this post was submitted on 13 Feb 2024
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Gaps grew (in part) because of capitalism. Back when the previous generations were working- people were compensated fairly and given regular raises... it wasn't uncommon to work for the same company until you retired. What changed? Line goes up above all else. Cut raises, mandatory pay cuts, layoffs etc. Line went up. But that has an effect that amplifies over time.
Raises were largely responsible for offsetting inflation - this is the gap that steadily widened. There are of course other factors but most of these are, at least in part, also effected by inflation.
Generally speaking capitalism works, sure. But this is no longer capitalism. We have too big to fail, price fixing to choke out competition, and a governing body bought and paid for by megacorp.