There it is: the U.S. ruling class is not living up to its role in either efficiency or fairness.
We are getting poorer.
That is why people are so angry.
Even though the gulf between rich and poor was widening and the rich were getting richer, we thought we too were getting richer as well.
We thought that we too were profiting.
In the 1980s, we came out of a steep double dip recession and stagflation and we won the cold war. This inflated our sense of well-being. In the 1990s, there was the tech bubble to inflate our assets. In this decade, there was the housing bubble. So, we thought we were getting rich too, we didn’t mind that the ruling class was benefiting disproportionately as long as we too appeared to be benefiting.
What was really happening is we were loading up on debt.
We were not benefiting at all
And now that there are no more cold wars we can win quickly, no more tech stocks, no more double digit house price increases, and no more asset bubbles to hide the naked truth — now we realize that we were getting poorer all the time.
All the while, the rich were milking the system for all they could.