“A lot of CEOs and rich people are coming to the same conclusion — many reluctantly and privately. But the change in tone is noteworthy.
JPMorgan Chase chairman and CEO Jamie Dimon wrote this week in his annual shareholders letter: “Capitalism enables competition, innovation and choice. This is not to say that capitalism does not have flaws, that it isn’t leaving people behind and that it shouldn’t be improved.”
The flashing signals are everywhere:
The data — the unambiguous reality — is sobering and startling: Since 1980, the incomes of the top 1% tripled, the top 10% doubled, and the bottom 60% of prime-age workers were flat.
History — and the past half-decade here and abroad — shows this is a key ingredient of populism.
All of this also makes socialism attractive — to the young, especially, but also to Democrats broadly. …”
Yes, the way you tackle this issue is through creating a populist-progressive coalition like the one created by FDR back in the New Deal era, and the way you do that is by trading political correctness and an immigration moratorium for Universal Basic Income and other redistributive programs that relieve social and economic stress. If the system doesn’t slow down, it will crash.
Note: I would imagine the system crashing would be very bad for the Jamie Dimons of the world. Of course, it would also be bad for ordinary people with families, whose lives would be sucked into a maelstrom of violence, as has often occurred throughout history.