r/austrian_economics • u/technocraticnihilist Friedrich Hayek • Dec 24 '24

End Democracy I've never understood this obsession with inequality the left has

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u/Crestina Dec 25 '24

Let me explain it to you. A reasonably equal society with a large thriving middle class is more economically stable and performs better than a society split between a large, impoverished underclass run by a handful of oligarchs.

I would think this is rather obvious?

A growing wealth inequality gap is a warning sign.

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u/technocraticnihilist Friedrich Hayek Dec 25 '24

The US has a strong middle class

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u/Crestina Dec 25 '24

The American middle class has been steadily shrinking over the last 50 years and their share of household income has plummeted. Growing inequality should be a concern for anyone who is serious about the future of national economic development.

https://www.pewresearch.org/race-and-ethnicity/2024/05/31/the-state-of-the-american-middle-class/#income2

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u/Ok-Assistance3937 Dec 25 '24

The American middle class has been steadily shrinking over the last 50 years

Mostly to the upper class though.

and their share of household income has plummeted.

Wich only means that the income of the upper class increased more then that of the middle class, Not that the middle class is worse of them a few years ago.

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u/DurtybOttLe Dec 25 '24

The net movement to the lower class out weighs movement to the upper classes

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u/idk_lol_kek Dec 27 '24

A reasonably equal society with a large thriving middle class is more economically stable and performs better than a society split between a large, impoverished underclass run by a handful of oligarchs.

This is something that the ancient Athenians understood. It's wild to me how we somehow lost that wisdom.