Offload Risks onto the Bottom 90% and Immiseration Follows

The underlying story of the past 50 years has been the offloading of risk onto workers and consumers. On my map of how the world works , we start with structures of control that distribute the good stuff--resources, assets, income and power--and the bad stuff: costs, losses and risks. As I explained in The US Economy In a Nutshell: Privatize the Gains, Socialize the Costs , the current arrangement…