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If the richest 1% of American households paid at the same rates they done so in the 40 s and 50 s, the alter could be transformative
“Every billionaire is a policy failure.” So says a key adviser to Representative Alexandria Ocasio-Cortez. Ocasio-Cortez herself says that it’s incorrect to have a “system that allows billionaires to exist” alongside poverty. And the New York Times columnist Farhad Manjoo recently called for us to “abolish billionaires”.
For most of the last four decades, the gains from economic growth have flowed overwhelmingly to the rich. Much of those gains to the rich weren’t “earned” in any traditional sense, but rather extracted, excess earnings squeezed out of a structure designed to favor those who already have influence, point and fortune. Today, the top 1% of Americans own more money than the bottom 90% combined. It’s no wonder “abolishing billionaires” has become a rallying cry.
Read more: theguardian.com
