Crony socialism has been mistaken for capitalism and is giving the latter an undeserved bad name. From Eric Peters at ericpetersautos.com:
R.J. Scaringe – the CEO of Rivian – is being rewarded to the tune of $4.6 billion just weeks after the EV manufacturer fired 600 workers due to declining demand for its battery powered devices. This is the degenerate parody of capitalism that’s going to turn America red – and not in the Republican way.
It seems there are not only no consequences for failure – and worse – in corporate America, failure is rewarded. Scaringe is hardly unique. GM and Ford’s CEOs (as well as the last CEO of the Stellantis combine that owns Chrysler, Dodge, Jeep and Ram) have all presided over billion-dollar losses while being rewarded double-digit millions.
Annually.
The chieftans take in (earning would be a debasement of the language) more over the course of a few weeks than most of us will ever be paid over the course of our entire working lives. This is not a criticism of “the rich.” There is nothing wrong with having money, including a lot of it.
It is a warning about the consequences of screwing people who work into poverty for the unearned benefit of people who become rich thereby. The distinction matters. It certainly matters if you would like to see the country red, white and blue – rather than just red. It is certain to become the latter if this insufferable farting-in-our-faces continues for much longer. The recent blowout election of reds in Virginia and New York City is a wake-up-and-smell-the-fart call. Mamdami (in New York City) rode into the mayorship because so many New Yorkers, young ones especially, feel – with cause – that “capitalism” is an obscenity. It’s the same in Virginia. The under-30s are tired of being told about how they must be responsible, work hard and earn their place and pay their bills when it is so awfully obvious these dictums do not apply to the high-placed.
