The ability to care about those so distant from the well-heeled in-group appears to be diminishing as the gap between the well-heeled and the rest of us widens. Those super-wealthy corporate managers and CEOs and super-rich shareholders are not likely to recognize in themselves the greed and exploitation of others that their excess returns on capital represent. As Mitt Romney made so clear, rich folks (i) think of themselves as “meriting” their outsized incomes, in spite of the fact that they often start out with silver spoons and garner greater returns than ordinary folks simply because they have larger capital portfolios to start with and can’t possible achieve a level of productivity of 100s times that of ordinary workers, as current CEO pay-levels claim under “free market” theory; and (ii) find it much easier to blame the misfortune of ordinary Americans on their purported laziness and “lack of personal responsibility.”
Posted on: Sat, 25 Oct 2014 16:49:13 +0000
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