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The U.S. Economy Is Rigged

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Posted By: Magnante, 3/6/2021 4:40:21 AM

Though the populist tide seems to have ebbed, it will rise again, and soon. The problem that ignited populist sentiment in the first place, whether on the left or the right, remains: the country’s economic and financial system has failed much of the population and is rigged to the benefit of a government-business elite. Resistance to this inequity elevated Trump and pulled the Democratic Party to the left and will continue to roil American politics until things change. The economy’s “rigging” has developed gradually over time and often from the best of intentions.

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Reply 1 - Posted by: RuckusTom 3/6/2021 5:33:57 AM (No. 716235)
The main way to take excess cash out of the economy to avoid inflation is to raise interest rates. There's a big difference between 0% interest on $30T in debt and 20% or 30% interest on $30T in debt. That, or get ready for $10 per gallon gasoline and $50 hamburgers.
24 people like this.

Reply 2 - Posted by: Bur Oak 3/6/2021 7:38:57 AM (No. 716290)
In my youth I worked in a filling station. There were lots of $3.00 sales. For that you got 6.6 gallons of gas. If you bought $3.00 worth of first class mail stamps you got 100. Today being a millionaire doesn't mean you are rich.
37 people like this.

Reply 3 - Posted by: Midnight Rambler 3/6/2021 8:12:16 AM (No. 716328)
FTA: The economy’s “rigging” has developed gradually over time and often from the best of intentions Lost me right here. It was purposeful.
29 people like this.

Reply 4 - Posted by: Dodge Boy 3/6/2021 8:48:31 AM (No. 716375)
Tied to our rigged economy, it is just a matter of time before a horrific financial crisis known as the Aftershock strikes...and this financial meltdown will be merciless and long-lasting. The chicoms, as they lie in wait, must be licking their chops wondering not if, but, when. Get out of debt asap and protect yourselves.
29 people like this.

Reply 5 - Posted by: stablemoney 3/6/2021 9:07:36 AM (No. 716403)
There is no market for Treasuries at real negative interest rates, so the Federal Reserve will have to buy the Treasuries issued to pay for the $1.9T blue state bailouts, the $2T for Green New Deal, and $2T for infrastructure. The only way to stop the inflation from this would be for the Federal Reserve to sell Treasuries to the public, which would raise interest rates. Debt is 28T, add these amounts, and that is 34T. The Federal Reserve is not going to raise interest rates on 34T of debt. The politicians are not going to raise taxes with over 6% of unemployment. That means we are going to have inflation. Who says so? The Federal Reserve has said so, increasing their targets to over 2%, and indicating that their definitions of what is inflationary may change. It will definitely change. The Federal Reserve buying Treasuries, then selling Treasuries to prevent inflation is a rubber necking policy you might expect from a Democrat administration.
15 people like this.

Reply 6 - Posted by: bighambone 3/6/2021 9:33:41 AM (No. 716437)
Don’t ever believe that the corporations across the board that employ a lot of labor are not behind or support Biden’s efforts to flood the USA with illegal aliens who he is allowing into the USA who are really bogus asylum seekers, and are really economic migrants coming into the USA to take American jobs. To big business all those illegal aliens are considered to be cheap labor to keep workers wages as low as possible across the board. You see what happened with the leftist Democrats phony move to raise up the minimum wage to wage $15.00 an hour, once big and small business told the Democrats to ditch it, that proposed minimum wage hike was not passed as business are not about to pay all the cheap foreign labor that Biden and the Democrats are allowing into the USA $15.00 an hour. Today immigration, both illegal and legal, is a huge business in itself with a lot of diverse people in the USA and abroad making a lot of money both directly and indirectly as a result of legal immigrants and illegal aliens gaining entry to the USA. That’s a big reason that Trump and his America First political agenda was so resisted by those people who almost always support the Democrats.
15 people like this.

Reply 7 - Posted by: Laotzu 3/6/2021 9:36:49 AM (No. 716439)
What a novel and insightful observation: both sides in the debate complain the system is rigged against them. The Left want it rigged in their favor. The Right want it not rigged at all, and in an ideal world, of so little consequence that nobody would be bothered to rig it.
2 people like this.

Reply 8 - Posted by: GustoGrabber 3/6/2021 9:48:27 AM (No. 716454)
The roof fell in on Sarah Palin in 2008 when the started talking Crony Capitalism. Could. Not have been more right or more succinct
12 people like this.

Reply 9 - Posted by: Zigrid 3/6/2021 10:28:03 AM (No. 716497)
Businessmen are not stupid... their bread and butter is dependent on the citizenry... their companies can only succeed IF WE buy their product...and they are learning from facebook and tweeter that... WE can walk with our wallets...it's all about U.S. cash flow...my local Walmart is starting to suffer losses and my local Piggly Wiggly is thriving because WE know who to support...WE read every label and look for made in the USA sign...and credit card companies turning over their records to china is an outrage...use cash when buying something...and don't use your phone for ordering items you want... go to the local store and pay CASH..
6 people like this.

Reply 10 - Posted by: LC Chihuahua 3/6/2021 11:09:57 AM (No. 716536)
When did we start seeing Congressional approval ratings of less than 20%? That might have been when the general populace started recognizing the need for a change in our government. We started to elect outsiders. A majority of people hate both parties. Want to get the ears of both Democrats and Republicans? Just say you hate both of them. Shows you are not taking sides, and people listen. The first attempt was Obama, and Hope and Change, but everything about him was fake. He immediately sided with the ruling elite. The second attempt was Trump, and Make America great Again. The end result was a rigged election that bordered on a coup. Multiple impeachment attempts. Ironically Trump limited the changes he instituted. There was much more that needed to be done. It didn't matter. The ruling elite wanted him gone, and succeeded. Our government has reached a crossroads. it would either change, and the ruling elite would lose power or the ruling elite would assert itself and remain in power. We now know the answer to that. With the election of Biden, the ruling elite has asserted itself and taken more control. Reading the article made me think we need a separation of Business and State as much as we need a separation of Church and State. We need to get big business out of government, and we need government out of big business.
15 people like this.

Reply 11 - Posted by: NotaBene 3/6/2021 1:19:56 PM (No. 716659)
Trump did a lot for US Déplorables with 401ks. Thank you big Don. I too have transitioned into paying for almost every thing in cash. The last straw was when Bank of America gave the FBI the Visa card records in DC from January 5 and 6. Buy locally from small business, pay cash and tip generously. Workers can defeat the Marxist corporations because WE are the economic engine of America. And God sent US a fearless leader. Donald.trump.com
5 people like this.

Reply 12 - Posted by: vinegrower 3/6/2021 3:01:09 PM (No. 716711)
"The system’s practices remain in place. For all Trump’s promises to “drain the swamp,” he failed to dismantle the rigging. On the left, there is a scrap of hope that Biden will attack these structures along lines laid out for him by Bernie Sanders" Is this writer crazy? Biden and Bernie Sanders would be happy to rig the system even further.
4 people like this.

Reply 13 - Posted by: crashnburn 3/6/2021 9:07:15 PM (No. 716895)
I always wondered why the Fed let Bear Stearns go bankrupt. Now I know. And I'm not happy. Socialism is government control of business, and we are just about there!
3 people like this.

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