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Originally Posted by DeluxeMoustache
This is a systemic issue that has been enabled and has developed under both parties, over a long period of time. The redistribution of wealth upwards has been a steady process over the past couple of decades
Low interest rates and long mortgage terms benefit the seller, and leave the buyer holding the bag
They have had corporate tax breaks and rewarded the investment community for growth while offshoring manufacturing jobs to low cost margins at the expense of the American working class and point the finger at immigrants for stealing jobs
They printed a bunch of money with Covid, much of that wealth also moving upwards, and rising interest rates leave borrowers stretched thin
It’s good old fashioned late stage capitalism, meanwhile there is significant investment in the politics and abundant misinformation which gives people a boogey man
The Republicans have zero intention of helping the working class, for sure, but have given voice to the discontent of any of those that vote for them, by painting the Democrats as basically the corrupt institution and the root of all problems
I don’t think that real economic issues are going to be addressed meaningfully
Seems to work for them well enough I guess. What can you do
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I don't agree with this assessment.
From the perspective of a lot of middle class workers they see 30-50% of their pay cheque going to taxes (income and otherwise), while the party preaching equality has seen housing and other living costs skyrocket under their watch.
The working middle class will never get more than they put in, when it comes to taxes, so the other economic factors have to support their standard of living, which they aren't right now. As you say, this may or may not be the fault of the Democrats, but from the perspective of many voters, it is. The Covid issue will similarly be blamed on the Democrats. The lockdowns and money printing, to compensate for the lockdowns, is viewed as a 100% Democrat plan of action.
Low interest are also far more complicated, in terms of who they help. The issues with housing costs disproportionately helping landlords, has more to do with a housing shortage, than interest rates. High interest rates hurt developers, who typically pay an interest rate well above prime. They also prevent people without established capital or very large incomes from borrowing.
I do agree with you on the issue of corporate taxes. The concept behind lighter taxes for corporations was to allow them to invest the profits back into the business. As someone who runs a small corporation, that's a must. If I was paying full income tax on my corporate earnings, my business likely wouldn't exist.
Where we ran into trouble was allowing corporations and rich individuals to use these shelters as an investment tool. Having the uber rich pay 10% effective tax, while earnings millions in passive income was not the intent of the corporate tax system.
Unfortunately, there's a lot of very visible people at the top of the Democratic party benefiting from the current economic regime. This was a large part of what sunk Clinton. She has a networth north of $100 million but is telling people the solution to economic troubles is to raise their taxes.