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Founder, Reader Supported News
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Reader Supported News
PO Box 2043
Citrus Hts
CA 95611
30 December 19
FOCUS: Paul Krugman | Big Money and America's Lost Decade
Paul Krugman, The New York Times
Krugman writes: "Yes, the rich have too much political influence."
EXCERPTS:
Why do a small number of rich people exert so much influence in what is supposed to be a democracy? Campaign contributions are only part of the story. Equally if not more important is the network of billionaire-financed think tanks, lobbying groups and so on that shapes public discourse. And then there’s the revolving door: It’s depressingly normal for former officials from both parties to take jobs with big banks, corporations and consulting firms, and the prospect of such employment can’t help but influence policy while they’re still in office.
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Paul Krugman, The New York Times
Krugman writes: "Yes, the rich have too much political influence."
EXCERPTS:
Why do a small number of rich people exert so much influence in what is supposed to be a democracy? Campaign contributions are only part of the story. Equally if not more important is the network of billionaire-financed think tanks, lobbying groups and so on that shapes public discourse. And then there’s the revolving door: It’s depressingly normal for former officials from both parties to take jobs with big banks, corporations and consulting firms, and the prospect of such employment can’t help but influence policy while they’re still in office.
Which brings me back to the 2020 campaign. You may disagree with progressive ideas coming from Elizabeth Warren or Bernie Sanders, which is fine. But the news media owes the public a serious discussion of these ideas, not dismissal shaped by a combination of reflexive “centrist bias” and the conscious or unconscious assumption that any policy rich people dislike must be irresponsible.
And when candidates talk about the excessive influence of the wealthy, that subject also deserves serious discussion, not the cheap shots we’ve been seeing lately. I know that this kind of discussion makes many journalists uncomfortable. That’s exactly why we need to have it.
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