1/25/2020

Yes, the system is rigged. But how?

"It’s not just health care. Consumers buying cars are ripped off by a car dealer cartel, which prevents direct sales from manufacturers. The fireman industry is a huge rip-off, with America having roughly twice as many fire stations as needed, as a huge cost to taxpayers. Young homebuyers are ripped off by older homeowners who prevent new construction in towns like Reston, Virginia. There are similar examples in dozens of other industries, perhaps hundreds of others.

Politicians often complain that middle-class Americans are lagging behind because the system is rigged against them. They are right. But the politicians don’t tell the entire story. Only a modest portion of the rigging is done by big corporations like Facebook, Google, Goldman Sachs and JP Morgan. The biggest problem is various interest groups comprised of middle class people, who rip off the general public."