Mitt Romney’s choice of Paul Ryan as his VP makes clear what vision he has for the American future: One Market Under God
Mitt Romney’s choice of Paul Ryan as his VP makes clear what vision he has for the American future: One Market Under God. This grand dream is put in stark contrast to the Republicans’ absurd fantasy of Obama’s big government tyranny. If only we could return the country to the days of unfettered markets and bigger tax cuts for the affluent, all will be well. As absurd as their economic delusions are, it’s worth reminding ourselves where the last several decades of moving precisely in this direction have landed us.
In The Price of Inequality: How Today’s Divided Society Endangers Our Future, Nobel Prize winning economist Joseph Stiglitz outlines what by now is a sadly familiar story about the American economy: it’s a rigged game. Specifically Stiglitz thoroughly documents how recent income growth has occurred almost entirely in the top 1 percent. He notes how this has led to growing inequality and how those at the bottom and middle are worse off today than middle class and working class folks were at the beginning of the century.
To make things worse, Stiglitz illustrates how the inequalities in wealth are even greater than those of income. These inequalities show up not just in people’s pocket books but also in their general standard of living and health. During the last few years, those at the bottom have been most hurt by the recession but the middle class has been hollowed out too.