There are two messages from the big annual capitalist bacchanalia in Davos that President Trump managed to belly his way into this year. The two messages are in fact the same message: You can pay us now, or you can pay us later.
The first message is to all hapless and disempowered workers toiling on the bottom rungs of the economic ladder. The message is that you can work all you want, but the people on the top rungs will get most of the money, this year and/or next year. A
report on global wealth distribution shows that 82 percent of all the wealth created last year went to the top 1 percent.
Does this seem fair to you? It apparently seems fair to them, as there are no plans in place to rearrange the mechanisms that produce that outcome. In fact, in the United States, your Republican-led government has just succeeded in ramrodding through a tax law that will direct even MORE of the wealth to the rich. The rich didn’t feel that their gains in 2017 were quite large ENOUGH. So next year they stand to get the amount they need: more.
But the second message is to the wealthy themselves. You can pay workers now, or you will eventually pay for it in other ways. They seem to be catching on to this. According to a story I linked to
this week, some of the fabulous folks gathered at Davos
are starting to worry that they are becoming perched unsustainably high above the potentially mutinous masses below. “High returns and high anxiety” is how one of them put it. And according to the report, “One of the most popular events so far is a talk on ‘rentier capitalism,’ a term used to describe how the rich make most of their money not from working but from owning property, patents and investments they pass down to their heirs, further exacerbating inequality.”
Oh, I don’t know about that “not from working” part. Just take the fight over the U.S. tax bill mentioned above. The rich worked frenzied overtime to get that passed. And as the icing on the cake, the “passing down to their heirs” part, they managed to get taxes cut on that as well! And how long can they get away with this? History supplies the answer: until they don’t. The wealthy, I’m guessing, simply abhor the idea of revolutions, but they apparently don’t abhor them enough to stop putting in place all the elements of one, or many. They don’t seem to be able to help themselves, except to yet another piece of the economic pie. Mmmmmm, simply irresistible.
And as for Trump attending? He was
never invited when he was merely a businessman, apparently because his particular gauche persona never quite fit with the higher-toned wealthy who assembled there. Now, as president of the United States, in he will stride, welcome or not, with this week’s version of his incoherent economic nostrums. They could invite him then, or they could invite him later.
They may have been kidding themselves that they were much different from him.