Capitalism Run Amok, Part 6
For to all those who have, more will be given, and they will have in abundance; but from those who have nothing, even what they have will be taken from them. Matthew 25:29
I will tie up a few loose ends, then move on from capitalism. The current economic mess is a manifestation of the love of money for its own sake. The system rewards the rich by allowing the taking from the non-rich to make the rich even richer. This is abundantly evident in the ever-widening wealth gap between the rich and poor. It is evidenced in the wage chasm between those in the C-suites and the front-line workers. It is seen in the dramatic difference in health status between economic classes, the deterioration of the middle class, and the quality of education received.
And it’s all due to the love of money. Jesus’ words, “…for to all those who have, more will be given…” are not a statement of God’s will for the distribution of money but a statement of fact about human greed:“…but from those who have nothing, even what they have will be taken from them.”[1] It is not God who takes from the poor and gives to the rich, it is us! The unjust economic system we have today has been fashioned by politicians, administered by bureaucrats, and sanctioned by the courts. The bureaucrats are controlled, at least in theory, by the politicians. The politicians, in theory, are controlled by the voters. In reality, however, the politicians, bureaucrats, and the capitalistic system are controlled by the primary funders of political campaigns, whichare a handful of large corporations, dark-money donors, and foreign interests.
A birds-eye view of our 2024 tax rates, stripped of their complex exceptions and innumerable work-arounds, is telling. Income tax rates for individuals range from 10 to 37%, depending on one’s income. The tax rate on corporations is a flat 21%. The rate on capital gains is up to 20%. The lowest tax rate is reserved for capital gains, which come from the sale of assets – like stocks (which is the business of private equity). Corporations pay the next lowest tax rate and, coincidentally, can contribute unlimited amounts of money to influence elections, as can private equity, investment banks, and venture capitalists. Once the income of a single-filer rises above $47,150, they start being taxed at a higher rate than corporations, up to nearly twice as much. A generous benefit to those earning more than $168,600 is not having to continue paying FICA (social security) taxes, which are 12.4% (half of which is paid by their employer). Not that many of us reading or writing this would know…
The point is that capitalism in its current iteration is broken. And the ones impacted most negatively are the increasing numbers on the lower rungs of the financial ladder. Although I am not a Donald Trump supporter, I understand the underlying frustration that drives many to him. He portrays himself as a savior and a reformer. He claims to be their revenge and retribution. It is a sad commentary that those we look to for relief, at least in the political realm, are the same ones gaining from the financial oppression of so many people. Republicans, Democrats, Biden, Trump, Schumer, Johnson, and more – all are united in benefitting from and allowing our capitalistic economy to devolve into a money-grubbing cesspool. And as a mostly unconscious consumer and investor, I am there with them, albeit many rungs lower.
A popular term a few years ago describes a condition endemic to many of us: affluenza. It combines affluence with influenza – privilege with illness, or the disease of privilege. Unfortunately, the difficult consequences of affluenza are not born by those infected but by those who live in its residue. The term also hints at apathy, as if feeling there is little to be done about it.
Personally, I find the guidance from Jesus for this dilemma difficult, no doubt because I keep a foot in our economic system even as I pretend to pattern my life after his. He said, “No one can serve two masters…You cannot serve God and wealth;”[2] and, “Do not store up for yourselves treasures…where…thieves break in and steal;”[3]and “Give to the emperor the things that are the emperor’s, and to God the things that are God’s.”[4] Jesus did not waste time railing against corruption in the Roman government; instead, he did what he could with what he had to ease the suffering it caused. And I believe he invites us to do the same as we strive to deal with this new/old social pandemic of poverty, marginalization, and homelessness. Be an informed voter, investor, and consumer. And ease suffering where we are able. Jesus warned, “…where your treasure is, there your heart will be also.”[5] We can begin by asking ourselves, “Where do my actions show my treasure to be?”
This is the 19th in a series titled The New-Old Social Pandemic. The opinions expressed here are mine. To engage with me or to explore contemplative spiritual direction, contact me at ghildenbrand@sunflower.com.
[1] Matthew 25:29
[2] Matthew 6:24
[3] Matthew 6:19
[4] Mark 12:17
[5] Matthew 6:21
Contemplating Grace 