For years, the left has told us how they "speak truth to power". That claim is a rather bizarre one, given what the progressives usually say. Much of what they state is about as far from the truth as Australia is from New York. Nevertheless, it is time to speak truth to one of society's pillars: the mainstream media. Today, I came across one of the most "mistaken" articles I have read in a long time. It was written by Sally Kohn a loyal leftist at the Daily Beast. Ms. Kohn has never been a slave to the truth, so I cannot tell if she knows that she is mistaken and does not care, or if she is just uninformed. Kohn was writing about Thomas Piketty, the liberals economist du jour. Here is the heart of what she had to say about Piketty:
Piketty documents with meticulous detail—and data—how we are returning to an era of extreme inequality where a few dynasties amass great fortunes through inheritance and everyone else withers and suffers. Such gross inequality, Piketty argues, is not an accident but inherent in capitalism and can only be addressed through government intervention. All of which is plainly true.
That's just two sentences and a claim that they are "plainly true". Nevertheless, there are all sorts of factual errors in this short statement.
First of all, where are the few dynasties that have amassed great fortunes through inheritance? Who are the super rich in America today? Let's look at the so-called 1%, those who were the objects of attack by the Occupy movement. According to recent studies, only 15% of the folks in this group inherited their money. The other 85% made it themselves. Among the richest in the country, the billionaires who get listed by Forbes each year, the percentage of self made people is even higher. So there are not a few dynasties that have amassed great fortunes while everyone else withers. Lie #1.
Second, the people in the 1% change all the time. Even the self made rich are not creating dynasties. According the US Census Bureau, 9% of all Americans will find themselves in the top 1% in income at some point during their lives. If we expand this to the top 10%, then according to the same source, it is more than 40% of all Americans who will be in this group at some point in their lives. That hardly sounds like wealthy dynasties forming a new aristocracy. Instead, it is the result of a vibrant economy that provides opportunity to millions of people to become successful. Lie #2.
Third, according to Piketty as retold by Kohn, "everyone else withers and suffers" as an "inherent" part of capitalism. Strange isn't it that for the century prior to 2009, the median household income for ALL Americans rose dramatically so that the USA was the richest country in the world. After all, during all that time, America was a capitalist country. The inherent suffering of everyone but the super rich dynasties somehow did not kick in. Indeed, the only sustained reduction in income for Americans since the start of the Second World War in 1941 has been the five plus years when president Obama has been in office. And Obama's policies have all been those which move us away from capitalism. Lie #3.
Fourth, Kohn says government intervention is required to right this supposed problem. Let me put it this way: the greatest periods of government intervention in the economy of the last 100 years have been during the Obama years and during the Great Depression. Need I say more? Lie #4.
Let's all speak truth to the media. Maybe then they will publish something that is at least remotely related to the truth.
Piketty documents with meticulous detail—and data—how we are returning to an era of extreme inequality where a few dynasties amass great fortunes through inheritance and everyone else withers and suffers. Such gross inequality, Piketty argues, is not an accident but inherent in capitalism and can only be addressed through government intervention. All of which is plainly true.
That's just two sentences and a claim that they are "plainly true". Nevertheless, there are all sorts of factual errors in this short statement.
First of all, where are the few dynasties that have amassed great fortunes through inheritance? Who are the super rich in America today? Let's look at the so-called 1%, those who were the objects of attack by the Occupy movement. According to recent studies, only 15% of the folks in this group inherited their money. The other 85% made it themselves. Among the richest in the country, the billionaires who get listed by Forbes each year, the percentage of self made people is even higher. So there are not a few dynasties that have amassed great fortunes while everyone else withers. Lie #1.
Second, the people in the 1% change all the time. Even the self made rich are not creating dynasties. According the US Census Bureau, 9% of all Americans will find themselves in the top 1% in income at some point during their lives. If we expand this to the top 10%, then according to the same source, it is more than 40% of all Americans who will be in this group at some point in their lives. That hardly sounds like wealthy dynasties forming a new aristocracy. Instead, it is the result of a vibrant economy that provides opportunity to millions of people to become successful. Lie #2.
Third, according to Piketty as retold by Kohn, "everyone else withers and suffers" as an "inherent" part of capitalism. Strange isn't it that for the century prior to 2009, the median household income for ALL Americans rose dramatically so that the USA was the richest country in the world. After all, during all that time, America was a capitalist country. The inherent suffering of everyone but the super rich dynasties somehow did not kick in. Indeed, the only sustained reduction in income for Americans since the start of the Second World War in 1941 has been the five plus years when president Obama has been in office. And Obama's policies have all been those which move us away from capitalism. Lie #3.
Fourth, Kohn says government intervention is required to right this supposed problem. Let me put it this way: the greatest periods of government intervention in the economy of the last 100 years have been during the Obama years and during the Great Depression. Need I say more? Lie #4.
Let's all speak truth to the media. Maybe then they will publish something that is at least remotely related to the truth.
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