rich and poor
The idea that the rich is a necessity for the economy to function is one of the most defended ideological mantras of capitalism.

Author: Ernesto Estévez Rams | internet@granma.cu

September 1, 2022 23:09:09

Photo: Illustrative
There’s a worrying sign in the University of Michigan’s survey of consumer trends: “The problem is that wealthy Americans aren’t excited, and that may signal further pain ahead for markets and the economy as a whole.” . The rich do not want to spend and, as a consequence, everyone suffers.

CNN clarifies that the top 20% income segment is responsible for up to 40% of US consumer spending, according to data from the Bureau of Labor Statistics. An economy based on consumption suffers if there is a contraction of this.

CNN is concerned about how that will be reflected in the stock values ​​of the nation’s top consumer companies: Amazon, Home Depot, among others. Per capita spending using credit cards has fallen, a bad sign for banks and finance companies.

CNN does not speak, as a possible solution to the problem, of horizontalizing consumption more, so that it is not concentrated in the richest segment. That is, make society more equitable. The idea that the rich is a necessity for the economy to function is one of the most defended ideological mantras of capitalism: without the rich there will be greater poverty.

The idea is not only defended in the US, it is constantly exported to all corners.

Disguised as unquestionable reality, the ideology of the economic need of the rich is just a myth. A myth carefully erected and cared for. The stubborn reality shows another side: the rich get rich at the expense of the poverty of others, not in favor of them. Continue reading Rich and Poor →