Power of Story Send a Tweet        

Share on Google Plus Share on Twitter Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (1 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   1 comment
Exclusive to OpEdNews:
OpEdNews Op Eds

A Simple Example of How the Free Market Is Sucking the Middle Class Dry

By       Message John F. Miglio       (Page 1 of 4 pages)     Permalink

Related Topic(s): ; ; ; ; ; ; ; , Add Tags  Add to My Group(s)

Well Said 1  
View Ratings | Rate It

opednews.com

Author 2569

How the Free Market Sucks the Middle Class Dry
(Image by Freestockphotos.biz)
  Permission   Details   DMCA
- Advertisement -
br />How the Free Market Sucks the Middle Class Dry by Freestockphotos.biz

Closeup of dollar bills and coins by Freestockphotos.biz

A Simple Example of How the Free Market Is Sucking the Middle Class Dry

 

By John F. Miglio

 

- Advertisement -

OK, by this time you've read all the articles from progressive economists and financial analysts about how the middle class is being squeezed by the free market, how workers' jobs are being outsourced and lost to automation, and how the disparity in wealth between the super rich and everyone else has reached epic proportions.   You've also heard the counter arguments proposed by die-hard libertarians and Ayn Rand acolytes who maintain that all of society's ills stem from Big Government.

 

It's been my experience that in order to truly understand a problem, you need to either live through it yourself, or understand it on a level that resonates with your own personal experience.   So with that in mind, let's analyze our current economic situation vis---vis a simple example that cuts through all the arguments and charts and statistics and gets to the heart of the matter.  

- Advertisement -

 

Here's the setup:   Ten guys (or gals) are old friends who have been playing poker every Friday night for decades.   Each one brings $100 to the game.   Over the decades, every time they play, each player either wins a little or loses a little.

 

On the way home from the game, each player stops in his local bar, has a beer and a sandwich, and spends $20.   As a result, the owners of ten bars count on making money every Friday night from their steady poker patrons. It's been that way for decades and the bar owners have become friends with their regular customers.

 

Everybody is happy.   Then one day one of the players (we'll call him Slick) serendipitously bumps into a professional poker player who shows him a foolproof trick to stack the odds in his favor and beat the average player at poker every time.  

- Advertisement -

 

Although he is not convinced it will work, Slick takes his inside knowledge to the next game, and sure enough, he wins all the money ($900) from his fellow players (we'll call them the Chumps).   On the way home that night, instead of spending his usual $20 dollars at his local bar, Slick celebrates his good fortune and goes to a more upscale bar and spends $100.   Then he goes home and stashes the remaining $800 under his mattress.

 

Next Page  1  |  2  |  3  |  4

 

- Advertisement -

Well Said 1  
View Ratings | Rate It

opednews.com

John F. Miglio is the editor of the Online Review of Books & Current Affairs and author of Sunshine Assassins, a futuristic political thriller.

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The Conspiracy Against Renewable Energy

Time to Tax Super Rich and Corporations at 1950s Levels

George Carlin's Last Standup

Will Donald Trump End Up Like Captain Queeg?

Balance the Budget by Taxing Billionaires? God Forbid!!

Asthma Sufferers Beware!