Plutocrats beware

A very rich man argues that rising economic inequality is….bad for politics and bad for the economy.



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Nobody can argue that the Gini coefficient is high (long term chart of income equality and this is the sort of thing that leads to heads being lopped off. Some of his assertions though are totally absurd. Seattle is thriving not because it has $15 minimum wage but rather because it is a technology hot spot with Microsoft at its center. Lot of the income equality is because technology and each disruption leads to a disparity between those adopting the new technology and those not.

In an age where increasing number of jobs are being automated, including fast food workers and such, increasing the minimum wage is not going creating a thriving middle class. We even have robot lettuce pickers ( and Dems in US want to let in caravans of immigrants from the south. High estate tax is one solution but certainly not the only one. One advantage of high estate taxes is that it precludes funds being given to SJW which is essentially what organisations like Ford Foundation have become.

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