A whine from over on the left:
But why is this good for a crisis and not for daily life?
Because it’s a crisis, dingbats.
The GM factories make tanks when we’re fighting the Nazis and cars when we’re not in a crisis.
Unprecedented levels of inequality have left large numbers of Americans unprepared for an emergency, with nearly half of the U.S. population unable to handle just a $400 emergency expense.
Now they’re not just being stupid, they’re lying. The actual research finding is that near half of the population do not have $400 in cash or near cash savings which would be used to pay for an emergency expense. That’s leaves large numbers who would borrow the money, pay by credit card – including pay off the full amount in a month thereby not even borrowing – and so on. The finding absolutely is not that there’s this number who cannot handle $400. It’s those who would not pay $400 by cash currently lying around.
And that hurts all of us—for example, research shows that when there is a rise in the racial generation gap (the difference between the racial composition of the old and the young), public investment in education falls. That damages the economy as a whole.
And what are we to make of that? Kill the old white folks? Or, how about it, not let so many young and melanin enhanced into the country? Either would reverse that problem, would they not?
Exacerbating the gaps between groups has been a problem with information. The lack of accountability of our social media systems, driven by the drive for super profits in winner-take-all markets, has contributed to the proliferation of misinformation and conflicting advice.
Oh, cool! Accountability here meaning a lack of censorship. Well, that’s easy to cure, isn’t it.
There we pointed to a range of policy solutions that seem almost prescient today: Among them were universal basic income funded by a technology dividend, increased investment in basic science, expansion and improvement of the caring economy, full immigrant integration to bring people out of the shadows, rapid de-incarceration and re-entry of the formerly incarcerated, universal health insurance and portable benefits, social-housing programs to ensure long-term affordability, industry-wide wage boards to coordinate labor and business, and realigned tax systems that were both more progressive and more stable.
Even more cool. That looks like Social Credit plus fascist corporatism. What could go wrong?