Never Mind the Destruction of America’s Middle Class: The Top 10%’s Bubble Is About to Burst
When the top 10%'s bubble pops in 2021, the loss of illusions/delusions of security and wealth will be shattering to all those who believed artifice and illusory "wealth" were real. A great many people are living in bubbles that are about to pop. The largest bubble is the one inhabited by people who complacently believe in time travel, i.e. that the world of 2019 is about to replace the nightmare of 2020 and we can all go back to our carefree debt-funded consumption frenzy and illusions of ever-greater wealth forever and ever. The greater one's sense of security, the more durable the bubble. Those in America's top 10% who have reaped virtually all the gains in income and wealth of the past 20 years live in a bubble that they view as unbreakable: no matter what problems arise, their personal income and wealth is secured by the government, central bank, etc. The top 10% are supremely confident in the godlike powers of these agencies and solutions: the idea that these "solutions" become insoluble problems does not compute, just as a decline in asset valuations that doesn't rebound within three weeks thanks to Fed intervention is firmly outside the realm of possibility. All this needless complexity will be jettisoned once printing/borrowing trillions become the problem rather than the solution. The bottom 90% will demand not just a fairer distribution of income and wealth, they will also demand a system that actually functions for the greater social good rather than for insiders, parasites, leeches and technocrat processors who declare victory not from results but from their success in following approved processes / narratives. Once costs must be cut and results take precedence over process, much of the technocrat class will find itself replaced by automated software. Those that remain will be valued for getting results by whatever means are available, up to and including ignoring all compliance procedures and bureaucratic box-ticking. The top 10%--the rentier-technocrat class--will find the bottom 90% can no longer pay their rent, insurance, etc.--all the "services" that employ and enrich the top 10%. In other words, the losses as unproductive complexity unravels will finally fall on the top 10%, many of whom have been protected from exposure to market forces and risk.