I have always embraced the idea that a person finds more satisfaction by shedding preconceived notions about how life should be and accepting things for how they are. I am tired of the left versus right political arguments that are based on ideologies that have contributed to the ongoing social and economic disruption resulting in things getting much harder for the average person. Over the past 50 years, the US economy has allowed us to thrive, especially those who dared to take risks on economic opportunities. It is possible to find economic success in America, but I am beginning to worry that the growing inequality in our country will start to limit opportunities and hurt averages Americans in a major ways. The political divide is only going to hurt us more.

I live in New York City, and I have noticed a big change since the pandemic including empty storefronts, more homelessness with rents continuing to go up.  A recent report says that New York City rents have hit a record high and are not likely to come down anytime soon. Median asking rents in New York City have increased by 24.1% since the start of the pandemic. This trend keeps hitting people like me in the purse and has limited my ability to save for the future because I am spending more and more on rent and groceries. Lately, I have also noticed more and more luxury establishments in my neighborhood that cater to the wealthy, including medical spas, very high-end gyms and clothing stores and world class restaurants. There seems to be few and fewer mid-market options that cater to Manhattan’s middle-class residents.

Inequality always existed but it has grown in the US over the past few decades and is putting more pressure on the middle class. Economists like Thomas Piketty and others like podcaster and trader Gary Stevenson have written compelling books about how inequality affects society, undermines democratic values and erodes the living standards of the middle class.  I decided to look for trends to form my own opinion, so I looked at the Gini coefficient, a metric that is widely used to assess income and wealth inequality within countries to try to understand how recent trends impact us.

Since 1960, the US has experienced an increase in inequality, but you probably didn’t need me to tell you that. At that time, US had a Gini coefficient of 39% reflecting moderately low inequality, as a metric close to zero signifies less inequality, with one being total inequality. As the decades passed the US went to 43% in 1990 and 47% in 2023. To put this in perspective, Canada (33.7%) and Mexico (43.5%) have more equality than the US as do many countries in Latin America with Chile at 43%, Argentina and Uruguay at 40.6%, making them the most equal in Latin America. I found these metrics surprising because the US is still known as the land of opportunity and that remains true but not to the same extent that it had in previous decades. According to these statistics fewer and fewer are able to capitalize on our robust economy.

The thing that I really appreciate about Gary Stevenson is that he makes his case in simple language based on his experience of going from working class England to becoming one of the most successful traders in the world through his hard work and ability to see through the crap that modern ideology helps rationalize.  He says it in plain language that is not complicated to understand. As the top 5% of earners gain more market share their influence over policy grows affecting all of us. It is in the top earners best interest to continue to buy up more and more assets as investments, leaving less opportunities for the rest of us to compete for assets because the wealthy investors drive up the price.

The housing market is a perfect example. Houses provide average working people with an economic base and security because houses are both an asset with value and a place to live and take care of our families. We all lose when the investor class treats the housing market as an asset to buy and trade for profit on their investments. As the investor class continues to buy up more and more of this asset, we are pushed in the direction of neo-feudalism because we are forced to rent from the wealthier real estate owners, as we can no longer afford to compete with the rich for these valuable assets.

The growing inequality in the US, particularly in New York City, is a pressing issue that affects the middle class and their ability to thrive. The pandemic has worsened these challenges, leading to record-high rents, the closure of mid-market establishments, and a widening gap between the wealthy and the rest of the population. As we navigate these changes, it is crucial to advocate for policies that promote economic equity and support the middle class. By shedding preconceived notions, embracing pragmatism, and dropping the left versus right political divide, we can work together towards protecting our own interests in new ways.

 It is crucial to advocate for policies that promote economic equity and support the middle class. Pay attention to your interests and forget ideology for a little while. It is imperative that we drop this ideological divide among Americans and work together to ensure the economy works for us all based on our interests. No matter how the political class spins their narratives many of us are worse off than we were and we need to see substantive change. I am not buying the ideological bullshit being spewed at us anymore because none of it is fixing our problems.