This widening gap between the rich and non-rich has been evident for years. When the high priest of capitalism himself is declaring the growth in economic inequality a national crisis, something has gone very, very wrong.
#PLUTOCRACY DEF FREE#
(The idea of “two Americas” was a central theme of John Edwards’s 20 presidential runs.) What made the argument striking in this instance was that it was being offered by none other than the former five-term Federal Reserve Chairman Alan Greenspan: iconic libertarian, preeminent defender of the free market, and (at least until recently) the nation’s foremost devotee of Ayn Rand. This diagnosis, though alarming, was hardly unique: drawing attention to the divide between the wealthy and everyone else has long been standard fare on the left.
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What we were seeing, he argued, was not a single economy at all, but rather “fundamentally two separate types of economy,” increasingly distinct and divergent. economy had become “very distorted.” In the wake of the recession, this guest explained, high-income individuals, large banks, and major corporations had experienced a “significant recovery” the rest of the economy, by contrast-including small businesses and “a very significant amount of the labor force”-was stuck and still struggling. There, on the set of Meet the Press, the host, David Gregory, was interviewing a guest who made a forceful case that the U.S. I f you happened to be watching NBC on the first Sunday morning in August last summer, you would have seen something curious.
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