The 1 Percent’s Solution- By PAUL KRUGMAN

[kpete]

The 1 Percent’s Solution
By PAUL KRUGMAN
New York Times
April 26, 2013

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…The austerity agenda looks a lot like a simple expression of upper-class preferences, wrapped in a facade of academic rigor. What the top 1 percent wants becomes what economic science says we must do.

Does a continuing depression actually serve the interests of the wealthy? That’s doubtful, since a booming economy is generally good for almost everyone. What is true, however, is that the years since we turned to austerity have been dismal for workers but not at all bad for the wealthy, who have benefited from surging profits and stock prices even as long-term unemployment festers. The 1 percent may not actually want a weak economy, but they’re doing well enough to indulge their prejudices.

And this makes one wonder how much difference the intellectual collapse of the austerian position will actually make. To the extent that we have policy of the 1 percent, by the 1 percent, for the 1 percent, won’t we just see new justifications for the same old policies?

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the rest:
http://www.nytimes.com/2013/04/26/opinion/krugman-the-one-percents-solution.html?hpw&_r=1&

[Bannakaffalatta]

1. good article

I have a small amendment to suggest:

of the 1 percent, by the 1 percent, for the 1 percent,

should read

of the 1 percent, by the 1 percent, for the 0.01 percent

The well-heeled 3 million, including top rank economists, administrators, lobbyists and media czars, are working either directly for, or tangentially in service of, the thirty thousand who benefit most and suffer least.

The 1% are looking out for the butter on their bread. The 0.01% are unconcerned about the future of any one nation, since they are and their wealth are freely mobile and have no loyalties to or investment in any human community.