by wasoxygen
Three years ago, Thomas Piketty’s Capital in the Twenty-First Century (2013) made its author the most famous economist in the world. The book caused a sensation by highlighting rising income and wealth inequality in the United States and Europe, especially in its jarring claim that inequality is just as bad today as it was a hundred years ago. Piketty writes: “The poorer half of the population are as poor today as they were in the past, with barely 5 percent of total wealth in 2010, just as in 1910. Basically, all the middle class managed to get its hands on was a few crumbs.”These two sentences sum up a profound irony—the central contradiction of modern progressives. They do not believe in progress. A century ago, America’s first progressives believed very much in the power of their reforms. Theodore Roosevelt was proud to protect the environment. John Dewey was busy promoting universal education. Alice Paul was busy fighting for a woman’s right to vote. They succeeded. Today, neo-progressives would have us forget all that, and maybe it’s because economic hindsight is anything but clear.
How much money would you demand to give up modern public goods such as highways or emergency fire and ambulance services? How much is air conditioning worth to you? What about penicillin? Entertainment of any kind that is not live? The ability to travel to Australia from Minneapolis in a day’s time for the price of five men’s suits? Recorded music, movies, and cable television? How much would you have to be paid to surrender the Internet for a month? No Facebook. No Netflix. No email. No Google searches. No Google Maps.
These are Piketty’s crumbs. Here are some others.