The Populist Powder Keg
Business Week reports that the average income of "the 400 highest-earning U.S. households grew to almost $345 million in 2007 [the latest year data is available], up 31 percent from a year earlier." One imagines those households lost a good bit of that income in the subsequent crash. Ryan Avent:
I don't know how people think that this is politically sustainable. It's a massive populist backlash waiting to explode.
People could begin to fly planes into buildings or something. The only thing I know for sure is that the Democratic party is incapable of addressing or channeling this. They couldn't sell a joint in Jamaica.