No Wonder Millennials Hate Capitalism

From The New York Times:  https://www.nytimes.com/2017/12/04/opinion/millennials-hate-capitalism.html


Dec. 4, 2017

On a Friday night last month, I moderated a debate in Manhattan about whether we should scrap capitalism. It was organized by the socialist magazine Jacobin; defending capitalism were editors from the libertarian publication Reason. Tickets for all available 450 seats sold out in a day. So Jacobin moved it to a venue that holds around twice as many. The extra tickets sold out in eight hours.

When I arrived, people were lined up for blocks; walking to the door, I felt like I was on the guest list at an underground nightclub. Most attendees appeared to be in their 20s and 30s, part of a generation that is uniquely suspicious of capitalism, a system most of their elders take for granted.

The anti-Communist Victims of Communism Memorial Foundation was alarmed to find in a recent survey that 44 percent of millennials would prefer to live in a socialist country, compared with 42 percent who want to live under capitalism. For older Americans, the collapse of Communism made it seem as though there was no possible alternative to capitalism. But given the increasingly oligarchic nature of our economy, it’s not surprising that for many young people, capitalism looks like the god that failed.

Nowhere is that clearer than in the wretched tax bill passed by the Senate in the early hours of Saturday morning, which would make the rich richer and the poor poorer. According to the nonpartisan Tax Policy Center, the bill directs the largest tax cuts as a share of income to the top 5 percent of taxpayers. By 2027, taxes on the lowest earners would go up.

Millennials, a generation maligned as entitled whiners, would be particularly hard hit. As Ronald Brownstein argued in The Atlantic, the rich people who would benefit from the measures passed by the House and the Senate tend to be older (and whiter) than the population at large. Younger people would foot the bill, either through higher taxes, diminished public services or both. They stand to inherit an even more stratified society than the one they were born into.

Here’s one example. The Senate bill offers a tax break for parents whose children attend private school. But it cuts deductions for state and local taxes, which could make it harder to fund the public schools where the vast majority of millennials will send their kids.

Continue reading at:  https://www.nytimes.com/2017/12/04/opinion/millennials-hate-capitalism.html

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