Income Inequality

A bubble of deference and flattery

Pathos of the Plutocrat, Paul Krugman, New York Times, July 19, 2012

“…Mr. Obama always bends over backward to declare his support for free enterprise and his belief that getting rich is perfectly fine. All that he has done is to suggest that sometimes businesses behave badly, and that this is one reason we need things like financial regulation. No matter: even this hint that sometimes the rich aren’t completely praiseworthy has been enough to drive plutocrats wild.

“…Not only do many of the superrich feel deeply aggrieved at the notion that anyone in their class might face criticism, they also insist that their perception that Mr. Obama doesn’t like them is at the root of our economic problems. Businesses aren’t investing, they say, because business leaders don’t feel valued.

“…Business investment has actually held up fairly well given this weakness in demand. Why should businesses invest more when they don’t have enough customers to make full use of the capacity they already have?

“But never mind. Because the rich are different from you and me, many of them are incredibly self-centered. They don’t even see how funny it is — how ridiculous they look — when they attribute the weakness of a $15 trillion economy to their own hurt feelings. After all, who’s going to tell them? They’re safely ensconced in a bubble of deference and flattery…”

Categories: Income Inequality

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3 replies »

  1. I read the headline, too quickly, as “A bubble of flatulence.” LOL!

    That's one bubble I don't want to burst. The rich can stay in it and breathe in their own excesses!


  2. Sad but very true…opulance and arrogance seem to go hand in hand. If we don't balance the wealth of the world in this century, there won't be much left, for future generations.


  3. Report from the British based Tax Justice Network, indicates 21 Trillion dollars being held outside countries where the owners reside, in offshore tax havens.
    Hmmm…seems to me the trickle down effect of tax redistribution is not working well at all…period. Fix the problem soon… should be the world wide mantra to the politico's, otherwise our society as a whole will degenerate into chaos, as we run out of fossil fuels and clean drinking water. Money will be something you wish you had.


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