http://www.economist.com/node/21543178
This article details the changing face of the wealthiest Americans. Inequality has been rising, and the form of inequality has changed. The article talks about how Mitt Romney represents the face of the new super-rich, who have made their money in the finance sector.
2 comments:
The present financial system seems to be heavily reliant on the stock market. The volatility of the market provides an excellent opportunity for some people to become rich overnight. I think by the use of policy we can discourage such kind of activity where stocks are traded for short term gains. I remember having a discussion in my monetary and fiscal class relating this. And how Buffet made a lot of money through the stock market but donated most of it to charities. I think at the end of the day, the rich have to give back to the society for the whole economy to prosper in the long run.
Since it is almost impossible to have a perfectly competitive market, profits will always exist, hence the top 1% of the population continue to be there.
I personally have nothing against that 1% of the population. However, majority of people in polls would not mind the richest paying more than 30% of taxes.
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