Angrynomics by Eric Lonergan & Mark Blyth

Author:Eric Lonergan & Mark Blyth [Lonergan, Eric & Blyth, Mark]
Language: eng
Format: epub
Tags: Economics
ISBN: 9781788212786
Google: xjmUygEACAAJ
Publisher: Agenda Publishing
Published: 2020-06-16T16:00:00+00:00

DIALOGUE 5

Calming the anger: from angrynomics to an economics that works for everyone

“Anger is a valid emotion. It’s only bad when it takes control and makes you do things you don’t want to do.”

ELLEN HOPKINS

The parable of the good father turned populist

We first met John in March 2009. He was working as a waiter in an upmarket restaurant in Naples, Florida. We struck up a conversation. John is Irish-American, originally from Boston, he had recently moved to Florida with his family. His girls had grown up, been through college, and had found jobs. Only his youngest was still living with him and his wife. They had moved to Florida looking forward to a peaceful retirement. The kids could visit in the winter months and escape to the sunshine.

Several months prior, John’s youngest daughter was diagnosed with a very rare, but life-threatening, heart condition. Eventually, after many hospital visits, John learnt that there was only one specialist with sufficient expertise and the right technology to help his daughter. The heart surgeon was world-renowned and worked for the Miami Dolphins. John sought, and received, his help. His daughter was operated on and made a swift recovery. She is now a healthy 20-something. But John is saddled with over a million dollars of debt. That’s why, approaching his seventies, he is still working.

When we first spoke to John, in 2009, he was angry. All over the news were reports of bonuses being paid to executives at a huge American insurance company called AIG that went bankrupt. John had done most things right in his life. He had played by the rules. He had paid his taxes. He was a good husband and a good father. Right at the end of his working life, all his plans were thrown in the air. He accepted that. His daughter’s health came first. That was never in doubt. But these guys had cheated. They had bankrupted their firm, which the government – taxpayers like him – had to bailout, or it would, so we were told, destroy the whole financial system. Usually, this would be called extortion. These guys were lucky to escape jail. But worse, they were due to receive bonuses so extravagant that one year’s worth would clear all the debts he had incurred to pay for his daughter’s medical bills. John is soft-spoken. He is a mild-mannered man. Not one to lose his temper or start an argument. But something about what he was experiencing made him angry. He felt cheated. He had been lied to. And nothing was being done about it.

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