Working Rich

There is no larger political issue in the US right now than the progress of income inequality. Polls show that most Americans think it is a serious problem, and more importantly that work does not create opportunities for advancement. Concern over this situation falls somewhat along party and generational lines, but when we talk about potential solutions that debate becomes much hotter. Should wealth actively be redistributed by government policy?

Into this debate comes Thomas Piketty, a French economist whose work has culminated so far with “Capital in the 21st Century”. His decades of research in the field is laid out to show that wealth is concentrating, and more to the point naturally will because return on investment outpaces wage growth. That argument has been called into question, but another central point has not – that this generation’s wealthy are not a “leisure class” but a “working rich”. They have a power beyond their own money in that they control corporations and funds – other people’s money. Taken properly, it’s political high explosive.

Continue reading

Advertisements