If you’re so smart, why ain’t you rich?
Draft of 2006.03.05 ☛ 2015.06.30
Say, rather, that five things are going on:
- The rise of a very powerful, successful, exploitative upper class.
- Further increases in inequality as the tax and transfer system becomes less progressive.
- Increases in risk that threaten to move middle-class families sharply downward in the wealth distribution.
- Skill-biased technical change that sharply raises the benefits to education.
- Holes in the safety net—the fall in the value of the minimum wage, time-limited welfare, and so forth.