Class War is Just Beginning
22nd March 2022
With the seeming deconstruction of the Biden Administration proceeding at a rapid clip, many on the right hope for an end to the conscious stoking of class resentments that has characterized progressive politics. Yet despite the political meltdown, America’s class divides have become so wide, and so bitter, that Biden’s presidency may prove more a prelude than a denouement for the future of class warfare.
Under both parties, American society, traditionally egalitarian, at least in theory, has become ever more divided by financial class. Today, the Federal Reserve demonstrates that the top one percent have more assets than the 60 percent who occupy the middle rungs. The remarkable rise of the tech oligarchy has paced this change, creating a gusher of wealth for the chosen few, including youthful, unproven start-up CEOs turned instant billionaires—as well as an unprecedented boom on Wall Street. The pandemic has accelerated this trend, vastly enriching the elites, and raising executive salaries to the highest ever. Meanwhile much of the working and middle classes may become increasingly dependent on what Marx called “the proletarian alms bag.”