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Is it possible to learn why USA M.Class gave up power and wealth for decades?

2 points by user90131313 ↗ HN
Why SV and beyond, mostly well educated workers with high IQ gave up a lot of the wealth+ power to new elite and old rich? in USA? and where to start reading about it?

Just like Buffett said “There’s class warfare, all right, but it’s my class, the rich class, that’s making war, and we’re winning.”

https://www.goodreads.com/quotes/123058-there-s-class-warfare-all-right-but-it-s-my-class-the

They won against high IQ majority?

3 comments

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hindsightbias
Reaganomics and uncle Milton won. High IQ agreed that greed is good, debt is good, leverage is good, financialism is good. We’re still living in that world and eager to vote for more.

I’d start by watching A Face In The Crowd, Network and Being There.

JackOfCrows
This is, quite literally, exactly what Marx talks about with the bourgeoisie: the wealthy capitalist class gives a few crumbs and elevates a chunk of rhe working class to middle class and uses them to keep the workers/lower classes down.

A few SV types hit the lotto, some do well for themselves, all of them make LinkedIn posts about how all you have to do is hustle and stay on your grindset mindset (because you never hear about all the people that fail, of course), etc. And one day you too will be rich and successful.

Leaving out of course it's extremely helpful if you already come from a rich family like so many "self made" Silicon Valley types.