Carlyle Group co-founder and Declaration Partners founder David Rubenstein cited the need for democracy to "work harder" at the 2025 World Economic Forum annual meeting.
Some doubt democracy because it does the will of "policy making billionaires" like Rubenstein over that of the people.
OXFAM released its latest report on inequality. The Davos men failed to reduce income inequality over the last thirteen years.
Mr. Rubenstein had an estimated $1.9 billion net worth in 2012, the year the World Economic Forum declared income inequality a major global risk. That same year he worked hard to maintain private equity's lower "carried interest" tax rates, something very unpopular with the general public. Carried interest has been the subject of many campaign promises but politicians Red & Blue could never get enough votes to eliminate private equity underwriter (PEU) preferred taxes.
Democracy has worked massively well for Rubenstein and his PEU peers. His current net worth is estimated at $4.1 billion, up 115%. As for the common person's finances Google noted:
According to the Bureau of Labor Statistics, from 2012 to the present, average hourly wages have risen at a relatively slow rate, with real average hourly earnings increasing by only around 0.8% annually on average.
With money as speech, democracy isn't turning toward the common person in any substantive manner. It will continue to work hard for PEU legends and their TechGod brethren, new partners in steering policy, budgets and taxation to their will.
Politicians Red and Blue love PEU and increasingly, more are one. It's the Red Team's turn to steer Uncle Sam's resources to benefit their friends and supporters. That's not the kind of hard work needed. It is but more of the same.
