Krugman points out the deceits we accept which paint our misperceptions about the wealthy in the US.
I hope we can break through the propaganda so often cited that the wealthy are job creators. Its just these type of lies which are the reason NobodyisFlyingthePlane. As he points out the really wealthy are not at all job creators, they are hedge fund managers.
Conservatives want you to believe that the big rewards in modern America go to innovators and entrepreneurs, people who build businesses and push technology forward.
The finance industry isn’t really as useful to us as is often believed.
Once upon a time, you might have been able to argue with a straight face that all this wheeling and dealing was productive, that the financial elite was actually providing services to society commensurate with its rewards. But, at this point, the evidence suggests that hedge funds are a bad deal for everyone except their managers; they don’t deliver high enough returns to justify those huge fees, and they’re a major source of economic instability.
Given that history, do you really want to claim that America’s top earners — who are mainly either financial managers or executives at big corporations — are economic heroes?
Next time you hear someone declaiming about how cruel it is to persecute the rich, think about the hedge fund guys, and ask yourself if it would really be a terrible thing if they paid more in taxes.