The Greatest Transfer of Wealth From the Middle Class to the Elites in History

Recent history is punctuated with a lot of not-so-great economic “greats” from the Great Depression to the Great Recession. Now we have a new one: When historians look back on the decisions made beginning in March 2020 and still going strong, this period will be remembered as the “Great Consolidation”—the acceleration of a historic wealth transfer and power concentration out of the hands of the middle class and into those with political power and connections.

The “connected” form a powerful bloc comprised of big government, big business and big special interests. And though their monikers label them “big,” they are comprised of relatively small elites. And they are seeking to use their power to benefit themselves at your expense.

Prior to COVID, more than 30 million small businesses accounted for about half the GDP and jobs in America; the other half of the economy was concentrated in 20,000 big companies. So you might have expected that small businesses would have had an equal amount of negotiating power when the pandemic hit as big companies. You would be wrong.

Big companies have more lobbying dollars and more connections, and thus more ability to play the political game. Their big pockets are balanced with a small enough scope to make them a government ally, compared to the highly decentralized small business landscape.

Read the full article here.
book lot on black wooden shelf by Giammarco is licensed under unsplash.com

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