Friday, September 26, 2014

Paul Krugman: The Ungodly Rich Make Out Like Bandits, Then Flaunt Their Booty

The show-off society. "Giant yachts and enormous houses have made a comeback....And there’s no mystery about what happened to the good-old days of elite restraint. Just follow the money. Extreme income inequality and low taxes at the top are back. For example, in 1955 the 400 highest-earning Americans paid more than half their incomes in federal taxes, but these days that figure is less than a fifth. And the return of lightly taxed great wealth has, inevitably, brought a return to Gilded Age ostentation. Is there any chance that moral exhortations, appeals to set a better example, might induce the wealthy to stop showing off so much? No." Paul Krugman in The New York Times.


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