By MATTHEW HOLT
I was engaged in a debate on Twitter recently and it dawned on me that America in 2024 is comparable to Japan in 1989. The focus of the discussion was on right-wing VC Peter Thiel. Back in 2001, he reportedly placed a substantial amount of Paypal stock, valued at less than $2,000, into a Roth IRA. This retirement account was initially intended for average workers to contribute post-tax earnings, let them grow gradually, and withdraw funds tax-free. Thiel managed to stay under the income limit to contribute to a Roth IRA that year, but the value of the stock skyrocketed within weeks and eventually, to hundreds of millions.
Thiel went on to invest in companies like Facebook and Palantir, accumulating billions in his tax-exempt Roth IRA. While my Twitter opponent claimed that Thiel followed the law, I have my doubts. The Roth IRA was not meant to be exploited as a tax loophole by the Silicon Valley elite. Both my Twitter critic and Thiel seem unwilling to take responsibility or pay their fair share.
In a similar vein, the situation in Japan in 1989 mirrors what America is facing today. The book “The Enigma of Japanese Power” by Karel van Wolferen, describes a state controlled by unaccountable elites operating behind the scenes, similar to how Thiel evades accountability through a network of allies. In the healthcare realm, the system is still based on fee-for-service, leaving providers vulnerable during crises like the recent Change Healthcare outage. Instead of advocating for systemic changes, hospitals and doctors opted for government handouts and a return to the status quo.
These instances highlight a lack of leadership and accountability in crucial sectors. The tragic death of Amber Thurman due to medical professionals’ fear of Georgia’s anti-abortion laws, points to a glaring absence of responsibility. Should Piedmont CEO Kevin Brown, who earns $4 million annually, be held accountable for such failures in leadership? The issue of accountability extends to Epic, facing a lawsuit for monopolistic practices. The need for transparency and accountability is evident in both healthcare and tech industries.
To combat these issues, a nationalization of monopolies like Epic and a shift towards collective responsibility and accountability are vital. Without individuals stepping up and taking ownership of their actions, the cycle of negligence and exploitation will persist. It’s time for a change in mindset and a call for accountability across all sectors of society.
