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I've been hearing/reading all these for a while; the attention went up a notch post 2008 financial crisis, more so after the bailouts. As much as I'm disturbed

I've been hearing/reading all these for a while; the attention went up a notch post 2008 financial crisis, more so after the bailouts. As much as I'm disturbed by these numbers, I'm beginning to wonder if the attention is all just a waste. Like just see what happened during 2020 lockdowns? Rich got more richer (at least in India), and then in 2021 the searing inflation hit the middle and lower class the most; and now the fed is raising rates leading to job loss of, again middle/lower class. Also, the energy crisis in EU is hurting small/medium businesses the most. I don't know; maybe it's better to focus on institutions and structures that lead to this inequality rather than directly attacking the rich by drawing attention to these inequality numbers. Instead of these numbers why don't we figure out what lead to that inequality in the first place? How do we prevent rich from converting their money to power through lobbying, and funding politicians? How do we help the lower income group through free education, and housing? I for once really liked the recent student debt (partial) cancellation/reduction program in the US. Though I have absolutely no horse in this as I don't even live in the US; I'm glad that (ex) students' debt burden is being reduced.

noobermin 4y ago
That is the real means to change society, through its institutions, or creating new ones (unions, interest groups, etc) that can challenge the existing institutions. Killing a rich man won't do much, especially if he has a will. The point of interest is the system that creates a strong power law distribution in the first place.
makomk 4y ago
The energy crisis has also taken big chunks out of the wealth of super-rich people whose wealth is not in the energy industry. For example it looks like Bloomberg's Billionaires Index is estimating that Bezos (#2 wealthiest) lost 28% of his wealth since the start of the year, the chairman of Louis Vutton lost 30%, and Bill Gates (#5) and Warren Buffett (#6) lost 24% and 14% despite being well diversified. The thing is that on the way down all the headlines are about the cost to ordinary people and none mention the effects on the wealthy, whilst on the way up the headlines are about the gains for the wealthy and any benefits to ordinary people go almost unnoticed.

noobermin 4y ago

That is the real means to change society, through its institutions, or creating new ones (unions, interest groups, etc) that can challenge the existing institutions. Killing a rich man won't do much, especially if he has a will. The point of interest is the system that creates a strong power law distribution in the first place.

makomk 4y ago

The energy crisis has also taken big chunks out of the wealth of super-rich people whose wealth is not in the energy industry. For example it looks like Bloomberg's Billionaires Index is estimating that Bezos (#2 wealthiest) lost 28% of his wealth since the start of the year, the chairman of Louis Vutton lost 30%, and Bill Gates (#5) and Warren Buffett (#6) lost 24% and 14% despite being well diversified. The thing is that on the way down all the headlines are about the cost to ordinary people and none mention the effects on the wealthy, whilst on the way up the headlines are about the gains for the wealthy and any benefits to ordinary people go almost unnoticed.