If you want to take the pulse of this democracy, says Paul Krugman, take a look at its mansions. Extravagant homes the size of castles, basements full of exotic cars, and more, powerful political influence, all that money can buy in America.
According to the New York Times columnist and Princeton economist, there are clear parallels to draw with the nation’s past: Gates and Welch, the new Carnegie and Rockefeller. The blooming of middle class America between the ’40s and the ’70s its seems was more interregnum than the normal order of things, so Krugman says that this new Gilded Age means more pressure on the little guy.
Croquet at four, cocktails at six, dinner at eight, the politics of envy and the case for class warfare. None dare call it Plutocracy.
Paul Krugman, Professor of Economics and International Affairs at Princeton University.