When talking about society and success stories, many of us like to look at things with rose-tinted glasses. With the American Dream (and its equivalent everywhere else in the world), we believe that we will be able to attain financial success if we put in enough hard work.
We believe in the idea of meritocracy.
If all of us worked hard enough, we would be able to attain success in the form of wealth. We will be able to move into better homes, eat better food, go for holidays, and give the next generation a better life.
Despite all the evidence pointing to the contrary, many truly believe that hard work is the most important key to success. We point towards stories of ‘self-made’ billionaires in hopes that we can become like them (hint: most, if not all, of them succeeded with the leverage that came with being born into a wealthy family — without which they might not have been able to take the risks they took or get the funding and support they received).
And because most of the wealth is owned by a small percentage of individuals, the truth is that most of us will never be able to attain success like these individuals.
In fact, with the poorest half of the global population owning just 2% of the global total, while the richest 10% own 76% of all wealth, the failure of meritocracy might not even be the most worrying thing.
Instead, we might have to begin worrying that our children might end up as slaves.
The Wealthy Have An Ever-Growing Wealth
In 2018, the 26 richest people in the world held as much wealth as half of the global population (the 3.8 billion poorest people).
And despite already owning so much, the economy continues to be on their side.
According to the Economic Policy Institute, the compensation for American chief executives increased by a whopping 940% between the 40 years from 1978 to 2018. On the other hand, the average worker only received a measly 12% raise over the same 40-year period.
Even with a pandemic, the accumulation of wealth by the richest individuals didn’t slow down. According to Forbes, the combined wealth of the world’s 2,690 global billionaires rose from $8 trillion on March 20, 2020, to $13.5 trillion as of July 31, 2021.
While The Rest Are Struggling
Even though the wealthy managed to come out of the pandemic richer, the rest of society struggled. With job losses and unexpected healthcare emergencies eating into already dire financials, many found themselves in a worsening financial situation.
According to a survey conducted by Pew Research Center, 44% of those who have faced a worsening financial situation due to the pandemic reflected that they would require 3 years or more just to return to the situation they were in before the pandemic. And about 10% of individuals even doubted that their finances will ever recover.
And even as we begin to recover from the pandemic slowly, the situation isn’t likely to get better soon.
On a global level, the richest 10% of the global population currently take home 52% of the income while the poorest half of the population earns just 8%.
When it comes to shelter, an estimated 1 billion individuals are left to live in slums lacking basic infrastructure. This is expected to get even worse. According to the United Nations (UN), it is predicted that by 2050, we will be looking at an estimated 3 billion individuals who are left to live in these slums.
For food, it was found that 3 billion people cannot afford a healthy diet (as of 2020, with affordability defined as spending less than 52% of one’s income on food).
In the U.S., it was also found that “66% of Americans report they are very, somewhat or a little concerned they won’t be able to afford medical care”. Furthermore, nearly half (49%) of the respondents were concerned about their ability to pay even if it was for unexpected medical bills that total less than $1,000.
Another poll conducted in America also reflected that 18% of respondents have had someone in their household “skipped or self-rationed health care due to the increased financial burden caused by the coronavirus pandemic”.
Because of the difficulty many face when trying to pay for the very basic necessities, some are forced into debt bondage/bonded labor to pay off the debt that they were forced to take up. And even if one doesn’t fall into debt, the number of hours that have to be spent working just to prevent themselves from falling into debt creates an entire class of working individuals who have become ‘slaves’ to the capitalist society.
Already, in 2012, over 12 million full-time workers in the U.S. between the ages of 25 and 64 found themselves living at or below 200 percent of the poverty line. And in 2020, it was found that there were 1.1 million workers with wages at or below the federal minimum (of which about 865,000 workers found themselves with wages below the federal minimum wage of $7.25 per hour).
At the same time, it should be noted that an estimated 40% of U.S. employees regularly work more than 50 hours per week, while 20% work more than 60 hours per week. That’s a lot of hours.
