The ultra-wealthy hover above the realities of the world around them like extraterrestrial aliens. Their material reality physically separates them from the rest of society with gated communities and private jets but paradoxically, their very wealth also severs them psychologically, unable to understand the reality of the 99%.
Joining host Chris Hedges on this episode of The Chris Hedges Report is professor and author of Mastering the Universe: The Obscene Wealth of the Ruling Class, What They Do with Their Money, and Why You Should Hate Them Even More, Rob Larson.
Larson begins by bringing attention to basic data points that nakedly reflect the state of the world and particularly the U.S. when it comes to wealth inequality. “[The] richest 1% owned 35% of all US wealth and that's cash, that's real estate, that's all kinds of investment portfolio assets… the bottom 50% of all US households, very similar to the bottom half in most regions of the world, you're looking at about 1.5% of the national wealth is owned by that half of the population,” he explains.
This gross wealth imbalance produces a number of problems within a society, including the wealthy’s overreaching influence into policymaking. Tax breaks, deregulation and other neoliberal doctrines have defined the last few decades of American politics, and that imbalance means “that's more cash chasing the same number of assets, and it just tends to have the effect of hideously inflating every asset market, making housing out of reach for so many people, making the market absurdly overpriced,” Larson spells out.
Hedges and Larson go on to describe the evolution of elites and the psychology behind handling obscene wealth, from personal relationships to the way they dress. Both agree, however, that it is possible to continue the fight against this inequality through labor organizing and local community building.