A Little Magic, Letting the Market Do the Dirty Work
The Democrats have had economic inequality on the back burner for many years and the two leading Progressives, Sanders and Warren have talked about it a lot. The Democrat leadership looks to be successful in sidelining the Progressives but the reality is however, the majority of politicians and lobbyists have no taste for really doing anything about inequality. Even with the realization now that healthcare and economic inequality is a big factor in the COVID 19 death rate we still see that congress has a difficult time doing anything on the core issues, and the current President is clueless.
History can be a guide..
We only have to look at all the US Presidents for the past 75 years and see how the retiring Presidents basically live a life of privilege with two glaring exceptions, Jimmy Carter and Harry Truman.
So greed and inequality is inbred or quickly learned in Washington for the ruling class. The immigrants from the beginning were primarily coming here for economic reasons. People talk about religious freedom being a reason, my reading of history puts that pretty far down the line.
So Here Comes COVID 19…
Time creates cycles, and things always come around again, but for this cycle, COVID 19 may well be step one in a move to some equality. Politicians won’t have to be the bad guy and increase taxes and the FED can hide behind reality as they will be forced to increase interest rates. The back story, current stimulus unwinding will force higher taxes and interest rates. As past excesses are purged there will be opportunity for those willing to take the risk on a new paradigm.
Have a good Holiday..