Cass Sunstein:  Meh on Piketty

Is there a lefty with more credibility as a policy intellectual than Cass Sunstein?  I can’t think of one (Paul Krugman is a clown by comparison…).  Sunstein is not impressed with Piketty, or inequality alarmism writ large.

http://m.startribune.com/opinion/?id=259463371&c=y

Sunstein paraphrased:

  • Sunstein does not reject Piketty’s observations that the rich get richer, but notes the lack of negative externalities that can be correlated to wealth disparity at the levels we have experienced it.  IE, ‘wealth inequality’ is a very squishy argument over perceived fairness.
  • Wealth Inequality is not problematic given rising standards of living for the middle and lower classes, which is what we have experienced.
  • To the extent the wealthy buying the political process is a problem, it is effectively resolved by campaign finance laws and not taxation.
  • Progressive taxation ought to be used to pay for governmental spending, and not to hinder / defeat wealth creation / accumulation by any group of workers / investors.

I agree!

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