Enlightened Self-Interest

It is no surprise that the wealthy and powerful work hard to keep themselves at the top of the pyramid, and to maintain their wealth and the privileges that go with it. In fact, it is simply human nature. So we see this same theme everywhere in the world and all through history, in nations ruled by oligarchies or dictators and in nations like ours that are supposedly "democratic". In good times it is not so apparent, because everyone feels they are doing well. But in bad times like these it is painfully obvious that the ruling elite takes care of its own first.

What ought to be obvious to the ruling elite, but apparently isn't, is that their continued wealth and prosperity depends upon a strong and healthy economy, with lots of well-off consumers who can buy the products that their companies make and provide the profits that feed their wealth. Henry Ford was wise enough to see that he had to pay his workers well enough that they could buy the cars he was making.

This is an elementary observation about economics. Even slave owners know that one needs to keep feeding the slaves so they can keep working. But apparently today's ruling elite hasn't yet understood this simple principle, or they would be a lot more worried that they appear to be about the precipitous decline of consumer purchasing power and the high unemployment rate.