Oligarchy, American Style
By PAUL KRUGMAN
Published: November 3, 2011
Anyone who has tracked this issue over time knows what I mean. Whenever growing income disparities threaten to come into focus, a reliable set of defenders tries to bring back the blur. Think tanks put out reports claiming that inequality isn’t really rising, or that it doesn’t matter. Pundits try to put a more benign face on the phenomenon, claiming that it’s not really the wealthy few versus the rest, it’s the educated versus the less educated.
So what you need to know is that all of these claims are basically attempts to obscure the stark reality: We have a society in which money is increasingly concentrated in the hands of a few people, and in which that concentration of income and wealth threatens to make us a democracy in name only.
Read the full story here: The New York Times
- Wall Street Loses Its Immunity – NYTimes.com (wpvins.wordpress.com)
- Panic of the Plutocrats – NYTimes.com (wpvins.wordpress.com)