Via reader rjs news and Naked Capitalism comes this excerpt on income inequality and programs to address the issue:
Bill Moyers: Plutocracy Rising – via Yves Smith – Bill Moyer’s latest show, with Matt Taibbi and and Chrystia Freeland, focuses on how the super rich have established a yawning chasm between themselves and ordinary Americans, both in financial and physical terms. One major focus is view the rich are where they are by virtue of their talents and efforts, not (say) by regulatory and tax arbitrage, and how they’ve convinced themselves and a large swathe of society of this myth.
One place where I quibble is where and Freeland argues that “progressives” have dropped the ball by focusing on manufacturing jobs as a solution to the woes of the fallen middle class. That’s hardly the first or best remedy; more progressive taxation (on the order, say, of what we had in Reagan’s day) and getting rid of the favorable treatment of “carried interest” would have far more short term impact. And if I’ve heard the weak tea lefties correctly, the preferred fix for creating more manly jobs (remember Obama’s fixation with that?) is infrastructure spending, where the US has fallen way behind its advanced economy peers, and lousy infrastructure is an impediment to commerce. Freeland has spent too much time in Davos and is unduly enamored of the big multinational corporation business models of extended supply chains. But that aside, there is a lot of good stuff in this show