Advertisements

The Inequality Bed-Wetters are Misleading You

krugman

The Gilded Gelded Age

editor-commen-deskI offer this for two reasons. One, because I’ve never read anything by Kevin D. Williamson that I didn’t like and want everyone to read. And two, because there’s this very disturbing photo of Paul Krugman that I’ve been dying to get off my desk. Now you can have nightmares about Krugman’s face, staring scoldingly into the abyss. And I can go back to my usual nightmares about Obama cutting a nuke deal with Iran in order to speed up the coming global apocalypse. Which reminds me. Do you have Williamson’s book yet? I think everyone should read that, too. See the full text of Williamson’s article here.

For National Review OnlineKevin D. Williamson writes: The inequality police are worried that we are living in a new Gilded Age. We should be so lucky: Between 1880 and 1890, the number of employed Americans increased by more than 13 percent, and wages increased by almost 50 percent.kevin-williamson

“…if your assumption here is that this is about redistribution, then you should want the billionaires’ incomes to go up, not down: The more money they make, the more taxes they pay, and the more money you have to give to the people you want to give money to, e.g., overpaid, lazy, porn-addicted bureaucrats…” 

I am going to go out on a limb and predict that the Barack Obama years will not match that record; the number of employed Americans is lower today than it was when he took office, and household income is down. Grover Cleveland is looking like a genius in comparison.

“…poor people are not poor because rich people are rich, nor vice versa. Very poor people are generally poor because they do not have jobs, and taking away Thurston Howell III’s second yacht is not going to secure work for them…”

The inequality-based critique of the American economy is a fundamentally dishonest one, for a half a dozen or so reasons at least. Claims that the (wicked, wicked) “1 percent” saw their incomes go up by such and such an amount over the past decade or two ignore the fact that different people compose the 1 percent every year, and that 75 percent of the super-rich households in 1995 were in a lower income group by 2005.

“The 3 million highest-paying jobs in America paid a lot more in 2005 than did the 3 million highest-paying jobs in 1995” is a very different and considerably less dramatic claim than “The top 1 percent of earners in 1995 saw their household incomes go up radically by 2005.” But the former claim is end-is-neartrue and the latter is not.

[If you haven’t read Kevin D. Williamson’s  “The End Is Near and It’s Going to Be Awesome”  then your Global Panic checklist is incomplete. Fear not, it’s available at Amazon]

Paul Krugman, who persists in Dickensian poverty, barely making ends meet between six-figure sinecures, is a particularly energetic scourge of the rich, and he is worried about conspicuous consumption: “For many of the rich, flaunting is what it’s all about. Living in a 30,000 square foot house isn’t much nicer than living in a 5,000 square foot house; there are, I believe, people who can really appreciate a $350 bottle of wine, but most of the people buying such things wouldn’t notice if you substituted a $20 bottle, or maybe even a Trader Joe’s special.” In an earlier piece on the same theme, he urged higher taxes as a way to help the rich toward virtue…(read more)

National Review Online

[Other great stuff by Kevin D. Williamson]

— Kevin D. Williamson is roving correspondent at National Review. He is also the author of “The End Is Near and It’s Going to Be Awesome”.

[Also see – Kevin D. Williamson: The Obama Administration’s Curious Cable Jihad]

 

Advertisements

One Comment on “The Inequality Bed-Wetters are Misleading You”

  1. […] Pundit from another Planet The Gilded Gelded Age I offer this for two reasons. One, because I’ve never read anything by […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.