And They Are Working to Keep Status Quo
Instead of using their wealth to help the poorest in society, many of the wealthiest individuals are actually actively working to keep others poor.
Because lobbying is allowed in politics, it is possible for the wealthy to ‘bankroll’ a government that pushed for ‘fiscal conservatism’ that benefits them. From cutting taxes that affect the wealthy disproportionately (estate taxes) to lobbying for a reduction of government regulation, the wealthy have used their position to push for policies that benefit them (it has been found that 12 of the wealthiest billionaires have given money to policy-oriented organizations seeking to abolish the estate tax, or founded such organizations, and served on their boards).
And this has worked. Politicians are making it difficult to be poor by pushing for policies that are detrimental to the poorest. Instead of funding things that will help improve society and prevent more individuals from falling through the cracks, taxpayer money is going to large corporations in the form of subsidies and tax cuts.
Furthermore, some politicians have even begun to fight for the abolishment of the minimum wage, claiming that regulations like the minimum wage are “inhibiting job growth” (Former U.S. Rep. Michele Bachmann) and that the minimum wage has “outlived its usefulness” (Rep. Joe Barton). This is despite the fact that individuals are already struggling with the minimum wage in place.
The Final Word
As the working class continues to struggle to meet ends meet, the wealthiest individuals continue to amass wealth no matter the situation.
And worse still, many of these individuals are actively working towards making the situation worse. If we allow these individuals to accumulate wealth while the poorest face increasingly dire economic situations, we will end up with a new majority class — the slave class. Unless something is done, everything the wealthy will end up with all of the world’s resources. And when that happens, individuals will find themselves at the complete mercy of the rich. Even when these individuals work the long hours that are ‘expected’ of them, they will continue to struggle to pay for anything at all, creating an exploitation cycle that they will never be able to escape.
If you’ve been reading the news, you would be aware that this is already the case for many of the world’s most vulnerable.
However, not all hope is lost. We are still able to slow down this trajectory towards a future where all our children become slaves. We might still be able to save them from this future if we act now.
What then must we do?
Firstly, we have to fund the agencies that work for the public. Arm the tax agency with enough money to go after the rich. Pay for scientific and technological developments headed by the government. Build up and maintain the infrastructure (like libraries and parks) that every individual has the right to use.
Next, we have to stop funding private companies. Instead of giving multinational corporations money to throw at their vanity expansion projects, choose to fund the things that matter. If companies are truly too big to fail, fund them with the condition of ownership (bail them out in exchange for bonds and shares). And use these funds for the things mentioned in point 1. (If you are interested, I have also detailed the reasons and what we should be funding in this article: Chasing Fiscal Responsibility? This Is What We Should Be Doing)
Lastly, the government has to change sides. We cannot be supporting big corporations all the time. Small employees need more protection. Ensure that everyone has sufficient protection from workplace abuse and fight for a livable minimum wage. Establish and provide a minimum safety net to all who are willing to work. Ensure that no employee is simply thrown aside after the corporations are done exploiting them.
And for us, the individuals, we have to vote. Spread the word and ensure that the best decisions are made when everyone votes. Look at the policy direction of the politicians and support the ones that have the employees in mind. And try your best to vote out all the politicians who are only interested in helping the big corporations and the wealthy remain rich.
You might also be interested in reading:
trickle down, politicians keep us poor
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This post was previously published on MEDIUM.COM.
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A lovely summary, Jerran.
Working as Board President for the Mens Center for
Growth and Change, in Philadelphia, after 50 years as
a psychiatrist/therapist for UMClass white people, our
constituents are poor men who’ve been under the thumb
of poverty most of their lives. Good people who find it very
hard to escape the conditions you outline.
If our country followed half of your recommendations we’d
be on a much better path.
Thanks.
Rob Garfield MD
Board President MCGC
Clinical faculty U of Penn Dept of Psychiatry
Author “Breaking the Male Code: Unlocking the
Power of Friendship.”