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[7] DEBUNKING INEQUALITY - The McFuture with Steve Faktor
This is the big one. On this episode of The McFuture podcast, we dig deep into why everything we heard about income inequality is wrong. Here are the real root causes. Enjoy. (Though slightly less thrilling, you can also read it below...)
In case you weren't among the millions who slept outside Amazon's warehouse to get my first book, I anticipated the 99% movement and made a lavish case for why businesses should fix a hollowed-out middle class. Here's a caveman summary: money go, customers go. It's that simple. Still, not one ‘thank you babka’ from Bernie Sanders... Today, I’d like to finish what I started. I’d like to prove why income inequality is absolutely the wrong way of framing the problem.
By now you've seen plenty of articles, signs, and books about inequality. I can only hope they were recycled properly. A few, like Thomas Piketty’s Capital, are good at explaining the problem, but 696 pages without a single laugh?? Some things are more unforgivable than inequality. Plus, his solution was anticlimactic: global wealth tax. Great. I’ll add that to my to-do list, right after taming Mars and wooing Giselle.
In more practical terms, “inequality” can be explained and solved with a single word: I-v-a-n-k-a. No... The word is: expectations.
It turns out that our expectations are at the core of three solvable problems standing between us and the mythical American Dream we've heard so much about.
OK, let's get into it.
IS THERE A PROBLEM?
Believe it or not, the answer isn't obvious.
A study by USA Today shows that to achieve the American Dream, a family of four needs to earn over $130,000 a year. Problem is average family income is only $53,000 a year. In all fairness, your kids are probably slacking. Two words to get their asses in gear: Serena Williams. Now, chop, chop! Smash some balls and bring home those Tubmans!
Many young Americans have given up on being rich. It’s no wonder why. Most adults have no retirement savings, 46% can't come up with $400 in a pinch, and the middle class is poorer today than in 1989, the year N’Sync watched New Kids on the Block and decided, ‘This is amazing! Someday, that’ll be me!’
It’s not all bad news. N’Sync has since disbanded. That might be why Americans are still happy despite their inequality. Many wo...
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By Steve Faktor | SteveFaktor.com
4.8
2525 ratings
This is the big one. On this episode of The McFuture podcast, we dig deep into why everything we heard about income inequality is wrong. Here are the real root causes. Enjoy. (Though slightly less thrilling, you can also read it below...)
In case you weren't among the millions who slept outside Amazon's warehouse to get my first book, I anticipated the 99% movement and made a lavish case for why businesses should fix a hollowed-out middle class. Here's a caveman summary: money go, customers go. It's that simple. Still, not one ‘thank you babka’ from Bernie Sanders... Today, I’d like to finish what I started. I’d like to prove why income inequality is absolutely the wrong way of framing the problem.
By now you've seen plenty of articles, signs, and books about inequality. I can only hope they were recycled properly. A few, like Thomas Piketty’s Capital, are good at explaining the problem, but 696 pages without a single laugh?? Some things are more unforgivable than inequality. Plus, his solution was anticlimactic: global wealth tax. Great. I’ll add that to my to-do list, right after taming Mars and wooing Giselle.
In more practical terms, “inequality” can be explained and solved with a single word: I-v-a-n-k-a. No... The word is: expectations.
It turns out that our expectations are at the core of three solvable problems standing between us and the mythical American Dream we've heard so much about.
OK, let's get into it.
IS THERE A PROBLEM?
Believe it or not, the answer isn't obvious.
A study by USA Today shows that to achieve the American Dream, a family of four needs to earn over $130,000 a year. Problem is average family income is only $53,000 a year. In all fairness, your kids are probably slacking. Two words to get their asses in gear: Serena Williams. Now, chop, chop! Smash some balls and bring home those Tubmans!
Many young Americans have given up on being rich. It’s no wonder why. Most adults have no retirement savings, 46% can't come up with $400 in a pinch, and the middle class is poorer today than in 1989, the year N’Sync watched New Kids on the Block and decided, ‘This is amazing! Someday, that’ll be me!’
It’s not all bad news. N’Sync has since disbanded. That might be why Americans are still happy despite their inequality. Many wo...