Last week, Bill Moyers sat down with Paul Krugman on his program Moyers & Company. The two men discussed Thomas Piketty’s book Capital in the Twenty-First Century. Piketty’s book “shows that two-thirds of America’s increase in income inequality over the past four decades is the result of steep raises given to the country’s highest earners”—and those increases may have a greater effect on the widening income inequality in this country than was previously thought.
“What Piketty’s really done now is he said, ‘Even those of you who talk about the 1 percent, you don’t really get what’s going on.’ He’s telling us that we are on the road not just to a highly unequal society, but to a society of an oligarchy. A society of inherited wealth.”
“We’re seeing inequalities that will be transferred across generations. We are becoming very much the kind of society we imagined we’re nothing like.”
What the 1% Don’t Want You to Know
What the 1% Don’t Want You to Know (Moyers & Company)