antitrust/
WhiskeyGrinder
(22,307 posts)TheRealNorth
(9,470 posts)Things will get bad. See France, where racism is being used to divide the workers and the only option is Macron, who is advocating for further cutbacks to the social safety net, and Le Pen, who whispers sweet nothings about maintaining the social safety net, but in reality serves the interest of the same ruling class and will remove the benefits and protections of its perceived enemies in favor of maintaining those same protections and benefits for the "chosen" allies (at least for a while).
Ron Green
(9,822 posts)
is that there are not enough capitalists.
G.K. Chesterton
uponit7771
(90,301 posts)In It to Win It
(8,224 posts)Capitalism can have negative consequences. Capitalism is doing what it's supposed to do.
- Inflation can happen with capitalism.
- Outrageous salaries can happen in capitalism.
- A healthy middle class or no middle class at all can happen in capitalism.
- Recessions can happen in capitalism.
- Homelessness can happen in capitalism.
- Fraud, corruption, price gouging, child labor and so many other things can happen in capitalism.
- Capitalism doesn't need an educated public or a social safety net.
- Capitalism allows people to be down on their luck, and homeless and starving.
- Capitalism allows people to work full time jobs and still not afford housing.
- Capitalism allows people to work full time jobs for 30 years and still not have enough for retirement
- Capitalism allows people to be worked until they're in the ground
Capitalism is emotionless.
Capitalism is ruthless.
Capitalism doesn't abide by rules and tenets that would produce what we would consider a healthy economy. The system of capitalism can throw everything we care about out the window. It is up to us, the people, to use and manage capitalism to achieve the ends we want. We have to put people in power who will create rules for capitalism that will achieve the most good for the most people. Capitalism isn't broken. The rules for managing capitalism and the rule-making system are broken. Capitalism by itself doesn't create a safety net for people who can't afford to live. Capitalism unmanaged will not solve every problem.
The people who scream the loudest about how good capitalism is are the people who have benefited most from it. They don't like rules that change the system they know because it works for them exactly the way it is. They will scream to the mountaintops that markets work and are efficient because people will transact rationally but that assumes that market participants think rationally 100% of the time.
The right loves to tell people that capitalism is good if you would get off your and work. What the right doesn't tell you is that you can work your ass off and put in maximum effort and still end up at the bottom of the totem pole. The right will happily leave you behind. They will happily pay you minimum wage while the cost of living increases, leaving you at the bottom of the totem pole.
Sympthsical
(9,036 posts)But, that's where we are right now.
People focus on the capitalism part and kind of ignore how much corporations are subsidized by taxpayer dollars. Sweetheart deals, tax breaks, bail outs when they fail.
Is it capitalism if you become so powerful, the government will make sure you cannot fail?
muriel_volestrangler
(101,265 posts)https://tradingeconomics.com/france/inflation-cpi France 4.5%, highest since 1985
https://tradingeconomics.com/japan/inflation-cpi Japan 1.2%, highest since 2018
https://tradingeconomics.com/united-kingdom/inflation-cpi UK 7%, highest since 1992
This is not just a US thing. Now, perhaps that does mean it's "capitalism" in general, but if your measure is just inflation, then it's not as broken as it was in the 1970s.
SleeplessinSoCal
(9,082 posts)Exacerbated by price gouging for political reasons.
Why did the DJIA rise to incredible heights with an irresponsible 45th POTUS? And why doesn't Wall Street take nonacrion on climate change into account? How do they pick and choose what drives markets?
There is no remedy when lying about serious matters is no longer a thing. We seem to have turned into a mafia style system. Nothing remotely like the founders had designed.
Edim
(300 posts)and it is in capitalism, it can not end well and the system is 'broken'.
speak easy
(9,176 posts)... see Great Depression, Great Recession.
Emile
(22,479 posts)SleeplessinSoCal
(9,082 posts)Maybe this is another reason the Tucker Carlsons of the world so brazenly champion autocratic despots. Why on earth do people not advertise his/their salary when referencing the obscenity of their profession?
I gather Orban isn't the murderous tyrant that Putin is, he may just be a fascist strong man. Sounds like the election in Hungary is not questioned. Is that part of this new partnership?
https://newrepublic.com/article/166154/2022-cpac-conference-budapest-hungary-orban
Everything is lining up for a repeat of WW2. Only we may also be fighting a civil war at home. I think if Capitalism was repaired to work as advertised, we could avoid it.
Found this: https://www.mckinsey.com/featured-insights/long-term-capitalism/rethinking-the-future-of-american-capitalism