8-20-2012
http://finance.yahoo.com/blogs/dail...tocracy-elites-chris-hayes-133824134.html?l=1
America Has Now Become An Aristocracy Of Elites
One of the most important trends in America over the last three decades is the rise of extreme inequality: The wealth gap between the "1%" and the "99%" is now higher than it has been in 70 years, since the latter half of the 1920s.
In connection with this, argues MSNBC host and author Chris Hayes in a new book called Twilight Of The Elites, America has become a self-perpetuating aristocracy, in which the small percentage of Americans who benefit from the power and wealth imbalance do what they need to do to ensure that they and their friends and families cling to power.
But it's just as insidious in terms of removing the meritocracy that is part and parcel of the now-rare "American Dream" and replacing it with what amounts to an old-world aristocracy. Even President Barack Obama, Hayes argues, succumbed to this trend when he gained power. Although his own story represents the epitome of the old American dream, Obama's policies now seem designed to preserve the power of the elites, a class in which he is now firmly entrenched.
So how do we fix this?
In Hayes' view, we should start by raising taxes on high incomes and raising the minimum wage.
Back in the 1950s, 60s. and 70s, Hayes notes, the country's highest tax brackets were vastly higher, and this helped produce not only a more equal society, but--contrary to popular wisdom--one in which American business thrived.
The business strength was a result of the strong middle class, which collectively represented vast purchasing power.
http://finance.yahoo.com/blogs/dail...tocracy-elites-chris-hayes-133824134.html?l=1
America Has Now Become An Aristocracy Of Elites
One of the most important trends in America over the last three decades is the rise of extreme inequality: The wealth gap between the "1%" and the "99%" is now higher than it has been in 70 years, since the latter half of the 1920s.
In connection with this, argues MSNBC host and author Chris Hayes in a new book called Twilight Of The Elites, America has become a self-perpetuating aristocracy, in which the small percentage of Americans who benefit from the power and wealth imbalance do what they need to do to ensure that they and their friends and families cling to power.
But it's just as insidious in terms of removing the meritocracy that is part and parcel of the now-rare "American Dream" and replacing it with what amounts to an old-world aristocracy. Even President Barack Obama, Hayes argues, succumbed to this trend when he gained power. Although his own story represents the epitome of the old American dream, Obama's policies now seem designed to preserve the power of the elites, a class in which he is now firmly entrenched.
So how do we fix this?
In Hayes' view, we should start by raising taxes on high incomes and raising the minimum wage.
Back in the 1950s, 60s. and 70s, Hayes notes, the country's highest tax brackets were vastly higher, and this helped produce not only a more equal society, but--contrary to popular wisdom--one in which American business thrived.
The business strength was a result of the strong middle class, which collectively represented vast purchasing power.