Masters Of The Universe

 Tom Wolfe coined the phrase "Masters of the Universe" to describe the Wall Street nouveau riche of the 1980s in his book Bonfire of the Vanities. It was one of those times were someone was being ironic and the target of the irony missed the point. Many Wall Street types took it as a complement. Since that time, the Very Rich have come under increasing scrutiny, and rightfully so. I can remember arguing with a friend about executive salaries in the last '90s, but I doubt we'd have the same argument now.

Recently, we got a taste of how the Very Rich think, when one of them wrote a tone deaf Op-Ed piece about the perils of wanting to work remotely even after the pandemic is over. Obviously, we do not know the long term implications of viable remote work exposed by Covid. There are some jobs that can remain hybrid work situations between the office and home. Cathy Merrill said, be careful what you wish for; if you're not in the office it's easier to fire you or make an independent contractor.

Unsurprisingly, the staff at the Washingtonian, which she owns, has rebelled. They read this as a threat to their jobs, since journalism is precisely the sort of job that can be hybrid. Her response, "Oh, I wasn't talking about YOU." displays an almost sociopathic disregard for her fellow human beings.

It also exposes a reality of the early 21st century economy.

The largest drivers of economic growth are "creative" jobs that require a certain intellectual capital. These jobs exist in certain "ecosystems" like Silicon Valley, Boston, even Bangalore. They need the interaction of certain types of people. On the other hand, we can increasingly make those places virtual. There is no reason why Silicon Valley needs to remain a thing. 

Merrill's point about being reduced to contract work and the denial of benefits is something the "non-creative" classes have been dealing with for the last couple of decades. The basic extinction of pensions and extended benefits is something many workers know all too well.

There is no reason why Social Security couldn't be more generous or health insurance couldn't be a public good except that these Masters of the Universe don't want to pay for it. The rise of Boutique Socialism among younger people is precisely a byproduct of a world that rigs the rules in favor of the very few. 

This is unsustainable.