Chart of the decade

That's from Chuck Marr via Jon Chait, who writes:
Now, the flaw in the liberal story is the lack of an ironclad causal mechanism. Liberals have a lot of fairly persuasive stories about how this happened -- political power, the decline of unions, monetary policy, changing social norms -- but all those stories have at least some problems. Still, that chart captures the overriding economic problem of the current era. It also explains why policy solutions like the "Road to Prosperity" are so insane. It is based not only on ignoring this overriding reality but of accelerating it. Ryan's premise that liberating the wealthy from their social obligation will create mass prosperity. It could not be more out of touch with reality.

1 comment:

  1. Nice chart. Yesterday I was reading how the ultra-wealthy in Sao Paulo now get around in helicopters to avoid the unwashed masses outside their compound's gates (via Slate's SCOCCA).

    The United States has become a plutocracy... where 99% of society consists of plebes and mandarins(i.e. highly educated plebes).

    Welcome to the new world order!


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