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Thursday, November 24, 2011

Paul Krugman, "We Are the 99.9%": The Big Winners in This New Gilded Age?

Paul Krugman begins his latest New York Times essay, "We Are the 99.9%" (http://www.nytimes.com/2011/11/25/opinion/we-are-the-99-9.html?partner=rssnyt&emc=rss), by declaring:

"'We are the 99 percent' is a great slogan. It correctly defines the issue as being the middle class versus the elite (as opposed to the middle class versus the poor). And it also gets past the common but wrong establishment notion that rising inequality is mainly about the well educated doing better than the less educated; the big winners in this new Gilded Age have been a handful of very wealthy people, not college graduates in general."

Let's ignore the class warfare aspects of this introduction, which pits the middle class against the elite and places in question the economic advantages of higher education. I would merely observe that I do not regard George Soros and his ilk to be "the big winners in this new Gilded Age." Quite the contrary, I wonder what they have forfeited as a result of their lifestyles or by getting to where they have gotten, and I don't envy them.

Krugman concludes his opinion piece:

"So should the 99.9 percent hate the 0.1 percent? No, not at all. But they should ignore all the propaganda about 'job creators' and demand that the super-elite pay substantially more in taxes."

No problem, Paul. Let there be higher taxes upon the super-elite, provided all realize that this won't make a dent in the federal government's deficit or debt.

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