“The seemingly random events of Brexit, Trump, and a rise in populism and hate in our world are not haphazard or isolated at all. They are all connected to a loss in hope for a better future for large portions of the population. Underlying this loss of hope is a new economic reality where it’s not just the poor who are missing out on economic gains. Much of the middle class is also feeling squeezed. Instead of technology allowing for a fifteen-hour work week, as Keynes predicted when he penned his 1930s essay “Economic Possibility for Our Grandchildren,” vast numbers of people are working longer, in jobs they rightly fear will soon be gone. Trapped—wondering how they will provide for their families and basic needs when the other shoe drops. At the same time, we are seeing a massive rise in inequality: in the United States, the top 5 percent of the population now holds more than two-thirds of the wealth, while the remaining 95 percent of the population fights for their share of the other third. Just three people—Jeff Bezos, Bill Gates, and Warren Buffett—account for more wealth than 50 percent of the population.
It is easy to point at the wealthy and assign blame, but the focus should instead be on a broken system that reinforces radical inequality. In fact, many of the wealthiest families are aware of the very same risk to society and are intent on trying to fix it, either by entering the debate and making their voices heard and/or committing to philanthropy. The Giving Pledge, signed by 204 pledges at the time of writing, dedicates the majority of their wealth to giving back. But it shouldn’t even be necessary.
It is easy to point all the wealth and assign blame, but the focus should instead be on a broken system that reinforces radical inequality.…”
The Price of Tomorrow-Why Deflation Is the Key to an Abundant Future, pp. 3-4, Jeff Booth