Kyla Scanlon “on wealth vs. labor and ownership vs. effort."
Over half of Americans no longer believe full-time work will get them to their financial goals, Scanlon writes. It’s becoming increasingly difficult to be financially comfortable just through work, even if your work is skilled, white-collar, professional work. Our economy rewards owning things over doing things. Labor’s share of economic output is declining, while corporate profits rise.
This casino economy encourages a kind of performative affluence — social media influencers, and their followers, who flash the signifiers of wealth — fancy cars and jewelry — and promote get-rich-quick schemes. Often even the influencers are not themselves wealthy; it doesn’t cost too much to rent a fancy car by the hour to appear in your Instagram video.
Yes, Boomers have accumulated most of the wealth, but that’s just luck, not conspiracy. They came up in a period of affluence, when houses were affordable. They’re numerous, long-lived, they vote, and when they vote, they vote their self-interest.
I say “they” here to describe Boomers even though I am one myself. However, I was born in the tail end of the Boom and don’t feel particularly financially comfortable.