10/14/2019

America Is Moving Toward An Oligarchical Socialism

Historically, liberals advocated helping the middle class achieve greater independence, notably by owning houses and starting companies. But the tech oligarchy — the people who run the five most capitalized firms on Wall Street — have a far less egalitarian vision. Greg Fehrenstein, who interviewed 147 digital company founders, says most believe that “an increasingly greater share of economic wealth will be generated by a smaller slice of very talented or original people. Everyone else will increasingly subsist on some combination of part-time entrepreneurial ’gig work‘ and government aid.”

Numerous oligarchs — Mark Zuckerberg, Pierre Omidyar, founder of eBay, Elon Musk and Sam Altman, founder of the Y Combinator — have embraced this vision including a “guaranteed wage,” usually $500 or a $1,000 monthly. Our new economic overlords are not typical anti-tax billionaires in the traditional mode; they see government spending as a means of keeping the populist pitchforks away. This may be the only politically sustainable way to expand “the gig economy,” which grew to 7 million workers this year, 26 percent above the year before. Handouts, including housing subsidies, could guarantee for the next generation a future not of owned houses, but rented small, modest apartments. Unable to grow into property-owning adults, they will subsist while playing with their phones, video games and virtual reality in what Google calls “immersive computing.”

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