Capitalism is not broken

July 30, 2019

“Here’s a big idea—something to keep in mind as you hear about inequality and mobility. The middle class is shrinking, which might make it look like capitalism is failing workers. But the lower class is shrinking, too. Meanwhile, the upper class is bigger than it has ever been. About 28% of households now make more than $100,000 per year, more than double the rate of 40 years ago [in constant dollars]. More than half of Americans will be part of the top 10% of earners at some point in their lifetimes. Contrary to much contemporary rhetoric, workers in the US are getting richer, not poorer, as competition in the free market allows them to purchase a greater variety of goods for less money.”

—Robert Doar, “Capitalism is not broken,” The Guardian, May 8