This is a story that only the 1 percent will truly understand. Why, because the language used is essentially foreign to the majority of Americans who are ignorant and not financially sophisticated enough to understand the powerful role that the non-human factor of production––productive capital assets––performs in our economy. The masses think (correction: do not think to think) that the 1 percent elite ownership class has our interests at heart (the elite that OWNS the stock and is constantly on the prowl for growth and increased stock dividend earnings). The 1 percent specialize in accumulating and concentrating capital asset ownership among themselves, at the exclusion of ordinary people, who have no savings or equity, or inheritance or trust funds with which to invest and acquire capital asset ownership. The 99 percent are essentially doomed to job serfdom or welfare serfdom, while the 1 percent controls the system and molds it in such ways as to further their ownership interests. The 99 percent need to WAKE UP and tear themselves away from the multitude of distractions that eat up their time and devote some serious attention to gaining knowledge and understanding of the economics of reality, and the indisputable fact that tectonic shifts in the technologies of production will continue to destroy jobs and reduce wage earnings and the worth of labor as machines and all forms of efficient and productive capital assets replace the need for labor workers. As a consequence, the wealthy owners get richer accumulating ownership of wealth-creating, income-producing capital assets while the masses struggle to sustain a decent livelihood and avoid falling into poverty and dependency on redistributive taxpayer-supported government welfare programs. The choice is either OWN the FUTURE or BE OWNED. The question that requires an answer is now timely before us. It was first posed by binary economist Louis Kelso in the 1950s but has never been thoroughly discussed on the national stage. Nor has there been the proper education of our citizenry that addresses what economic justice is and what ownership is. Therefore, by ignoring such issues of economic justice and ownership, our leaders are ignoring the concentration of power through ownership of productive capital, with the result of denying the 99 percenters equal opportunity to become capital owners. The question, as posed by Kelso is: “how are all individuals to be adequately productive when a tiny minority (capital owners) produce a major share and the vast majority (labor workers), a minor share of total goods and services,” and thus, “how do we get from a world in which the most productive factor—physical capital—is owned by a handful of people, to a world where the same factor is owned by a majority—and ultimately 100 percent—of the consumers, while respecting all the constitutional rights of present capital owners?”
Posted on: Sun, 05 Oct 2014 19:07:22 +0000
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