Krieger is undoubtedly correct that student loans and healthcare are and will continue to be defining issues. It’s no coincidence that government’s involvement in both is extensive. From Krieger at libertyblitzkrieg.com:
Poverty demoralizes. A man in debt is so far a slave; and Wall-street thinks it easy for a millionaire to be a man of his word, a man of honor, but, that, in failing circumstances, no man can be relied on to keep his integrity.
– Ralph Waldo Emerson, Wealth
Liberty Blitzkrieg readers know that I’ve been extremely critical of our modern U.S. economy for nearly a decade now. I’ve used harsh, but entirely appropriate language, such as rent-seeking, parasitic and criminally corrupt to describe our current financial/economic system. These are not words I use lightly.
I have absolutely no problem with wealth differences within a society, even large discrepancies are fine as long as the general population is benefits substantially from overall growth trends. This is not the case in today’s economy.
I support a real free market economy where barriers to entry are low, and in which small business and competition thrives. Unfortunately, this is not the case in today’s economy. Rather, America has largely become a neo-feudal society where a mass of debt slaves are lorded over by government protected, monopolistic, rent-seeking oligarchs and racketeers.
Societies work when people think the system is fair enough and have genuine opportunity for success and standard of living improvement. Societies work when the people who become fabulously wealthy are individuals who have created a product or service that benefits society at large. In contrast, people shouldn’t become wealthy by preying on their fellow citizens and driving them into destitution and debt bondage, but that’s precisely what is happening in many industries today. Our society rewards the worst sort of behavior, and as we observed in the aftermath of the financial crisis, protects and further empowers white collar criminals for destroying the global economy.