Scott Galloway: “Crony Capitalism Is Collapsing America — The Rich Rigged the System & Won.”

Only thing that's bipartisan is reckless spending. The Trump administration is a lot more socialist than what Maumdani is proposing. Golden share in US Steel because Donald Trump's so good at bankrupting casinos, he should run a steel company. Budgets and taxes are are a reflection of our values. And our values right now, state the following, that we think sweat is less noble than money. You know, I don't wanna demonize billionaires. I want Elon Musk to make a trillion dollars. I want him to be taxed 60 or 70% on it because the bottom effectively, America is for sale for rich people. I feel like this is a literally a clown car running the nation right now. It's a corrupt crime family. I think America is already locked in a cold civil war largely driven by economics. Mhmm. What happened exactly to our economy that's made boomers so prosperous while leaving the young to struggle mightily? It's a multi dimensional thing, but if you were to try and distill it down to one thing, it would be that old people vote and keep voting themselves more money. I mean, Social Security, there's a dogma or that if you would ever talk about Social Security in a negative light, that there's something wrong with you. Most arguably the most successful social program in history took seniors from 30% poverty to lessen aid. It's been hugely successful. The other side of that coin is the wealthiest generation in the history of the planet receives $1,200,000,000,000 each year transferred from working age people to them every year. Mhmm. 40% of our budget is allocated towards seniors, and we spend four and a half percent on the Department of Education, 1.4 on SNAP, 40% of which goes to kids. In sum, kids don't vote. And whereas previous generations saw advantage in investing in education and technologies and infrastructure that had a longer term payoff for young people. Those investments are no longer being made, but the things we continue to invest in are things that benefit old people. And then tax policy, two largest tax deductions, capital gains and mortgage interest, who owns homes and stocks, people my age who rents and makes their money from salary, young people. So in sum, old people have figured out a way to transfer more and more money from young to old. A average 25 year old is 24% less wealthy than the 25 year old forty years ago. The average 70 year old is 72% wealthier than the average 72 year old was forty years ago. In sum, my generation is not paying it forward. And, the last example I'll use is COVID. A million people dying would be bad, but what would be tragic is if my generation got less wealthy. So we flushed $7,000,000,000,000 into the system, 85% of which was not spent. It was saved. So where did that go? Went into the stock market and the housing market. Homes went …