The New York Times today reported that a former associate of Mitt Romney at Bain Capital is writing a book that purports to show why greater income inequality is good for the economy, and also benefits the 99 percent-plus who haven’t been cunning or well connected enough to become super-rich.
His argument, in brief, is this: most of the money garnered by these super rich worthies isn’t spent on their own luxuries. Rather, it is invested in ways that generate wealth that ends up being shared by all — though admittedly, the less cunning and well-connected 99 percenters do have to settle for much, much smaller shares.
The fact this this love-thy-economic-betters author is a former Wall Street colleague of a guy who is now running for President, a guy who sadly (that darn old democratic system) must appeal to more than half of today’s economically aggrieved 99 percenters, is probably not appreciated by the Romney camp. Maybe they shouldn’t feel that way, however. Maybe the rest of us shouldn’t feel that way either.
Maybe extraordinarily high levels of wealth concentration are good for everyone. I mean sure, it hasn’t proven to make most Americans wealthier in recent years. It hasn’t generated huge numbers of well paying jobs (or any other kind for that matter) at a time when this concentration has grown and grown. Indeed, it hasn’t made for an economy nearly as satisfying and secure and productive as when such concentration wasn’t nearly as evident, as during the post-WW II period between 1945 and the coming of Reagan.
But heck. Why focus on current realities, or the realities of recent decades past? Let’s focus instead on the economic theorizing of a super rich former Bain partner of Mitt Romney. And let us all then genuflect in the appropriate manner.
If this doesn’t seem a good enough of show of appreciation, why not invite a 0.01 percenter out to dinner to show your gratitude for the wonderful things he’s done for us all? And if that requires cashing in pension savings to make this best and brightest person comfortable at table with the fare we provide, cash in your pension savings (or what’s left of it). It’s the least you can do.
All hail Bain Capital! All hail Wall Street and the increasing number of tasty morsels it provides for vulture funds like Bain! Let us now all tap our heels together, mutter “death to regulation and progressive taxation,” and queue up to follow Bain folk down the iron pyrite brick road being laid out for us this coming election day.
To learn more about a quirky novel (and a very unusual book of verse) from the author of this piece, hit one of these icons: