Welfare cuts, privatization, etc. "widen the already unsustainable systemic inequality that poses an existential threat for our entire species."? That's insanely hyperbolic, and it makes it difficult for me to take the rest of the article seriously. If our species disappears any time soon, it's not going to be because of welfare cuts.
That's not what Aral is saying, though. He's saying "unsustainable systemic inequality" poses an existential threat, and that welfare cuts contribute to that. He is clearly not talking about welfare cuts alone.
