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Cake day: June 16th, 2023

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  • He notes that now most Americans don’t expect to be “better off in five years” — a record low … Four in five doubt that life will be better for their children’s generation than it has been for theirs, also a new low. And … support for capitalism has fallen among all Americans, particularly Democrats and the young. In fact, among Democrats under 30, 58 per cent now have a “positive impression” of socialism; only 29 per cent say the same thing of capitalism.

    This is bad news for Sharma as a strong supporter of capitalism. What has gone wrong? Sharma says that it’s the rise of big government, monopoly power and easy money to bail out the big boys. This has led to stagnation, low productivity growth and rising inequality.

    It’s painful watching capitalism’s faithful trying to figure out where their magical system went wrong and why its results aren’t benign. None of what’s happening surprises capitalism’s critics or the cynical exploiters who still benefit for now, but its loyal cheerleaders keep cheering even as their lives, societies and planet fall apart and a voice in the back of their mind wonders, “why doesn’t this feel good?”