Repeating the Error of the 1920s?

Posted October 14, 2014
By Clay Cerny

 

Huffington Post reports that inequality in the U.S. is at a wider point than it has been since the Great Depression. Does this mean that we’re on the way to a new crash? I hope not. HuffPo points to the popularity of Thomas Piketty as a reason for hope. The problem I see is that too many Americans have been trained to think all taxes are bad. The super-rich and large corporations have used their lawyers and lobbyists to game the tax system. I don’t see any way that will change any time soon. Americans are too easily distracted by “crisis” stories like Ebola and ISIS. Income inequality affects all of us, especially those under 35. Maybe a crash is the only thing that will wake up Americans.