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The forever recession (and the coming revolution)
- agscala 15y agoThis is right on the money. I don't know how we are going to support the lower-class in light of this revolution. There are far too many people who are not in a position to pursue education and it is these people who are having their jobs stripped away from them.
- david927 15y agoSeth is right and it's becoming more and more obvious. In the news recently, I read that Foxconn is replacing a thousand workers with robotics. The industrial age is over. The next big insight is that as wealth classes further bifurcate, it will ultimately lead to something like Cap/Floor in all democratic societies. The one thing the less-fortunate will have is their numbers. It would be hard to stop them from democratically simply placing a cap on wealth and a floor for themselves -- a basic monthly government-provided income available to all of-age citizens. Everyone will get some amount, say a few hundred, every month. During the last depression (I would argue that because of deflation and the liquidity trap, we're actually in a depression) the top tax bracket in the US was 94%. I don't expect it to be much different this time.