A process that inevitably will lead to a social and political crisis

In OECD countries, wealth has tended to increase faster than the payroll. This means that the financial situation of wealth holders has continuously improved relative to that of employees. After the COVID crisis, we can also see the simultaneous presence of a slowdown in wages and rising unemployment on the one hand, and a continued rise in real estate prices and a sharp rise in share prices on the other hand. This situation, which is due in particular to the expansionary monetary policies and the skewing of income distribution against wage earners, cannot be socially and politically accept able forever . In the future, we should therefore expect either a more efficient income distribution combined with a more restrictive monetary policy, or far higher taxation of wealth.