Quote of the day: Either reform or bloodshed


From David Cay Johnston, in an Elias Isquith interview in Salon:

I had done a trilogy on hidden aspects of the American economy, “Perfectly Legal,” which was about how the rich benefit from taxes, “Free Lunch,” about all the subsidies people didn’t know about that go to rich people and corporations, and “The Fine Print,” which was about restraint of trade and monopolies. And in speaking for the last 10 years around the country, one of the things I learned is that people didn’t understand that this isn’t just a function of numbers and whatnot; they didn’t understand there’s a whole structure that affects families, health, healthcare — which are different things — incarceration, opportunity, exposure to environmental hazards, wage theft and so, there was really a need here to give people a broad understanding of, well, “How did this come about, this incredible inequality that we didn’t have in this country until recent years?”

Piketty — whose work I relied on for years and who substantiates a lot of things that I’ve written with his research — argues that the concentration of wealth will just continue and continue and continue. As Herbert Stein, Richard Nixon’s chief economic adviser, famously said, a trend will only continue as long as it can. We will either, through peaceful, rational means, go back to a system that does not take from the many to give to the few in all these subtle ways, or we will end up like 18th century France. And if we end up in that awful condition, it will be the bloodiest thing the world has even seen. So I think it’s really important to get a handle on this inequality. After all, since the end of the Great Recession, one-third of all income increases in this country went to just 16,000 households, 95 percent of it went to the top 1 percent, and the bottom 90 percent’s incomes fell, and they fell by 15 percent. So we need to recognize that there is a very, very serious problem here that has to get addressed. But it won’t just go on forever because if you follow that to its logical absurdity, one person ends up with 90 percent of the wealth in the world. And that’s not going to happen.

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