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View Diary: Krugman is Wrong: The Real Reason to Raise Taxes on the Rich (133 comments)

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  •  What I would question (9+ / 0-)

    is the assumption that private redistribution (resulting in hyper-accumulation) creates more jobs than public redistribution.  Government jobs include teaching, research, and infrastructure building -- necessities that private investment is hard-pressed to provide.  Government jobs (except for military contractors) usually provide decent wages without giving away tens of millions to bigshots who think they deserve it all. Government jobs usually go to US citizens, while private investment these days is more likely to be creating jobs for workers in China, Vietnam, and other places outside of the US.  When poor decisions are made with public financing, the public can find out about it and change it, but with private financing, bad-faith CEOs regularly walk away with riches while leaving destruction behind -- "the market" never reacts quickly enough to stop them before the damage is done.  

    People who are rich in the US have generally gotten there on the backs of the greater population of working people.  The wealth is not theirs to keep, because they haven't kept up their side of the bargain by providing jobs or improving the lives of the greater population.  Often, they haven't made the contributions to society that might have been achieved with public financing.  

    I think there is a big place for private financing in parallel with public financing.  But it is a mistake to think that the private can do everything, or do it always better than the public.  

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