The Rich Get…

Quite a good discussion on taxation policy and its effect on the economy in a global environment.

Chrystia Freeland defends the growing degree of fantastic income disparity in our new Gilded Age on the grounds that today’s plutocrats are, unlike the frivolous aristocrats of bygone eras, “economic meritocrats” preoccupied just as much with the creation of wealth as with its conspicuous consumption.

Armine Yalnizyan from the Canadian Centre for Policy Alternatives makes a great point about structural changes in the economic environment that have upset the rules of the game in terms of the “social contract” average workers may once have imagined they were entitled to reasonably benefit from (and also how the whole “culture of entitlement” can be inverted with respect to wealthy beneficiaries of the current tax regime).

Funny that at the end, Partha Mohanram ends up channelling Thomas Frank…

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10 Comments

Filed under Economy, Elitism

10 responses to “The Rich Get…

  1. Pingback: Tweets that mention The Rich Get… « Red Tory v.3.0 -- Topsy.com

  2. I’m not sure if anyone else has access to this, but it’s a great article on income inequality in the US:

    http://pas.sagepub.com/content/38/2/152.full.pdf+html

  3. Paul Raposo

    My cousin told me an interesting story.

    He works in a small factory in Burlington, with about 20 full time employees. Their boss told them before Xmas, the economy was bad yadda, yadda, yadda, and he could either layoff 5 workers, or everyone could take a 15% paycut.

    It’s a non-union shop, but they had a meeting, and unanimously decided to take a paycut, so everyone could keep their jobs.

    After Xmas when they all came back from their one week off, my cousin sees the boss pull into the yard in a brand new Mercedes S-Class sedan.

  4. You expect Executive Management to share the pain? Please … that does not fit the model of the neo-19th Centuy World we are living in.

    It’s like the Post-1929 world never happened !

  5. I forget where I saw it, but I believe that a massive chunk of the income growth of the top 1% is explained by the financial sector. And that growth is in turn explained by policy drift (as the article in my first comment explains) not, as Freeland suggests in the video, because people deserve it. Instead, hedge fund managers are experts at bending rules that exist and convincing politicians to get rid of rules they can’t bend.

  6. TofKW

    Indeed Aeneas, the global corporatists are leading us into another century alright. The 19th century.

    Next thing you know they’ll be calling for the need to scrap child labour laws. Oops, never mind…

    http://voices.kansascity.com/entries/missouri-senator-wants-repeal-child-labor-laws/

  7. jkg

    Hey Shiner, wasn’t you that referenced a Globe and Mail article summarizing that, in fact, the gap has widened contrary to conventional wisdom?

    I believe you did that on your blog.

  8. That’s the point. Hyper-capitalism and globalism is destroying the moderate social reform of the last century.

    A REAL Conservative would be alarmed by this – as it can only lead to disorder and chaos.

    Liberals (of all kinds) tend to not care, as they believe in that the universal and omnipotent “market” will balance it all out in the end.

  9. Hey Shiner, wasn’t you that referenced a Globe and Mail article summarizing that, in fact, the gap has widened contrary to conventional wisdom?

    I believe you did that on your blog.

    Had a quick look through my past posts (too cool for tags) and didn’t see anything, must have been a comment. But here’s a good little fact sheet from the OECD:

    http://www.oecd.org/dataoecd/44/48/41525292.pdf

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