Yes, indeed.

iVillage Member
Registered: 04-02-2009
Yes, indeed.
665
Mon, 09-20-2010 - 9:40am

This is an opinion piece, make no mistake.



http://www.nytimes.com/2010/09/20/opinion/20krugman.html?hp



The Angry Rich



By PAUL KRUGMAN

Published: September 19, 2010













Anger is sweeping America. True, this white-hot rage is a minority phenomenon, not something that characterizes most of our fellow citizens. But the angry minority is angry indeed, consisting of people who feel that things to which they are entitled are being taken away. And they’re out for revenge.



No, I’m not talking about the Tea Partiers. I’m talking about the rich.





These are terrible times for many people in this country. Poverty, especially acute poverty, has soared in the economic slump; millions of people have lost their homes. Young people can’t find jobs; laid-off 50-somethings fear that they’ll never work again.



Yet if you want to find real political rage — the kind of rage that makes people compare President Obama to Hitler, or accuse him of treason — you won’t find it among these suffering Americans. You’ll find it instead among the very privileged, people who don’t have to worry about losing their jobs, their homes, or their health insurance, but who are outraged, outraged, at the thought of paying modestly higher taxes.



The rage of the rich has been building ever since Mr. Obama took office. At first, however, it was largely confined to Wall Street. Thus when New York magazine published an article titled “The Wail Of the 1%,” it was talking about financial wheeler-dealers whose firms had been bailed out with taxpayer funds, but were furious at suggestions that the price of these bailouts should include temporary limits on bonuses. When the billionaire Stephen Schwarzman compared an Obama proposal to the Nazi invasion of Poland, the proposal in question would have closed a tax loophole that specifically benefits fund managers like him.



Now, however, as decision time looms for the fate of the Bush tax cuts — will top tax rates go back to Clinton-era levels? — the rage of the rich has broadened, and also in some ways changed its character.



For one thing, craziness has gone mainstream. It’s one thing when a billionaire rants at a dinner event. It’s another when Forbes magazine runs a cover story alleging that the president of the United States is deliberately trying to bring America down as part of his Kenyan, “anticolonialist” agenda, that “the U.S. is being ruled according to the dreams of a Luo tribesman of the 1950s.” When it comes to defending the interests of the rich, it seems, the normal rules of civilized (and rational) discourse no longer apply.



At the same time, self-pity among the privileged has become acceptable, even fashionable.



Tax-cut advocates used to pretend that they were mainly concerned about helping typical American families. Even tax breaks for the rich were justified in terms of trickle-down economics, the claim that lower taxes at the top would make the economy stronger for everyone.



These days, however, tax-cutters are hardly even trying to make the trickle-down case. Yes, Republicans are pushing the line that raising taxes at the top would hurt small businesses, but their hearts don’t really seem in it. Instead, it has become common to hear vehement denials that people making $400,000 or $500,000 a year are rich. I mean, look at the expenses of people in that income class — the property taxes they have to pay on their expensive houses, the cost of sending their kids to elite private schools, and so on. Why, they can barely make ends meet.



And among the undeniably rich, a belligerent sense of entitlement has taken hold: it’s their money, and they have the right to keep it. “Taxes are what we pay for civilized society,” said Oliver Wendell Holmes — but that was a long time ago.



The spectacle of high-income Americans, the world’s luckiest people, wallowing in self-pity and self-righteousness would be funny, except for one thing: they may well get their way. Never mind the $700 billion price tag for extending the high-end tax breaks: virtually all Republicans and some Democrats are rushing to the aid of the oppressed affluent.



You see, the rich are different from you and me: they have more influence. It’s partly a matter of campaign contributions, but it’s also a matter of social pressure, since politicians spend a lot of time hanging out with the wealthy. So when the rich face the prospect of paying an extra 3 or 4 percent of their income in taxes, politicians feel their pain — feel it much more acutely, it’s clear, than they feel the pain of families who are losing their jobs, their houses, and their hopes.



And when the tax fight is over, one way or another, you can be sure that the people currently defending the incomes of the elite will go back to demanding cuts in Social Security and aid to the unemployed. America must make hard choices, they’ll say; we all have to be willing to make sacrifices.



But when they say “we,” they mean “you.” Sacrifice is for the little people.



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*The 'bolding' of certain sections is mine for emphasis*



 

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iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 9:51am

LOL! Just more class warfare nonsense. You gotta keep it in perspective. Ask yourself, how many businesses has this author run? How many realy "rich" people does he actually know?

And what with this group of Americans already picking up the vast majority of the tax bill for everyone else--how dare they want to keep more of their own money.

I notice how the article tries to put all these "angry rich" people as only those from Wall Street whose firms received taxpayer bailout money. It's too misleading to really be taken with any seriousness. Don't you think?

But the rich will always be faced with those who like to jump on the bandwagon to group them altogether and blame them for all the country's woes. Good luck with that.

