I was shocked to hear you give credence to the observation by some group this evening on your program that there are more millionaires in America than ever before.
I would suggest a read of "Money Mischief," by Milton Friedman. (He was a famous economist, since it appears that yall don't seem to read books.) Monetary growth/ expansion/ inflation is the primary reason millionaires are being created. They turned on the printing press (computer pixels) to inflate the money supply out of the 2008 Depression and inflated the stock market. This created a false impression that people were getting rich.
In fact, labor wages are stagnate due to the inability of work-a-day folks to adjust their compensation to monetary expansion, without the availability of collective bargaining. Additionally, according to former Fed Chairman Alan Greenspan's book, "The Map and The Territory," indexation of Social Security benefits to price inflation and the creating of Medicare in 1965, along with an expansion of benefits at a 3% compounded rate above that which is sustainable, are the reasons we have not been able to see a wage increase these past couple of decades.
You're talking to a population of economists here, after all. Don't piss on me and tell me it's raining.
Gene Chapman, CEO
Mahatma Gandhi Global Library and Book Exchange
Libertarian Global Library and Book Exchange