Our Class War Rages On

Super-rich are just being more stealthy about it after election: Paul Krugman

By Mark Russell,  Newser Staff

Posted Nov 30, 2012 1:54 PM CST

(Newser) – The election is over, but that doesn't mean the class war between the super-rich and the not-rich is at an end. Having lost at the ballot box, now the plutocracy is trying to use "stealth" to get its way, using the cover of bipartisan, "sensible responses to the budget deficit," writes Paul Krugman in the New York Times. Case in point: the call to raise the retirement and Medicare eligibility age, supposedly because life expectancy is going up. But in fact life expectancy is up the most among the rich. "Why should janitors have to retire later because lawyers are living longer?"

Limiting deductions instead of raising tax rates is also a trick, says Krugman: No amount of deduction-limiting will bring in as much money as "letting the relevant parts of the Bush-era tax cuts expire." Even Bowles-Simpson, which Krugman does not like much, started with the assumption that the high-end Bush tax cuts would expire. "It’s an uncomfortable but real truth that we are not all in this together," he writes. The rich are "trying to use the pretense of concern about the deficit to snatch victory from the jaws of defeat. Let’s not let them pull it off." Click for Krugman's full column.

Bipartisan is just the uber-rich's way of getting what they want, warns Paul Krugman in his latest column.
"Bipartisan" is just the uber-rich's way of getting what they want, warns Paul Krugman in his latest column.   (Shutterstock)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
17%
3%
4%
5%
71%
1%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!