Friday, June 18, 2021

How the Economy Really is Rigged Against You by Umair Haque

Journalist Umair Haque is right in calling out exploitation and greed.  Money is definitely "locked up" among the rich and they still want more, resulting in stagnant incomes. Their greed is at once insatiable and at everybody else's expense. Dean Baker takes an in-depth look at this in his text titled, Rigged: how globalization and the rules of the modern economy were structured to make the rich richer. Center for economic and policy Research.

What both Baker and Haque leave out of their analyses is how people of color and women are disproportionately impacted by these harmful trends. When will this country ever address the gender-pay gap, for example? 

Hence, an ongoing need for intersectional approaches to the study of economy.

-Angela Valenzuela

How Corruption, Greed, and Ideology Made America the World’s First Poor Rich Country



by Umair Haque June, 2021 Medium.com

There’s a fact of modern life that’s as simple as it is grim. The economy is rigged. Yes, really. Against you — at least if you’re 99% of people. Here are ten precise ways how — after a quick discussion of what “the economy’s rigged” really means.

The meaning of this now ubiquitous catchphrase is worth examining. “The economy’s rigged” doesn’t just mean something minor, like paying a bill is annoying — it means, effectively, something at the level of a society, the lives in it, their fates, something like: “working hard doesn’t pay off. No matter what you do, odds are that you can’t get ahead. Building a minimally good life for yourself and your family has become next to impossible.” Let’s take a moment to evaluate this claim. It’s any of that really true? If we do, the ways in which the economy’s rigged will fall naturally out of the answer.

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