Sadly many conservative leaning types simply think "nothing is wrong, this is capitalism. Just get a better job and make more money". While also railing against worker protections and wage increases that would be ensure better jobs.
In other words: they don't care, as long as it doesn't hurt them. The core mentality of NIMBYism.
Something is observably wrong. The ratio of rent to income has drastically changed against workers - this is destructive to society.
But the cause is deeper than rent price controls, minimum wage and worker protections.
After the 2008 financial crisis, western central banks digitally printed trillions of dollars (Quantitative Easing) to refloat our financial system. The collapse of 2008 was itself the result of perverse incentives leading to banks stuffed with bad mortgages due to speculative housing manias after the collapse of the Dotcom bubble and 9/11.
The response of flooding the financial system with trillions of printed money after 2008 for years was a political choice - supported by Democrats, Republicans and President Obama.
Wealth inequality is the result. It cannot be fixed at a local level through local policies. It cannot be fixed by Congress through policy or tax tweaks. It is a problem with the financial plumbing itself.
I don't disagree with anything you said here. But sadly we all have to play with the cards we dealt. Mamdami can't force the Central Bank to QT anymore than Trump wants to QE us into hyperinflation. And I'm not sure if either would fix what's already broken.
The scales and old ways of life are broken. I don't think anyone is interested in throwing it out and starting new, so we need to rebalance with the scale we have. That means readjusting tax brackets, worker wages and hours, and likely bringing down asset prices. Throwing more money into the system clearly broke stuff, so let's at least redistribute what we have if we can't easily take out the money
Bringing down asset prices is what is necessary for younger workers to have a chance. As it is - young people will be perpetual wage slaves and never build capital (e.g. home equity, retirement funds) like previous generations. The fear, anger and despondency evident in people who are delaying family formation, delaying medical treatment, hiding their true self while others boast of yachts, and gulfstreams and Aman resorts on instagram, and question whether someone's identity is worthy - all of it is profoundly sad.
But lowering asset prices is a nearly politically impossible lift.
Left-wing populists will promise to deliver. But will ultimately fail. Populism ultimately is a rejection of elites. Elites who are currently failing the public. But you musn't throw the baby out with the bathwater.
My objection is that left-wing populism with its rejection of economic elites, rejection of capitalism and the big-tent embrace of "all" is isomorphic to right wing populism with its rejection of science (antivax), embrace of nationalism and focus on homogeneity. Economists have good ideas. Capitalism is what built the water system that nourishes NYC. A movement embracing "all" will find itself eventually fractured by vote-bank politics as tribal affiliations will dominate in the end.
I am personally focused on thinking about how rewire the financial plumbing over succumbing to either left or right wing populist movements.
Anyway - Mamdani is a forceful, and commanding speaker. His victory speech last night was truly an American original. I think he's trying to point the vector towards a better life for more people and that is a good thing.
