“If we can fix this problem, we will actually make America great again,” said Blodget.
He said we’ve developed a “religion” of shareholder capitalism over the last 35 to 40 years and almost all the gains go to the “tippy top.” Blodget made clear it’s not terrible for people to be at the top, but that the economy is an ecosystem that should work for everybody.
Nine out of ten people spend just about everything they make, but Blodget says it’s not a job problem or about robots stealing jobs. “There are plenty of jobs in the economy. We have an unemployment rate that is lower than it has been in more than 50 years,” he said. “The problem is the pay issue.”
Blodget outlined several myths surrounding shareholder capitalism that have contributed to this issue and has turned America into a “nation of overlords and serfs.”
“It’s time for us to share a little bit more of the value with those who create it,” he said.