Paul Krugman: The Undeserving Rich (Here it comes!)

The New York Times ^ | January 19, 2014 | Paul Krugman

[2ndDivisionVet]

The reality of rising American inequality is stark. Since the late 1970s real wages for the bottom half of the work force have stagnated or fallen, while the incomes of the top 1 percent have nearly quadrupled (and the incomes of the top 0.1 percent have risen even more). While we can and should have a serious debate about what to do about this situation, the simple fact — American capitalism as currently constituted is undermining the foundations of middle-class society — shouldn’t be up for argument.

But it is, of course. Partly this reflects Upton Sinclair’s famous dictum: It is difficult to get a man to understand something when his salary depends on his not understanding it. But it also, I think, reflects distaste for the implications of the numbers, which seem almost like an open invitation to class warfare — or, if you prefer, a demonstration that class warfare is already underway, with the plutocrats on offense.

The result has been a determined campaign of statistical obfuscation. At its cruder end this campaign comes close to outright falsification; at its more sophisticated end it involves using fancy footwork to propagate what I think of as the myth of the deserving rich.

For an example of de facto falsification, one need look no further than a recent column by Bret Stephens of The Wall Street Journal, which first accused President Obama (wrongly) of making a factual error, then proceeded to assert that rising inequality was no big deal, because everyone has been making big gains. Why, incomes for the bottom fifth of the U.S. population have risen 186 percent since 1979!

If this sounds wrong to you, it should: that’s a nominal number, not corrected for inflation....

[SuziQ]

The reality of rising American inequality is stark. Since the late 1970s real wages for the bottom half of the work force have stagnated or fallen, while the incomes of the top 1 percent have nearly quadrupled (and the incomes of the top 0.1 percent have risen even more)...

I'd love to see a breakdown, someday, of that 1%, and the 0.1%, as well, to see what occupations are represented.

I'm guessing that the most wealthy are represented by professional athletes and entertainers, while the just plain wealthy are mostly those who have worked their way up to the upper echelons of their chosen professions. The scions of earlier wealth are surely among those ranks as well.

My point is that the VERY wealthy are there because the folks in the lower echelons PUT THEM THERE, by buying tickets to sports events,or watching those events on television, or by buying tickets to the movies in which the stars appear.

Those wealthy are not stealing anyone's money, it's being given freely. There has always been, and will always be, a divide between rich and poor. The only way we know so much about it NOW is because of the media.

[LibLieSlayer]

krugman and his ilk are why I think that they need to go after rich LIBERAL men and women and their wealth... you know... take half of all that krugman and rich progressives have and redistribute it to those they care so much about... hell the “poor” can use a few more obamaphones, 50” LCD panels, BluRay players, Air Jordans, all forms of digital entertainment and lots of ebt cards. Start pushing a wealth tax and watch the progressive blue blood communists squeal!

[Tzimisce]

The middle class is the ones that most likely stand up against oppressive control... this is why the marxists have to destroy it before finally seizing power.

The Marxists have sold their message to the middle class - which is why Krugman can get away with writing his column.

Don't believe me? Go tell the average middle class Marxist. Explain to them that Marx has nothing to offer them. They'll start arguing with you. They'll lecture you about how much they care. Go read the NYT comments page! Most of those people would be defined as middle class.

Go see what they say.

[KC_Conspirator]

Krugman is another NY Slimes ‘Champagne Socialist’. And yes, intellectually dishonest. He is also a former Enron consultant.

[xzins]

Since the late 1970s real wages for the bottom half of the work force have stagnated or fallen, while the incomes of the top 1 percent have nearly quadrupled

Since those are years with big government in control, then the best we can say is that big government promotes a rich/poor society. In Obama's economy, those with the wealth to play in a stock market seriously inflated precisely because of government policies are those who are getting wealthy.

When you give a billion dollars to a software firm for a 5 million dollar job, like Obama did, then someone's getting fabulously wealthy in smoke-filled rooms.

[Little Ray]

But he is. Krugman is certainly in the top 50% and probably the top 25%, possibly much higher. Basically he’s “got his.”
This about pulling up the ladder and preventing competitors from catching up.

[Farmer Dean]

Paul Krugman=pure unadulterated assholery.

[Red in Blue PA]

AN EXPERIMENT: Give each person $1 Million dollars.

Check back in 2 years. I would hypothesize that each person would be back financially to approximately where they are now.

Spending and saving habits are like the law of gravity. Ignore them at your own peril.

People who do not save an extra $100 in their pocket will likely not save that extra $1 Million in their pocket. On the flip side, those who go out of their way to save money will do everything thy can to protect that $1 Million.

[familyop]

There are too many unecessary services and money manipulations without the needed levels of production of useful things to support those services. We’re also living in a dump-on-your-neighbor regime that prevents new competition from rising.

So have fun. Enjoy the slide.

[2ndDivisionVet]

Where do you live? France?

[SunkenCiv]

> The reality of rising American inequality is stark.

IOW, a limo-lib liar reviving that old lie.

Thanks 2ndDivisionVet.

[cashless]

Evidently the Nobel committee voted for him the day they all decided to try hallucinogenic drugs.

Mr Krugman needs to have all his net worth converted to $100 bills and shipped to the noncapitalsit Nirvana of his choice and him with them.

[freedumb2003]

>>But he is. Krugman is certainly in the top 50% and probably the top 25%, possibly much higher. Basically he’s “got his.”
This about pulling up the ladder and preventing competitors from catching up.<<

Ah, an ever stronger motivation to try to keep the poor man down.

[pfony1]

I wonder if Krugman will ever study the statistical anomaly that is obvious whenever the religious backgrounds of members of “the 1%” are considered.

Since our DOJ will no longer consider “talent” or “effort” as sufficient justifications for income inequality, shouldn’t our richest “minority” prepare for a DOJ administered income-equalizing pogrom?

[familyop]

"Where do you live? France?"

I'll rephrase that for you, so that you can understand it. There's too much government spending on those who don't do any useful work. There are too many regulations and too many Americans supporting those regulations.

[2ndDivisionVet]

And what do we do about it?

[familyop]

Stop buying things that we don’t need. Become more energy food independent. Learn to repair and rebuild what we already have. Learn to produce something of value as a hobby for now. Be nonpolitical: stop supporting immoral, disrespected political efforts. Stop supporting politicians and constituents who haven’t yet assimilated as Americans (e.g., recently descended from fascist nations).

[2ndDivisionVet]

Was that last a dig at Ted Cruz.

[ozzymandus]

Doesn’t krugman live in a giant mansion?

[zencycler]

"...Well, they charge me just the same for everything as they charge the deserving. What is middle class morality? Just an excuse for never giving me anything. Therefore, I ask you, as two gentlemen, not to play that game on me. I'm playing straight with you. I ain't pretending to be deserving. I'm undeserving; and I mean to go on being undeserving. I like it; and that's the truth."

Alfred P. Doolittle - from "My Fair Lady".