Comments by "Michael Mappin" (@michaelmappin1830) on "David Lin "
channel.
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All forms of capital is a crony. What we have today is late-stage capitalism where economic power has too much control over the government, food, housing, the environment and all other forms of capital. That's the problem.
As soon as you put everything up for sale to the highest bidders, you end up with the richest members of society only most of the world. Those people who own the capital get to decide what is produced, how things are produced, where things are produced, how much workers get paid, Etc. That's why most things are made in China and why the riches 1% now has almost as much wealth as the poorest half of the American population and the 8 richest people have almost as much wealth as the poorest half of the Earth's population.
But all forms of capitalism crony. The goal of capitalist companies is to maximize profit. Profits are maximized by getting workers to produce as much as possible while paying them as little as possible. That creates a situation where workers don't have adequate purchasing power to buy all the goods and services that they produce. For example, if 75% of the wealth goes to the top 1%, then the workers are only going to be able to afford 25% of the goods and services they produce. Workers produce everything while being paid as little as possible. And then they have to go to the capitalist in order to get access to the very goods and services that they produced. The capitalist then charges in the maximum amount of money.
Capitalists are just unnecessary middlemen that increased the cost of living and the amount of work that the rest of us have to do.
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@Lurch685 , you think just because people have TVs and air conditioners that capitalism is good?
Thanks thanks to capitalism the United States has more people on food stamps than the entire population of Canada! Homelessness is rampant. Thanks to capitalism the vast majority of the people on the planet are poor. Even in the United States most Americans can no longer afford a family on a single income. Why? It's not hard to track where the wealth is going. With every passing day more and more of the GDP go to the owners of capital rather than those that actually work to produce it. Now the richest 1% has almost as much wealth as the poorest 91% of the American population.
The United States is basically a third world country for many of its citizens. What good is a TV or air conditioning if you're not getting enough food to eat? Or a statistically speaking you're going to die 20 years earlier because you can't afford healthy food?
United States comes in the number 27 in the social Mobility index. That's even worse than Portugal and Lithuania.
▪ As of 2020, According to the U.S. Department of Education, 54% of U.S. adults 16-74 years old - about 130 million people - lack proficiency in literacy, reading below the equivalent of a sixth-grade level.
▪ USA #1 for mental disorders. about 1 in 4 adults. about 60 million people.
~ (Archives of General Psychiatry, 2005.)
▪ Published studies report that about 25% of all U.S. adults have a mental illness and that nearly 50% of U.S. adults will develop at least one mental illness during their lifetime.
~ cdc gov - mentalhealthsurveillance-fact sheet
▪ Over 40 million Americans receive Food Stamps because they can't afford enough food to eat. ~ The New York Times.
That's more people than the entire population of Canada!
▪︎ The 1% grabbed 82% of all wealth created in 2017
~ CNN
▪ The two richest people—Jeff Bezos and Bill Gates—possess almost the same amount of wealth as the poorest half of the population.
▪ The richest 5% of the population owns 67% of the wealth. The poorest 60% of the population owns 1% of the wealth.
~ Forbes
▪ The richest 1% now owns almost as much wealth as the entire middle class! ~ Forbes
▪ The wealthiest Americans live on average 20 years longer than the poorest Americans.
▪︎ The number of homeless children in the United States is at its highest in more than a decade, according to a recent study by the National Center for Homeless Education. 2019 study
▪︎ 44% of US workforce aged 18-64 makes less than $16 per hour! ~ The Wall Street Journal
30% of the low-wage workers live below 150% of the federal poverty line, or $36,000 per year for a family of four. 26% receive safety net assistance such as food stamps, welfare benefits, federal housing assistance, and other programs, which have been cut back throughout the years by successive Democratic and Republican administrations.
▪︎ 44% of fully employed people make $18,000 a year or less.
~ brookings_edu/2019
▪︎ Low-Wage Jobs are the New American Normal.
Low-wage workers make up nearly half of the American workforce, and many of them are the sole breadwinners for their families.
~ legalreader.
▪︎ more than one-third of us healthcare costs go to bankruptcy!
~ reuters
▪ over 40% of u.s. households are one paycheck away from poverty.
▪ Banks have foreclosed on over 7 million homes since 2004.
▪ There are 554,000 homeless people on a given night.
▪ The United States, the wealthiest nation in the history of the world, has a larger percentage of low-income workers than any other developed nation. ~ Wall Street Journal
▪ 3% of American adults—6.8 million people—are either in jail or prison or on parole or probation.😮
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@selfsovereign1995 , well the simple fact of the matter is capitalism is a system where the richest members of society own most of the capital. That gives amounts of control advantage over everyone else. But when workers control their own means of production, everything they produce belongs to them and they get to keep all of the wealth their labour produces. Workers don't have to worry about being forced to work in unsafe working conditions. They don't have to worry about being forced to pollute their own environment, Etc. But when someone like Bill Gates owns and controls those things, then he can do what he wants. Why should he care if he pollutes your community?
Not only is Bill Gates the largest owner of Farmland in the United States, even owns a big chunk of the Canadian Railway system. Him and other capitalists are pushing for privatization all over the world. They basically want to own as much as the world as possible. If you have to give Bill Gates an extra hundred dollars in order to get a blood test, that's $100 you no longer get to spend into the economy. That's not conducive to free markets or thriving economies. That's what capitalism is all about. It's not about working, it's about owning Capital so that you can collect wealth without having to work. It is literally the economic system of parasites. One group of people, the largest group, they have to do all of the work and they get the least amount of money and they have to follow all of the orders. The other group of people, the smallest group, they get most of the money, don't have to do any of the work, and get to give the orders. There's been numerous studies that show when people have that much power they generally become corrupt.
Now if you're okay with having a society structured that way, fine by me. Me, I prefer a real economic system where people actually have to work for a living can citizens actually have control over their own labour, resources and means of production.
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