Thursday, November 18, 2010

NY Times Kristof's "Hedge Fund Republic'

NY Times Nicholas D. Kristof wrote another poorly informed column, in which he asserts that the concentration of wealth in today's America is due to lack of government.

The size of government has grown massively in the last few decades. The federal government alone is close to controlling one quarter of our economy. The society for which Mr. Kristof waxes nostalgic was before Medicare, Medidaid, Congressional earmarks, etc.

Today, cronyism is an advantage to making great wealth. This leads to concentration of wealth because only a few people can have excellent relationships with the federal government.

Mr. Kristof and most commenters have it backwards. The correct prescription is the opposite: Shrink the government and expand opportunity.

Read my comment, and others, below Mr. Kristof's column here.

No comments:

Post a Comment