Paul Krugman: How Soaring Inequality May Lead the World Down the Path of Fascism

[xchrom]

http://www.alternet.org/economy/paul-krugman-how-soaring-inequality-may-lead-world-down-path-fascism




We live in scary times, Paul Krugman writes in his Friday New York Times column. So scary that they put the esteemed economist in mind of 1930s Europe.

The rising inequality problem, well established by Thomas Piketty’s “Capital in the 21st Century,” has concentrated so much wealth in the hands of so few, while millions of others live in what Krugman poetically calls the "Valley of the despond."

The only other group that is doing well, besides the global elite, says Krugman, is "what we might call the global middle — largely consisting of the rising middle classes of China and India." For a crystal clear view if what is going on he suggests consulting a remarkable chart of income gains around the world produced by Branko Milanovic of the City University of New York Graduate Center.

Of course, there is a huge plus side to rising incomes for those living in those developing nations where hundreds of millions of people have been lifted out of terrible poverty. But in advanced countries, there are also worrisome signs on the horizon:

Between these twin peaks — the ever-richer global elite and the rising Chinese middle class — lies what we might call the valley of despond: Incomes have grown slowly, if at all, for people around the 20th percentile of the world income distribution. Who are these people? Basically, the advanced-country working classes. And although Mr. Milanovic’s data only go up through 2008, we can be sure that this group has done even worse since then, wracked by the effects of high unemployment, stagnating wages, and austerity policies.

[billhicks76]

1. Already There...Dont Vote For Clinton Or Bush

Wake Up And Redefine Your Reality

[PuraVidaDreamin]

2. Celdf.org

Forming your own community bills of rights. This is a good place to start!

[og1]

3. Really Paul really

Paul we crossed that threshold a decade ago. Fascism is a government controlled through propaganda (Fox news) and a political party ( republican). And fascism gets a boost with the help of corporate inspired Democrats!

[heaven05]

5. all you said

and the 47% and their democrat allies who have voted for fascism since 1980.

[Enthusiast]

4. Kicked and recommended a whole bunch!

[meti57b]

6. We have exported all our jobs overseas.

We don't manufacture anything here, anymore.