“Whether or not one is generally convinced by Piketty’s thesis that r > g (or more plainly, that capital tends to grow at a faster rate than income without some form of outside intervention), it should be plain that in our system, the stage has been uniquely well-set for the unbridled expansion of wealth that his book describes. When the effective tax rates are lower for capital gains than for the incomes of the less affluent; when political processes are legally corrupted and circumvented for a price; when regulatory agencies are gutted, stalled, or simply staffed with careerists eager to make their way through the revolving door — this is not a political or economic system likely to become less unequal over time.
Will this trend toward inequality continue? According to ‘U.S. Trust Insights on Wealth and Worth,’ a recent survey of wealthy Americans that aims to “[shed] light on the direction and purpose of the more than $15 trillion that will be passed across generations in high-net-worth families over the next two decades,” it seems increasingly likely.”
Read the rest at Salon. “Clueless rich kids on the rise: How millennial aristocrats will destroy our future“