Two generations ago, 90% of Americans could expect to earn more than their parents. Today, that number is under 50%.
Why?
In 2008, during the Great Recession, Boomer politicians brought in massive bailouts for their friends and fellows in their generation. Instead of going bankrupt, many banks and companies were instead given money taken from future generations.… read more “Intergenerational Wealth Transfers to Boomers”
Pick your peer group wisely because you’re giving them write access to both your conscious thoughts and your entire worldview – patio11
https://www.nytimes.com/2020/09/30/business/big-companies-are-starting-to-swallow-the-world.html
And great HN comment “The destruction of small businesses by the crushing burden of regulatory and taxation compliance is virtually complete.
Small businesses pay 10x to 100x more for compliance per dollar of gross revenue than their multinational rivals — for laws written by their armies of lobbyists, successfully architected to extinguish their more nimble and inventive small-business competitors.”
