MRU 0001 (Sean) is a user on retro.social. You can follow them or interact with them if you have an account anywhere in the fediverse.
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Apparently Jeff Bezos makes $28,000 (the median yearly salary of an Amazon employee) every 9 seconds.
He's on the way to becoming the world's first trillionaire.
The inequality is mind boggling. How do you actually, concretely, undo this kind of madness?
@neil In all seriousness, you raise interest rates back to historical norms. I believe a huge fraction of the current income inequality comes from the fact that large amounts of money are being created out of thin air and never making into "normal" people's bank accounts, because they were created in the shadow banking system and went directly into the capital markets. Couple that with the fact that low interest rates make it cheaper to hold capital and you have a recipe for vast inequality.
@neil Unfortunately, since if interest rates rose back to the historical mean of around 5% debt service would be the largest item in the US Federal budget, I don't see this happening.
Similar things are happening in other developed economies as well, and the situation is the same even if you are an MMT devotee, the explanation is just different.