MSNBC reports that they've persuaded 40 billionaires to go in for this generous endeavor. That's very cool. But Reich is reminded just how bizarre it is to have people who are this wealthy:
"I’m also appalled at what this reveals about how much money is now concentrated in so few hands. It’s more evidence we’re back in the late 19th century when robber barons lorded over the economy and almost everyone else lost ground."
Read his post at Salon.com to see the numbers. Didn't click? That's alright, here's the gist: The rich really are getting richer while everyone else is losing their shirts.
Most of that is probably old news to you. It might not even seem like a problem. But Bernie Sanders, our only self identifying Socialist senator, has a few neat factoids to add:
"Today, the top 1 percent of wage earners earn more income than the bottom 50 percent; and the top 1 percent has more wealth than the bottom 90 percent. "
Read the op-ed that quote is from over at Politico. It's mind blowing, and sort of infuriating. That sort of wealth disparity would give Adam Smith pause. It's an even greater problem when you consider that the the cost of living is so high, the legal system is so unjust, and campaign finance laws are making anything like democracy impossible. So what do we do? We stop pretending mildly redistributive tax policies are a dangerous part of the long road to communism, for starters.