By Thornton (Tip) Parker
This discussion goes beyond MMT and MS, and advocates of those ideas may or may not agree. Much written here is prefaced with “I think”.
Wealth and income concentration: The claim that money in the hands of the wealthy trickles down through the economy is just backward. Money is like cream—it rises to the top. In 2007, the ten percent with the highest incomes received nearly half of all personal incomes in the country. This concentration was not just due to merit, much of it was structural, institutional, and rent seeking. In part because of Occupy, the public is gradually becoming aware of this fundamental problem. Continue reading