Why Biden will lose and why it won't change a thing

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People are unhappy with the cost of living, and I'm one of them. The only issue I have is why people aren't putting the blame where it belongs.

A recent report from Groundwork Collaborative, a progressive advocacy group, argues that corporate profits drove 53% of inflation during the second and third quarters of 2023 and 34% since the start of the pandemic.

The Federal Reserve Bank of Kansas City found in a 2023 report that corporate profits contributed 41% of inflation in the first two years of the economic recovery following the recession sparked by the pandemic.

Corporate profits are at record highs, and much of that is from how they are squeezing working class people.

So who owns these corporations and stocks? The super-wealthy of course.

The three richest Americans have the same amount of wealth as the poorest half of the U.S. population. And 82% of the global wealth generated last year went to just 1% of the world's population.

The stock portfolios of the top 1% are now worth $23 trillion, and they own a record 53.9% of individually held shares. Meanwhile, the share of wealth held by the bottom 90% of Americans, has declined slightly since before the pandemic, from 30.5% to 30.2%. The total net worth of the top 1%, defined by the Fed as those with wealth over $11 million.

I think it's pretty obvious that wealth inequality and our hyper-capitalist system is why people are so upset.
In order to play devil's advocate, let's look at the anarcho-capitalist side.

“I don’t think [the numbers] mean much at all. I don’t think the gap between the 1% and the bottom 50% is at all meaningful,” Brook said. The former radio host has authored many books, including “Equal is Unfair: America’s Misguided Fight Against Income Inequality.”

“There are questions we should be asking ourselves,” he said. “Why are people stuck in poverty? Why do we have limited opportunities in the United States for people to grow out of poverty? Why is there stagnation around it?”

Yes, why is that? Oh, wait. I do know. It's because the super-rich have so much power in our society and that they've rigged the game against the working class. Thanks for asking. Even the top 9% is beginning to fall behind the top 1%.
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How much have they rigged the economic system? I have that answer as well.

A staggering $50 trillion. That is how much the upward redistribution of income has cost American workers over the past several decades.
According to a groundbreaking new working paper by Carter C. Price and Kathryn Edwards of the RAND Corporation, had the more equitable income distributions of the three decades following World War II (1945 through 1974) merely held steady, the aggregate annual income of Americans earning below the 90th percentile would have been $2.5 trillion higher in the year 2018 alone. That is an amount equal to nearly 12 percent of GDP—enough to more than double median income—enough to pay every single working American in the bottom nine deciles an additional $1,144 a month. Every month. Every single year.

That's what those commies at the RAND corporation have to say.
The question is what has changed in America since 1974? Massive deregulation, the crushing of labor unions, and a federal government that has refused to enforce anti-trust regulations for starters.
On one side you have Republicans that are openly hostile to labor unions while promising yet another round of tax cuts for the wealthy. On the other side you have Democrats who refuse to stand up to the wealthy donors while telling them that nothing will change, give unions simple lip service.
While Biden has backed Israel's genocide, Trump accuses Biden of betrayal for not embracing the genocide more. While Dems hate Russia, the Repubs hate China.
So what can be done? Oxfam gave a simple solution.

A tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise US$1.7 trillion a year, enough to lift 2 billion people out of poverty.

The horror! The thought of taxing the wealthy 5% can never be considered, especially when you compare that to alleviating the suffering of a just mere two billion people.
I totally understand why people are upset. I'm upset for most of the same reasons. The problem is that the fundamental reasons people are upset won't change with replacing one party with another, or even by replacing it with a new party. The whole economic system needs to change. But the political system needs to go first.

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in agreement there >

A tax of up to 5 percent on the world’s multi-millionaires and billionaires could raise US$1.7 trillion a year, enough to lift 2 billion people out of poverty useless wars.

Edited to change the potential benefit of 2 billion. Ya think ?
Probably double that with the edit.

Losing Biden at this point may actually benefit us.

9 users have voted.
Pluto's Republic's picture

And they have all widened the wealth gap year over year down the decades, while increasing all sorts of public debt. Government spending went completely crazy during and after the Pandemic, and every year since then, trillions have been pulled out of nowhere to stave off public panic, escalate current wars and start new ones, prop up cash-strapped allies, rescue banks from collapse, prop up the economy, pull debt off the books, buy back treasuries, and cover tax cuts.

Even then, consumer prices didn't spike out of control — until our Neocon coup government began a rabid, panicked trade and sanctions war with China and Russia. US consumers were forced to pay every single cent of the tariffs and the higher prices caused by sanctions, all which were passed down to consumers at the retail level.

This is not inflation. Along with the price-gouging-for-profits by the corporations, this is the asset stripping of the American colony. Raising interest rates on the People is nothing but a cynical form of evil against the well being of the People, forcing them into bankruptcy; it will not tame this inflation, in name only. Soon enough, with the widespread privatization of national assets, the US will be revealed as the Plantation it was meant to be.

Now, with Citizens United in place, Presidential elections and Federal elections can not and will not change anything; candidates are compromised and corrupted, economically. The two-party kabuki squabbles over our increasingly diminished human and civil rights in order to distract the people from the growing dystopia that has resulted from expensive US international aggression and protectionism. Meanwhile, politicians have turned debate and law-making over to the politicized Supreme Court, guided by religious dogma and the vagaries of a primitive, irrelevant, and somewhat shameful constitution.

I don't see any more exits from the road we are traveling. If there is an economic collapse in the US, it's important to make sure you are living in a state with policies and values that match your own ideology. A failed Federal empire will lead to referendums where the States (or regions) become zones of direct democracy and self-determination that protect the interests of the People.

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The political system is what it is because the People are who they are. — Plato

@Pluto's Republic save as much in liquid savings and possible, and keep your passport current.

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