Stiglitz in Vanity Fair: "Of the 1%, by the 1%, for the 1%"

[grahamhgreen]

"It’s no use pretending that what has obviously happened has not in fact happened. The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent. Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent...

All the growth in recent decades—and more—has gone to those at the top. In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran....

First, growing inequality is the flip side of something else: shrinking opportunity.... Second, many of the distortions that lead to inequality—such as those associated with monopoly power and preferential tax treatment for special interests—undermine the efficiency of the economy... Third, and perhaps most important, a modern economy requires “collective action”—it needs government to invest in infrastructure, education, and technology....

Those canny Americans understood a basic fact: looking out for the other guy isn’t just good for the soul—it’s good for business."



http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105

[Armstead]

1. It's too bad Obama signed on with the Wall St Crowd instead of people like Stiglitz

[grahamhgreen]

6. +1

[leftstreet]

2. K&R

Good article

[PuraVidaDreamin]

3. Excellent Article

> Virtually all U.S. senators, and most of the representatives in the House, are members of the top 1 percent when they arrive, are kept in office by money from the top 1 percent, and know that if they serve the top 1 percent well they will be rewarded by the top 1 percent when they leave office.<

[slipslidingaway]

4. knr nt

[edhopper]

5. And they have convinced

around half of the voters to support their policies.