Letters from an American January 16, 2025
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Jan 17, 2025 President Biden's final address tackles the rise of economic inequality, linking it to the Great Divergence of 1981. The discussion reveals how wealth and political influence are deeply intertwined, showcasing the struggles faced by many regarding healthcare and finances. Historical figures like Lincoln and Roosevelt are examined for their battles against elite control, raising concerns about the resurgence of oligarchy in today's democracy. The challenges of bridging class divides remain highly relevant in contemporary America.
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Oligarchy Threat
- President Biden warned about an oligarchy forming in America due to extreme wealth and influence.
- This threatens democracy, rights, and economic opportunity.
Great Compression
- The period from 1933-1981, known as the "Great Compression," saw increased economic equality.
- Policies like regulation, taxation, and unions helped compress wealth and income levels.
Trump's Election and Musk's Influence
- Despite Biden's efforts to address inequality, Trump won the election with promises to lower prices.
- Trump then sought advice from Elon Musk, a major campaign investor, who profited significantly.