We now live in a country in which the bottom 40 percent (120 million people) owns just 0.3 percent of the wealth. Data of this kind make one feel that one is participating in a vast psychological experiment: Just how much inequality can free people endure? Have you seen Ralph Lauren’s car collection? Yes, it is beautiful. It also cost hundreds of millions of dollars. “So what?” many people will say. “It’s his money. He earned it. He should be able to do whatever he wants with it.” In conservative circles, expressing any doubt on this point has long been synonymous with Marxism.
And yet over one million American children are now homeless. People on Medicare are being denied life-saving organ transplants that were routinely covered before the recession. Over one quarter of our nation’s bridges are structurally deficient. When might be a convenient time to ask the richest Americans to help solve problems of this kind? How about now?