Keen On America

Episode 2298: Adam Chandler on the fatal contradiction at the heart of American capitalism

Jan 9, 2025
Adam Chandler, a journalist and author focused on the American way of life and technology's impact on labor, digs into the contradictions of American capitalism. He reveals how, despite the boom in AI investments, many workers face declining wages and unrest at companies like Amazon and Starbucks. Chandler critiques the myth of meritocracy, stressing the need for systemic support and better worker protections. He also promotes the idea of a 'third life' for community engagement and discusses universal basic income as a potential remedy for workforce disruption.
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INSIGHT

Investment vs. Worker Benefits

  • Workers don't necessarily see the benefits of technological investment.
  • Real wages have declined over the last 40 years for people of color and those without college degrees.
INSIGHT

Economic Divergence

  • Despite a strong economy and stock market, the minimum wage hasn't increased since 2009.
  • The cost of living, including childcare, education, and housing, is out of reach for many.
INSIGHT

Post-War Boom

  • The post-war boom was an artificial experience due to lack of competition.
  • Real lessons should be taken from investments in public resources, like after the Civil War or the Great Depression.
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