Re: American middle class no longer the richest

by Idéfix Thu Apr 24, 2014 9:13 pm

Good article, thanks for posting. Reminded me to order Piketty's book. It is out of stock on Amazon now -- looks like it sold out!

by Merlot Daruwala Thu Apr 24, 2014 11:50 pm

Idéfix wrote:Good article, thanks for posting. Reminded me to order Piketty's book. It is out of stock on Amazon now -- looks like it sold out!

Just started reading the ebook. But considering the size, and the likely slow progress, I very much doubt if I'll ever finish it.

The other point that struck me is how base feelings like envy are beginning to color the debate across the world but startlingly so in the US which until now used to celebrate financial success. Instead of focusing on how to reduce the inequity by raising the incomes at the lower end, there is now an increasing tendency to do it the old socialist way, by punishing those at the other end, for the crime of being wealthy. The demonization of "the 1%", the irrational protests against Google employees in SFO, the intemperate sentencing in white-collar crimes like insider-trading are all symptoms of this insidious trend.

by Kris Fri Apr 25, 2014 1:58 am

Merlot Daruwala wrote:
Idéfix wrote:Good article, thanks for posting. Reminded me to order Piketty's book. It is out of stock on Amazon now -- looks like it sold out!

Just started reading the ebook. But considering the size, and the likely slow progress, I very much doubt if I'll ever finish it.

The other point that struck me is how base feelings like envy are beginning to color the debate across the world but startlingly so in the US which until now used to celebrate financial success. Instead of focusing on how to reduce the inequity by raising the incomes at the lower end, there is now an increasing tendency to do it the old socialist way, by punishing those at the other end, for the crime of being wealthy. The demonization of "the 1%", the irrational protests against Google employees in SFO, the intemperate sentencing in white-collar crimes like insider-trading are all symptoms of this insidious trend.

>>>Let's hope this is just a phase. The side effect of this trending to the left whereby everyone is "equalized" will inevitably be skepticism of exceptionalism and individualism.

by confuzzled dude Fri Apr 25, 2014 3:59 pm

Kris wrote:
Merlot Daruwala wrote:
Idéfix wrote:Good article, thanks for posting. Reminded me to order Piketty's book. It is out of stock on Amazon now -- looks like it sold out!

Just started reading the ebook. But considering the size, and the likely slow progress, I very much doubt if I'll ever finish it.

The other point that struck me is how base feelings like envy are beginning to color the debate across the world but startlingly so in the US which until now used to celebrate financial success. Instead of focusing on how to reduce the inequity by raising the incomes at the lower end, there is now an increasing tendency to do it the old socialist way, by punishing those at the other end, for the crime of being wealthy. The demonization of "the 1%", the irrational protests against Google employees in SFO, the intemperate sentencing in white-collar crimes like insider-trading are all symptoms of this insidious trend.
>>>Let's hope this is just a phase. The side effect of this trending to the left whereby everyone is "equalized" will inevitably be skepticism of exceptionalism and individualism.

or could it be the case of capitalism hitting the fan which needs some sort of correction to get back on track. If rich keep getting richer and everyone else is getting poorer something is wrong with that system.

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