America’s greatest
America’s greatest asset is its optimism — an attitude that’s unleashed unparalleled wealth and validated the thesis that anyone can achieve the American dream. But here’s the glitch in the matrix: Capitalism is the belief that there should be winners and losers, that incentives drive innovation and prosperity. And they do. But the gilded few amass power and use that power for regulatory capture to expand their wealth … a lot.
The Gini coefficient is a measure of inequality popular among economists. Zero indicates everyone in a society has the same; a score of 1.0 means one individual owns everything. In the U.S., we’re higher than 0.8 — about the level seen when the French were separating people from their heads. The superwealthy have amassed vast fortunes without fear of mobs arriving with pitchforks. U.S. policies, turbo-charged by a 2010 Supreme Court ruling that opened the gates to unlimited spending on elections, have widened the gap between the haves and the have-nots. As wealth concentrates, billionaire political spending rises higher, securing policy outcomes that further concentrate wealth. The chaser is inflation, which transfers still more wealth from earners, whose purchasing power erodes, to owners, who are insulated.
