@ThatSunnyCrow ,
Thank you too for your polite reply! You clearly also have reasoned opinions, even though you disagree.
I just thought I might try to persuade you (and everyone else reading) a little bit!
I grew up in the 70s and 80s and remember going into the cellar to get candles out when we had regular power cuts (in London!). Thatcher was a breath of fresh air and I loved the way she took the unions on and the idea of ‘trickle down’.
We also entered the EU and had a North Sea oil boom, so we basically got lucky and squandered it over the next decades.
I don’t want to write too much of an essay but I have become more ‘left wing’ in the traditional sense as I have observed how trickle down didn’t work and government and central bank policies concentrated more and more wealth in fewer and fewer hands.
If you look at, say, an investment banker’s compensation from 2008 to date and compare it to a teacher’s or even a senior doctor’s, who has done better and why? Net/net the doctor and teacher are worse off on virtually every metric whereas the banker with a combination of salary and wealth, due to invested bonuses, is far richer, despite effectively blowing up the economy!
QE and zero interest rates brought high inflation, which was great for assets and business but appalling to anyone on a salary or fixed pension. And then we had all the grift during COVID. These were all policy choices, just the same as taxes are.
I don’t think the bankers took any more risk (on a personal level) than the doctors or teachers, they just have a far better lobby. It’s not talent but influence.
At a more fundamental level, technology and globalisation increases wealth inequality (especially intranationally). AI will have the same effect on steroids.
So, what are you going to do? You can either stop tech and globalisation (don’t see that happening) or redistribute more, especially from the super wealthy (I am not talking about taking more from the already squeezed middle).
Gary Stevens, although a little extreme, explains this well and backs it up with econometric modelling. Of course there is the other side with too high a benefit bill, and some taking advantage of overly generous benefits.
Anyway, it’s an interesting discussion. Politics is never black and white, although it is amazing how many only see one side of the coin.