October 27, 2007

Temperature's risin'

In an interview with Ezra Klein at The American Prospect, Paul Krugman adds dressing to the discussion I pulled from Phillips's book below:

Well I think the outrage is starting to happen now. It takes a while, and part of it is just people I have the sense that a lot people don't understand how rich the rich are. For the middle-class, it's a lot of the frog in the slowly warming pot syndrome. That year to year the fact that you're falling behind, that you're not getting anywhere despite a growing economy, is not that obvious, and you can chalk it up to your individual experience. But you look back at 35 years of technological progress, rising productivity, and at best arguable gains for the median family, then you can really see it. And the forces at the top are so large that, in a way, they're unimaginable, it's hard to get people focused on it. People at the Times, when I did an article on inequality for the magazine five years ago, and they had artwork illustrating mansions, which I talked about in the article, but what they showed were not. Those were big new McMansions, $3 million dollar, 6,000 square foot homes. But they weren't what the truly rich were building. So people don't have a sense of how far it's gone.

Anybody else feel like the water's getting warmer around them?

Posted by Linkmeister at October 27, 2007 09:30 AM | TrackBack
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