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Meet America's Most Shameless Defender of the 1 Percent

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No Malarkey!6/19/2013 6:44:27 am PDT

The strawmen that the Right love to trot out is that liberals hate and envy the rich and we want to take all their money to give to lazy brown people, which is just a pile of racist horseshit. Almost nobody begrudges the rich wealth, but a society in which the rich can use their power to leverage larger and larger amounts of the nation’s wealth into their pockets to the detriment of everyone else is dysfunctional. Put money into the hands of middle and low income Americans and they will spend it, growing the economy. When instead additional wealth flows almost entirely to an already wealthy elite, the velocity of money slows since they already have more than enough money to spend to satisfy their desires, and they aren’t going to invest it in more production because demand stagnates when wages for labor stagnate, which increases unemployment, which depresses wages even more, and you are stuck in a deflationary spiral. Which is why the most effective means to fight a recession is probably to give the Fed authority to simply give people cash, rather than using the less efficient quantatative easing, and establishing a national income to keep demand for goods and services from dropping through the floor. The Right’s bugaboo of hyperinflation isn’t a serious threat, because the world’s productive capacity has grown so tremendously since China opened its economy and the advent of the digital revolution that the big problem is to get enough money into people’s hands so that they can buy all of the goods and services they are capable of producing.