Kind of. I want to yes, but its not directly how this works or how it sounds. A large increase in poverty or loss of property is insufficient to stoke revolution on its own. The increase of poverty in favor of the rich devastates the economy for multiple reasons, such as: opportunity contraction, less spending, loss of motivation/mobility, and more. When the economy loss becomes wide spread enough, regardless of bankruptcy/poverty/homeless or whatever rates is when revolution happens.
The problem has to effect a majority of society. 12% sounds devastating (it is), but it is not a wide enough umbrella.
It took 25% of the nation being out of work to, not revolt, but popularly elect someone willing to to spend a little government money on healthcare and welfare.
So it will get much worse before Americans finally read a book and figure out we should maybe do something different.
> So it will get much worse before Americans finally read a book and figure out we should maybe do something different.
You better forget about the books. Don't count on the media either; the abolishment of the fairness doctrine and financial incentives via corporate ownership can and will distort reality in a strata-optimized way. Social media is overrun by bots and influence ops as we speak. New threat: people will ask their LLM. Journalists will source their LLM. Next question: Who trains the LLM?¹
I read Grapes of Wrath recently on a recommendation from a friend and it’s one of the few great books I’ve read and felt was genuinely great. It feels incredibly relevant today with both inequality and automation. Would highly recommend it.
Bankruptcy won't even discharge the kind of debt many/most of the lower-middle class fall broke upon. Alimony, child support, student loans, "restitution."
This claim is simply false. The cause of bankruptcy in the U.S. has been extensively studied and absolutely none of the criteria you list comes even close to the number 1 reason that people in lower or middle class declare bankruptcy: medical bills.
No, it isn’t that well studied; and I’d be interested to see your source and confirm that it doesn’t trace back to a study that says something more like “A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work”. (https://www.cnbc.com/2019/02/11/this-is-the-real-reason-most...)
What? You mean to tell me people file bankruptcy over the kinds of debt they can actually discharge and less so over the kinds of debt they can't?
That doesn't prove anything other than people filing bankruptcy aren't morons.
If the only thing you could discharge were gambling debts, there would be an equally specious claim that people aren't going broke over medical debt because 80% of bankruptcies cite gambling debts as the cause.
Bankruptcy won't even discharge the kind of debt many/most of the lower-middle class fall broke upon.
The whole point was that bankruptcy wasn't a remedy discharging these forms of going broke. It's unsurprising the bankruptcy data leans towards a 'cause' that will actually discharge their debt, otherwise the incentive for a broke person to file bankruptcy is lowered.
Bankruptcy at this point is just a way to signal to creditors not to lend more money to this individual. As you said alimony, child support, student loans, restitution are a must so the filing simply is a formal notice that "every penny this person ever earns is already earmarked, heed this warning before lending"
It's quite convenient though that it actually discharges the kind of debts rich people and businesses are more likely to accrue, while not discharging the kind of debts the middle/lower classes are likely to accrue when they're unable to pay them.
The problem has to effect a majority of society. 12% sounds devastating (it is), but it is not a wide enough umbrella.