Who is Suffering and Not Suffering?
The graph below illustrates how suffering is distributed throughout the population.
The balance of political power is concentrated at the top of the income ladder. At the very top, enormous profits are being made at the level of billionaire and Americans who directly serve the upper class. The living standards of those who work for government have not changed. This is also the case with respect to all whose essence comes from receiving a government check of another kind. So, who is suffering? That is a group that is not in the loop in terms of political power and benefits.
Do Economists Understand Markets?
By definition they do but by empirical evidence, they don’t. Do Jerome Powell and other Open Market Committee members understand markets? When the damage from their disastrous economic policies finally cause the economy to collapse, you can decide at that point, if you want to wait. Lawmakers understand nothing at all with respect to how markets work. What about big tech executives? They have a totally clear understanding of how markets work. What they understand best is how to override the free market system when it is to their benefit and then present themselves as icons of capitalism at the same time.
Do economists know what socialism is? Again, they say they do but the evidence demonstrates that they do not. What makes a free market economy a free market economy is the reliance on price as a means distributing goods and services. When political power determines economic outcomes, that is just as much socialism as is the kind of system Venezuela adopted. That kind, classic Marxist socialism, destroys the masses first while the at the very to do very well.
When political power displaces price as the means of distribution, the rich enjoy enormous gains in the beginning. The damage accumulates at the bottom and eventually makes its way to the top. With classic socialism, an economy is destroyed very rapidly and progresses rapidly.Modern socialism which the United States embraces will cause a sudden collapse by way of one or more economic crises.
When the U.S. economy collapse many will proclaim, what a surprise. I am honestly not looking forward it but I won’t be surprised.