We long ago reached the point where the social relations of production became incompatible with further development of the forces of production. It's more profitable for private equity and other vulture capital to buy up productive capacity, and asset-strip and enshittify it.
@KevinCarson1 we've been capable of entering a post-scarcity society for at least the past 50 years. As Buckminster Fuller wrote in 1970 "We must do away with the absolutely specious notion that everybody has to earn a living. It is a fact today that one in ten thousand of us can make a technological breakthrough capable of supporting all the rest."

@hyc @KevinCarson1 also someone's income is less than ever linked to their contribution to society.

Otherwise paramedics and ER surgeons would earn more than banksters, and firefighters more than insurance brokers.