Paul Krugman writes….

The top twenty five hedge fund managers made a total of 21 billion dollars last year. This is twice as much as all of the kindergarten teachers in the country combined. Those teachers are smart, highly educated and work hard as I am sure some of the hedge fund managers might. But let us not pretend this vast amount of wealth is good for job creation. These men only speculate… they do not create. If they disappeared tomorrow the fate of their fellow man would hardly change.  What this shows that the income gap in this country is real, it is growing and it is not earned in conjunction with other societal benefits. In fact the vast wealth in this country today was inherited and not created by job creators or hard work that also benefited others.It is only a matter of time that inherited wealth will be the biggest source of great wealth. What is the history of societies who experience such a large gap between the haves and have nots….that history suggests revolution in one form or another. Jefferson said such was essential for the survival of democracy. I wonder…

TCB

 

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