It’s a glorious read, especially the part where he points out that the state is a prime driver of it (h/t Protein Wisdom):
First, the entitlement state exists primarily to transfer wealth regressively, from the working-age population to the retired elderly who, after a lifetime of accumulation, are the wealthiest age cohort. Second, big, regulatory government inherently exacerbates inequality because it inevitably serves the strong — those sufficiently educated, affluent, articulate and confident to influence the administrative state’s myriad redistributive actions.
Third, seven years of ZIRP — zero-interest-rate policy— have not restored the economic dynamism essential for social mobility but have had the intended effect of driving liquidity into equities in search of high yields, thereby enriching the 10 percent of Americans who own approximately 80 percent of the directly owned stocks.
The state exists to serve itself. Did you watch the Benghazi hearings and not understand that?
But the best part is his attack, via Philosopher Harry Frankfurt, of the whole idea of economic equality as a moral ideal (if you have not read Harry Frankfurt’s tome On Bullshit, then hie ye to Amazon). One might make a case for economic sufficiency, but sufficiency – whether someone has enough – is irrelevant to how much someone else has. Economics is not now, and will not ever be, a zero-sum game, except when it is given to the political class, who will turn any society into Venezuela if given half the chance.
Oh, but easy for me to say, stuffed with all my privileges and comfort! Yes, it is easy indeed. I am privileged and comfortable and so, so white….
But income inequality is not going to change so long as its existence is used to give more power to the state, the oligarchs that run the state, and the clerisy that worships it. Hate me for saying it as much as you want.