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 02-24-2009
Mon, 09-20-2010 - 10:01am

He is an economist who won a Nobel prize. He may not have run any businesses, but I think he may have some clue how it is done (besides, it really isn't rocket science). He also travels in fairly upscale circles, so I am sure he knows a few wealthy people and that he himself earns quite a decent living.

I don't always agree with him, but he is coherent.

From Wiki:

"Krugman earned his B.A. in economics from Yale University in 1974 and his Ph.D. from the Massachusetts Institute of Technology (MIT) in 1977. While at MIT he was part of a small group of MIT students sent to work for the Central Bank of Portugal for three months in summer 1976, in the chaotic aftermath of the Carnation Revolution. From 1982 to 1983, he spent a year working at the Reagan White House as a staff member of the Council of Economic Advisers. He taught at Yale University, MIT, UC Berkeley, the London School of Economics, and Stanford University before joining Princeton University in 2000 as professor of economics and international affairs. He is also currently a centenary professor at the London School of Economics, and a member of the Group of Thirty international economic body. He has been a research associate at the National Bureau of Economic Research since 1979. http://en.wikipedia.org/wiki/Paul_Krugman

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Men can only be happy when they do not assume that the object of life is happiness.
– George Orwell






Edited 9/20/2010 10:08 am ET by rollmops2009
I believe that everyone must rejoice in his destiny, in the fact that he has lived at all and achieved a destiny. Destiny is the only sure asset. – Jørgen-Frantz Jacobs
iVillage Member
Registered: 04-02-2009
Mon, 09-20-2010 - 10:18am
Eh, I figured "dismiss without actually thinking" would be the knee-jerk response for many.
 

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"Of
iVillage Member
Registered: 08-16-2005
Mon, 09-20-2010 - 10:30am
Where I see the anger is in everyday Americans.


iVillage Member
Registered: 02-24-2009
Mon, 09-20-2010 - 10:35am
I don't think Krugman is particularly liberal (but I confess that I don't know). I know a fair number of people in the "over 250 club" as you aptly call it, and they are indeed quite annoyed. That said, I think you are entirely correct that many "ordinary people" are angry as well, albeit for somewhat different reasons.

* * * * * * * * * * * * * *
Men can only be happy when they do not assume that the object of life is happiness.
– George Orwell
I believe that everyone must rejoice in his destiny, in the fact that he has lived at all and achieved a destiny. Destiny is the only sure asset. – Jørgen-Frantz Jacobs
iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 10:36am

Forgive me for chuckling. Here's one of Paul's latest books and the accompanying review. I read quite a bit--with lots of thinking, and one thing you need to be careful of is to consider the objective of the author rather than just blind following:

The Conscience of a Liberal by Paul Krugman

Starred Review. Economist and New York Times columnist Krugman's stimulating manifesto aims to galvanize today's progressives the way Barry Goldwater's The Conscience of a Conservative did right-wingers in 1964. Krugman's great theme is economic equality and the liberal politics that support it. America's post-war middle-class society was not the automatic product of a free-market economy, he writes, but was created... by the policies of the Roosevelt Administration. By strengthening labor unions and taxing the rich to fund redistributive programs like Social Security and Medicare, the New Deal consensus narrowed the income gap, lifted the working class out of poverty and made the economy boom. Things went awry, Krugman contends, with the Republican Party's takeover by movement conservatism, practicing a politics of deception distraction to advance the interests of the wealthy. Conservative initiatives to cut taxes for the rich, dismantle social programs and demolish unions, he argues, have led to sharply rising inequality, with the incomes of the wealthiest soaring while those of most workers stagnate. Krugman's accessible, stylishly presented argument deftly combines economic data with social and political analysis; his account of the racial politics driving conservative successes is especially sharp. The result is a compelling historical defense of liberalism and a clarion call for Americans to retake control of their economic destiny. (Oct.)

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 03-26-2003
Mon, 09-20-2010 - 10:36am
Yup, we all must protect the oppressed powerful and well to do.

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 07-15-2010
Mon, 09-20-2010 - 10:37am

>>I don't think Krugman is particularly liberal (but I confess that I don't know).<<

ROTFLMAO! Well hopefully you know now!

>>Luck is what you call it when preparation meets opportunity<<
iVillage Member
Registered: 03-26-2003
Mon, 09-20-2010 - 10:41am
Liberal is not a synonym for foolish or wrong .

 


 


I disagree with you, but I'm pretty sure

iVillage Member
Registered: 02-24-2009
Mon, 09-20-2010 - 10:45am
Yes, I saw your post, thanks. I am still not sure how his associations (certainly establishment and mainstream) and opinions would somehow make him into someone very liberal. I do read his columns semi-regularly and they do not appear to me to be extreme in any way. Rather they are fairly middle of the road, and in keeping with his academic credentials, he tends to use facts more than opinion.

* * * * * * * * * * * * * *
Men can only be happy when they do not assume that the object of life is happiness.
– George Orwell
I believe that everyone must rejoice in his destiny, in the fact that he has lived at all and achieved a destiny. Destiny is the only sure asset. – Jørgen-Frantz Jacobs

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