The collapse of the progressive economy

[Chris]

The alliance of big government and big banks, big tech, big media is faltering.

The collapse of the progressive economy

In recent decades, progressive politics has been underwritten by the ascendant economic titans of capital, technology, and communication. Big Tech and financial firms have long financed Democratic causes, led by those such as George Soros and the now-disgraced crypto-master Sam Bankman-Fried, who was released last month on a $250 million bail deal.

Yet for all its claims to represent the future, this ephemeral economy is starting to unravel, as the world begins to wake up to the fundamental realities underlying daily life. It turns out that, while they may seem old-fashioned in today’s digital world, material goods actually matter when they are hard to procure. Over the past year, traditional industries such as manufacturing, agriculture and energy have thrived, while media companies have lost $500 billion in value and tech firms have suffered a reversal of an astounding $4 trillion. Today, it’s not steel companies or gas plants that are experiencing mass layoffs, but firms such as Goldman Sachs, Meta, Amazon and Google.

Equally unsettling has been the incessant labour unrest at America’s universities. Amid mounting declines in enrolment, these lordly institutions have been exposed as exploitative, favouring a tenured faculty with rich pensions but offering little to severely underpaid adjuncts and teaching assistants, who now constitute the vast majority of the academic workforce. These are the folk now staging walkouts....

Even the preferred geographic heart of the progressive economy — big, dense, expensive cities — is clearly fading. Today, most of those places dominated by progressives face mounting financial pressures, which are leading activists to demand higher taxes on the rich....

As these progressive economies unravel, we are likely to see greater conflict between their two bulwarks: the Leftist activists and ultra-rich oligarchs who have embraced causes as a part of their identity. This profoundly contradictory romance could soon explode, as calls for an expanding and intrusive welfare state — the prime goal of the modern Left — becomes increasingly unpalatable for the wealthy....

[stjames1_53]

The alliance of big government and big banks, big tech, big media is faltering.

The collapse of the progressive economy

I keep mentioning that 3 group in the US aside from the Left and Right. That third group is prepared for the economic collapse.
It will happen and it's not a matter of when

[RMNIXON]

It is the modern progressive who are creating an America of the few connected and Woke approved Haves and the growing dependent Have Nots. Capitalism is not to blame when government favoritism and political corruption is the driver.

This recent video posted by Carl Young in another thread covers a very important economic point about the major risk of accelerated "energy transition" driven by Climate Change politics. She is not against a transition to cleaner energy if it is done sensibly. However it should not with be done recklessness to appease a political agenda as we have seen in the EU.