The basic population will provoke resistance against the rich

US President Joe Biden delivered an excellent speech at the end of March: “I am a union leader. I support unions. Unions have established a middle class. They should start taking action.” He was in the rusty suburb of Pittsburgh A woodworking trade school in said that this is just to emphasize this message.

The idea that a political leader of a British country might be interested in what the unions say makes me feel like a huge shift, which makes me back down.

One of the greatest stories in my adult life is that people generally believe that it is okay or even desirable to get rich. In the UK, the embrace of the city of London by the new workers proves this point. In the United States, the lionization of Silicon Valley bosses. This can be seen in the list of the rich and the way the marginal tax rate has fallen. The way the rich have contact with politicians can be seen, and it has almost nothing to do with the affiliation of political parties.

Can the Biden era change? Can we enter a new era where wealth does not mean “enter all fields”?

Maybe. While schadenfreude continues to plague the failed attempts of former British Prime Minister David Cameron to get rich through lobbying, his reputation has increased dramatically since John Major and Gordon Brown stepped down. Two former prime ministers. As far as we know, no one seeks unlimited wealth. Public recognition is shifting to those who at least seem to avoid personal gain.

But these guys are getting old. They spanned the so-called silent generation (Major, born in 1943) to the early generation X (Cameron, born in 1966). Regardless of their attitudes, they are part of similar research that has performed well in the past 50 years. What about those who don’t? How do they feel about the rich?

In 2019, there are more millennials than baby boomers in the United States. Their living standards are also poor, and they can even control their age (Gen-X is somewhere in the middle, but closer to millennials than baby boomers). In the same year, research by the Cato Institute, a US think tank, hardly became a hotbed of activism-it was found that 75% of Americans felt that our admiration for the rich was too high (although 71% of Americans still said, They feel admiration, not resentment)). But when you ask young people under the age of 30, it’s really interesting: 44% of people tell Cato that they get angry when they read or hear rich people, compared with 11% of all Americans. 53% of people support the distribution of wealth, while 20% of the total; 35% of people say that violence is reasonable, while 10% think. Long live the revolution!

The reason why millennials now surpass baby boomers is that baby boomers are beginning to die. Data from the Institute of Finance, a British think tank, shows that, on average, the inherited income of adults born in the 1980s will account for 14% of their total lifetime income, which is higher than the 8% of adults born in the 1960s. However, these inheritances are expected to reflect the unequal distribution of parental wealth. It is worth noting that Biden is considering raising the inheritance tax.

Of course we have been here. After the financial crisis, there are many topics about getting the rich to pay their due share. The rich themselves talked about “hidden wealth”-the idea is, if you have it, don’t show it off. However, nothing happened. The “banker” was relieved and regained significant consumption within a year or two.

That was 12 years ago, but now there are more millennial adults (some of them with children) unable to serve the economy. The coronavirus pandemic has further enriched the rich and made the poor poor (and killed more poor people). Donald Trump embodies the idea of ??the rich above the rules-but he is gone. Boris Johnson is still in power in the UK, but for the country’s wealthy elite, public relations are terrible.

There is a larger, well-educated middle class with prejudices concentrated in industries such as media and art. Although its members may struggle to make money, it is good at expressing its voice.

Those who feel they are failing are more willing to support fundamental changes, including increased public spending, increased state intervention to reduce all inequalities from health care to housing, and higher taxes on the rich . They may also support green policies to curb excessive consumption, such as frequent leaflet levies.

This does not mean that the rich and the capitalist system will disappear (even if Cato’s people under 30 wish to do so). But it looks like the party’s election is coming to an end – maybe being a billionaire doesn’t bring you to the top of every queue every time. Who knows, you might even have to stand behind the union members.

Rhymer is reading. . .

Come join our disease, An understatement. This book covers all streaks of excrement, pus, and depravity. The drill on the mouse necklace is particularly memorable.

Follow Rhymer on Twitter @rhymerrigby

This article is part of Financial Times Fortune, This section provides an in-depth introduction to philanthropy, entrepreneurs, family offices, and alternative and impact investing.

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