The Terrible Truth about Income Inequality – Peter Morici – Page full

Vermont Senator Bernie Sanders (I) recently asked Federal Reserve Chairwoman Janet Yellen “are we still a capitalist democracy or have we gone over into an oligarchic form of society in which incredible economic and political power now rests with the billionaire class?”

Yellen deflected, saying she preferred not to assign labels, but Sanders struck a nerve.

Russia’s oligarchy has two salient characteristics. The government uses its power to regulate markets to concentrate wealth in the hands of an influential few, while most of its citizens stay poor by western standards.  

via The Terrible Truth about Income Inequality – Peter Morici – Page full.

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