| The aristocratic credo holds that all of society benefits from a well-fed super-rich.. But that is hardly the recent experience. The very rich are almost alone in achieving their pre-2008 Recession eminence, with the 1 percent's share of personal income climbing all the way back up. The private-equity and hedge funds that cater to the super-rich have been in the vanguard of outsourcing American production to low-income countries, creating "flash trading" protocols to collect a miniscule cash toll on other people's trading, and building a wall of cash around their tax breaks and other special privileges. American politics turns in slow-motion cycles. Millions more baby boomers are realizing that their 401(k)s aren't nearly large enough to finance a decent retirement. Change will come when the mass Change will come when the mass of Americans understand that the antitax and antigovernment |
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At www.commonwealmagazine.org
At www.commonwealmagazine.org
