I can’t be sure but I think I just read something on the Economist that suggests that maybe inequality in America is too high and the economic system is being exploited by those at the top?
Surely there is some kind of structural injustice here. But it’s just terrifically hard to say where precisely it lurks and what ought to be done about it. We can easily treat symptomatic inequality through progressive redistribution, but this won’t cure our deeper institutional malady. The deeper problem is that Wall Street can and continues to drink our milkshake—that there is a draining hole in the social till that has already caused our economy to collapse once—not that the banker’s portions of milkshake are growing faster than ours.
Yup I did. It’s a blog post about an essay by Tyler Cowen on how the financial sector seems to be gaming capitalism for its own ends. I like the “drinks our milkshake” line – when that first started getting bandied about I wasn’t convinced by it, but it’s definitely grown on me as an expression.
Anyway, haven’t had time to read the Cowen article yet (please do, and let me know what you think!) but this all seems ripe for follow up.