Wilbur Ross Jr. has echoed Zuckermans anger over the bitter struggles faced by middle-class Americans. Its an outrage that any Americans life expectancy should be shortened simply because the company they worked for went bankrupt and ended health-care coverage. said the former chairman of the International Steel Group.
Whats happening? The very rich are just as trendy as you and I, and can be so when it comes to politics and policy. Given the recent change of control in Congress, the popularity of measures like increasing the minimum wage, and efforts by Californias governor to offer universal health care, these guys dont need their own personal weathermen to know which way the wind blows.
Its possible that plutocratsare expressing solidarity with the struggling middle class as part of an effort to insulate themselves from confiscatorytax policies. But the prospect that income inequality will lead to higher taxes on the wealthy doesnt keep plutocrats up at night. They can live with that.
No, what they fear was that the political challenges of sustaining support for global economic
integration will be more difficult in the United States because of what has happened to the distribution of income and economic insecurity.
In other words, if middle-class Americans continue to struggle financially as the ultrawealthy grow ever wealthier, it will be increasingly difficult to maintain political support for the free flow of goods, services, and capital across borders, and when the United States places obstacles in the way of foreign investors and foreign goods, its likely to encourage reciprocal action abroad, for people who buy and sell companies, or who allocate capital to markets all around the would, thats the real nightmare.
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