The article discusses a meeting between California Governor Gavin Newsom and representatives from major tech and finance firms—referred to as “the oligarchs”—amidst rising inequality and a challenge from Senator Alexandria Ocasio-Cortez advocating for wealth redistribution. In response to growing discontent, Newsom has implemented a universal basic income, which some perceive as a modern-day Magna Carta while others criticize it as a step towards a new feudalism or technocratic fascism.
With income stagnation affecting the majority, a significant portion of the population views capitalism negatively. Younger generations favor socialism and advocate for limiting high incomes, fearing job displacement due to artificial intelligence. Research indicates widespread pessimism about economic mobility, particularly among Democrats.
The oligarchs seem to prioritize stability over economic mobility, preferring a system where guaranteed income is provided while suppressing labor rights. This shift risks creating a future marked by “oligarchic socialism,” which focuses on maintaining elite privileges at the expense of the majority, leading to a society where economic mobility is limited.
The article argues that Newsom’s policies reflect a model of governance that compromises traditional capitalistic values, perpetuating poverty and inequality while relying on wealth redistribution from the middle class. It warns that adopting this model nationally could devastate traditional industries and deepen social divides, culminating in a future reminiscent of Aldous Huxley’s “Brave New World,” dominated by elite control and superficial comfort for the masses.
