Is it Just The Rich Who Exploit Crony Capitalism?


Most studies of US economic inequality focus on the rich, however rich is defined. But these days many dual-earner households pull in annual incomes that make them, if not rich, at least very well off. And millions of these households are drawing their incomes either directly from the government or from employers enriched by government enforced monopolies.

At ACC, we have for years criticized, not only welfare for corporations and the rich, but also for the high earning households. We do not see why the US should borrow from China or print money in order to send Social Security checks to those who do not need them. Note also that the well-off tend to live significantly longer lives than others, not because of better medical care, but because they rarely smoke and are less likely to be obese or develop other chronic problems. So, they not only get unneeded social security checks; they get them for many more years.

For more on the innumerable subsidies enjoyed by higher income households, see this review of a new book by Richard Reeves.