(Let me preface this by admitting I am not on the financial fringe. I work hard for excellent compensation, and I have few complaints in that regard – but I know there are millions who work much harder for much less.)
If you read the editorial I linked, you should notice it’s not necessarily slamming the self-made wealth in our country, but rather the dumb luck wealth, the kind achieved by merely being born. I can’t see any extraordinary merit in that.
But beyond that, when you ask “why should it be otherwise?” – I can only counter with the fact that it has been otherwise, and that our most celebrated economic boasts are built on the idea that it is otherwise – or rather, was otherwise.
Unfortunately, the rules have changed to the point that there are millions of folks out there whose skills and/or drive would have been well rewarded in the past, but not now.
Proponents of the old “can do” attitude used to (and some still do) brag that if you’re willing to work hard, you can make it in America – that was the essence of the American Dream. It wasn’t necessarily about become filthy rich, but living in a relative degree of comfort and economic security.
American workers have achieved all-time highs in productivity which, at least in part, have America’s most prominent corporations at similar highs in profitability. So how is it workers receive an ever decreasing share of the “gravy” they’ve been so vital to creating?
Does that really strike you as a merit-based system?
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