Guest Contributor – Glenn W – 26APR2024 – Power to the People

I used to think that the wealthy in this country recognized that a healthy middle class was good for business, literally that a strong middle class is a “win-win” for everyone. I have now come to the conclusion that I was terribly naive. The uber wealthy want both money and power.

Once a person hits a certain level of wealth they no longer need more money. Sure, a bigger villa in Tuscany or a larger yacht may be nice but does it really matter? What’s an ambitious person to do? It looks like the answer is power. Sure you own a lot of nice stuff but look how many serfs I have.

I remember a few years back, Tucker Carlson was in a discussion (maybe with Ben Shapiro?) where he said that driverless trucks should be banned. He wanted the ban because so many American workers with only high school diplomas work as truck drivers that much of the middle class would be impoverished. I agree with Carlson on that. We need policies that encourage a strong middle class even if it hurts economic efficiency.

Economic efficiency is another thing I have become very leery of. I always liked Milton Friedman and at one time he had me convinced of the righteousness of completely free trade with no tariffs or import quotas. His argument went something like this: if American manufacturing goes to cheaper overseas manufacturers those products will still be sold in the U.S. The dollars generated from those sales will ultimately need to be spent in the U.S. thereby encouraging formation of new, more efficient businesses here. How did that work out? Well, all the manufacturing from the Midwest was relocated overseas and the profits generated did come back to the U.S. as bond sales. The Midwest was sucked dry but New York city (where the bond trading takes place) profited handsomely. Thanks but no thanks. Milton Friedman was wrong.

I also agree about encouraging direct participation in our own governance. I’m not sure what the solution is but I’m willing to hear anyone’s ides on the topic.