Saturday, January 29, 2011

Egypt and Here-Parallels?

I'm watching with great interest what is happening in Egypt.

The conventional wisdom is that this is pent up frustration with Mubarak and his 30 years of rule. I wonder if it is an economic protest with broader implications.

From what I've learned, there are, in Egypt, the super wealthy, who apparently have gotten that way during Mubarak's rule, and the very poor, earning and living on less than two dollars a day.

The protesters are not the super wealthy. They are the poor.hey are the unemployed and under employed. They have nothing to lose.

Isn't this the natural result of the aggregation of wealth in the hands of a few? The super wealthy are not the unemployed (other than in the sense that life at the country club, clipping coupons and taking calls from one's broker isn't really being employed-[in a further aside, here in the US we don't think of this as employed, either, since these folks don't pay social security taxes on this kind of income, and it's treated more favorably for income tax purposes]).

The transfer of wealth from the middle class here to the wealthy continues. We are back to where the country was with the robber barons. The ascendancy of the middle class is over. Will there come a time when we are so fed up and frustrated that we take to the streets?

Even though they seem to be the most energized protesters, the Tea Party will not lead this revolution. Their efforts have been funded by the super wealthy and are aimed at aggregation of even more wealth at the top with their support for tax breaks, deregulation (so the super wealthy can take even more) and lower government budgets. It is sad that they don't recognize how they are being used.

No comments:

Post a Comment