this post was submitted on 09 Mar 2024
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Island economics, as long as the U.S. was mainly a closed system or a net exporter, we could do that because of a strong dollar.
Now that the entire world is a market, our actual dollar, or more accurately, the value per work hour, is staggeringly low compared to our grandfathers.
We literally cannot afford to buy lifelong products anymore despite manufacturing getting cheaper because our buying power dropped faster.
Oh sure, blame it on the consumers and not the rich assholes who cut corners on their products year after year after year in search of higher profit margins...
I don’t think they’re blaming it on consumers. And they aren’t wrong either. The power of the dollar is far less than it was even in the Great Depression. Thanks late stage capitalism!
The reason why wealth inequality has skyrocketed has less than nothing to do with the buying power of a single dollar. It's completely missing the cause.
I don’t think anyone is actually talking about the cause. Doesn’t make their point any less valid.
It kinda' does make it less valid when using it first is an implication away from the root cause.
We should not glorify red herring thought patterns.