Good news: if you’re rich, you’re just going to get richer
Of course, if you’re someone who already has a good amount of wealth, the chances of your situation changing are slim. If anything, your situation is probably going to improve. However, if you’re someone who isn’t particularly wealthy, someone who lives from paycheck to paycheck, your situation is likely to remain less than rosy.
It’s not great news for many. Basically, the rich are just going to get richer, and with the economic trends leading up to this point, there is no reason to assume that is going to change.
⚡️Hereditary wealth has always been a bonus. However, those born into money are unlikely ever to need to work a day in their lives. In comparison, the rest of us toil daily.
If you’re born into wealth, you’re lucky. That means you’re set for life. That is a trend that will stick around. Yes, those people will probably go on to start businesses of their own, but it won’t be the businesses that create their wealth; it will be their status. Sure, the business might add to what they already have, but they’d have been rich anyway.
This whole situation echoes the picture seen in the earliest reaches of 20th century Europe. At that time, inherited wealth was firmly in control, and the only reason that changed slightly was the onset of World War I and then World War II. The entire economy of Europe underwent massive changes during this period, and it took several decades beyond to stabilize. Even those with inherited wealth saw their financial situation take a hit.
Despite that, the situation simply returned to where it began. From Thomas Piketty’s studies and from collaborating with economic scholars, he sees no reason why this shouldn’t remain the same, should no action be taken.
“Refusing to deal with numbers rarely serves the interests of the least well-off.”
Thomas Piketty