This essay has to do with three articles found in the June 8, 2025 edition of The New York Times. The articles are titled "Money Problems"; "On the Right Side of a Vast Gap, It Pays to Be the Boss."; and "Long-Term Care Questions? Here's What to Know." The themes of these articles are about today’s democracy.
In the first article, a fact "The central indictment of capitalism has remained remarkably consistent that it is soulless, exploitative ,inequitable, unstable and destructive, yet also all conquering and overwhelming." That quote suggests that capitalism aside from being dominant has been a major and significant problem for man as well. The article pointed out that capitalism is always in crisis and requires the state to step in and save the capitalistic system from dissent and disintegration.
Another quote by an economic anthropologist "Free markets were such a stark utopia that they required a strong state to lay the ground rules. They are also so disruptive that societies spontaneously try to reassert some order in response.’And, John Maynard. Keynes maintained that the state could get an economy out of a slump by spending money to stimulate demand. And finally, a 19th century Scottish essayist thought that democracy was hopeless and evinced utter contempt for the multitude.
Adam Smith and Jefferson both feared democracy because of the ability of the masses to make decisions that would be counterproductive. of the wealthy. In essence they were afraid of majority rule affecting WASP wealth. I agree , in the sense that the majority is not always right as in the 2024 presidential election. Today’s democracy is associated with alienation,discrimination, exploitation, sadism and ineptitude.
Trump was right when he said the system was rigged and there's a swamp in Washington. However, he's an excellent example of the problem. This second article provided an example of the compensation filings for CEOs and how they pertain to employee wages. For example, Alex Karp, the CEO of Palantir Technologies or a firm that has been in the news for helping the Trump administration collect and compile personal information on millions of Americans. The company disclosed that Karp received $6.8 billion in actual compensation paid in 2024. CEO compensation actually paid is one of the two major ways of accounting for chief executive pay required under the Dodd -Frank Wall Street Reform and consumer protection act of 2010.
Government regulators required that compensation actually paid be included universally in corporate filings and that rule is likely to be slashed by the Trump administration and overturned . Another example of overvalued compensation was paid to Peter Gassner of Veeva Systems. Peter had a total compensation of $172.4 million, nearly all from stock options and awards. The median employee at that company earned $137,866. In essence, it would take a worker at that company 1251 years to earn what that CEO did in 2024. Actually that CEOs salary was $475,000 but his take-home pay was in the millions ..
Of course, major companies would like to hide the actual compensation paid to their CEOs from their employees. Back in the 80s, Peter F. Drucker said it felt right. when CEOs received 10 to 12 times what their workers earned. Gassner’s pay ratio was 1251. CEO’s compensation is disgusting and it's not a surprise that so many in this country are pissed off and alienated with their stagnant compensation and desire for change . Trump’s not the remedy .
A pertinent example of discrimination ,inequality,and exploitation is associated with the third article . It dealt with a major health and wellness problem affecting millions of Americans currently and in the years ahead. The demand for long-term care assistance is rising while the worker supply is decreasing. On the demand-side we have an aging population, which suggests that those turning 80 have greater odds of needing care. The US Census Bureau forecasts that the number of people 85 and older will nearly double by 2035 to 11.8 million people and nearly triple by 2062 to 19 million.
There's a shortage of workers in the field. Those working have a median wage of about $16.72 per hour. Also, immigrants make up 28% of the long-term care workforce. And Trump is deporting these workers.
The price of some long-term care services rose as much as 10% more than triple the 2.9% general rate of inflation in 2024. Long-term care refers to help with daily living for people who are frail or disabled- bathing, dressing, using the toilet, preparing meals, shopping, walking and taking medications. Unfortunately, 23% of all adults and 45% of those age 65 or older incorrectly believe that Medicare will cover their time in a nursing home if they have a long-term illness or disability.
According to the Center for Retirement Research at Boston College, concluded that about 1/5 of retirees will require no long-term care support; 20% are likely to experience a severe need ; 25% will have low and 37% will have moderate needs. The monthly median cost for assisted living communities nationally was $5900 per month; in-homemaker services cost $6292 per month and a private nursing home annual cost of $10,646. The cost of assisted living , nursing home care and homemaker services all jumped roughly 10% in 2024
The administration's crackdown of immigrant workers is likely to accelerate costs further and harm the quality of care.
Demand for workers is expected to be strong in the years ahead and residential care providers are expected to have 817,000 new jobs by 2032 for direct roles. According to federal employment projections, this is the most new positions of any job category across the US economy. It stated that we simply were not going to have enough people to take care of everyone.
Trump’s Congress is also planning funding cuts for Medicaid, which covers 61% of all long-term care. There is also confusion over what Medicare and Medicaid cover Medicare generally covers up to hundred days after hospitalization in the skilled nursing facility. Medicaid covers long-term care services over a longer period of time either in an institutional or home setting, but only for people with very low income and assets. Medicaid is the primary payer for long-term care . It covers nursing home service and care in homes . Insurance companies had been selling long-term care insurance policies since the early 1980s. 35 years ago there were more than 125 insurance companies to choose from.but now there might be a dozen options.
Insurance companies require the customers to pass a medical exam to qualify for the commercial policies. Horrible news for older consumers who are likely to have disqualifying conditions. Self-funding or how much money to set aside is another issue. In essence, most people turn to informal care from family members or friends. 64% of caregiving hours are provided by children, spouses , relatives or non-relatives, but that also has financial consequences for the caregiver. 56 percent of people who provide for someone's long-term care cut back on spending, food, clothing or other basic needs. one third have trouble paying the rent or utility bills. Time away from work translates with lower career earnings ,fewer Social Security benefits and lower levels of savings.
Are Trump voters just stupid or happy with his support for a CEO to receive billions in one year ; collect your personal information; cut Medicaid aid and round up immigrants' that provide health care aid ? The stress from Trump and his sycophants are toxic and are consequential to our republic’s mental and physical illness ..
PS
Not a surprise as there is a pause in deportation for farms, hotels and eateries but not for health . Capitalism prevails