The Mystery of the Rich

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From Brad DeLong:

The 1% have an interest in full employment, high capacity utilization, and general prosperity just as the rest of us do….The 1% have a strong material interest in the passage of the American Jobs Act. In acting to block it, the Republicans — and Senator Nelson — are betraying the interests of their contributors in the top 1% as much as they are betraying the interests of their constituents.

But here’s the thing: this has been true all along. Hell, it’s been true for the past decade. Sure, the rich want low taxes for themselves and they want income inequality to rise so they get most of the returns to economic growth. That’s in their own self-interest. But they also want — or should want — an end to the recession and a thriving economy, and they should be pressing both Congress and the Fed to do everything possible to make that happen. But they aren’t.

Is it just pure blinkered ideology? Ignorance and stupidity? Or do they really not care as long as the brightwork on their yachts stays polished? It is a mystery.

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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