http://news.investors.com/ibd-edito...56054-top-earners-target-of-class-warfare.htm
Can this be true? One thing that is certain is this...........
It's no secret that the Democrats' 2016 presidential campaign theme will be class warfare — or as Hillary Clinton calls it, "toppling the rich." Which is "rich," given her own wealth.
The left has bought all in to the claim by academics like French economist Thomas Piketty, who argues that capitalism is creating vast dynasties of wealth that are hoarded by a select few oligarchies, with money being handed down from one generation of trust-fund babies to the next.
This narrative is mostly rubbish. While today's rich are much richer than the rich of past generations, the rotation among the elite is prodigious. A forthcoming academic article in the Cato Journal reveals that yesterday's rich get poorer over time, not richer, and get rapidly eclipsed by a new generation of entrepreneurs and innovators who build their own new fortunes.
Can this be true? One thing that is certain is this...........
It's no secret that the Democrats' 2016 presidential campaign theme will be class warfare — or as Hillary Clinton calls it, "toppling the rich." Which is "rich," given her own wealth.
The left has bought all in to the claim by academics like French economist Thomas Piketty, who argues that capitalism is creating vast dynasties of wealth that are hoarded by a select few oligarchies, with money being handed down from one generation of trust-fund babies to the next.
This narrative is mostly rubbish. While today's rich are much richer than the rich of past generations, the rotation among the elite is prodigious. A forthcoming academic article in the Cato Journal reveals that yesterday's rich get poorer over time, not richer, and get rapidly eclipsed by a new generation of entrepreneurs and innovators who build their own new fortunes.
