Patriotic Millionaires for Fiscal Strength, an organization which advocates more taxes on those earning a million bucks or more, had its advocate on the Newshour today. It is a fascinating subject. I’ll meander a bit…
The individual doing the advocacy on the Newshour had started many businesses in California. He seemed an admirable man. Not like that ingratiating rich guy who in a public meeting with Obama said, “Please raise my taxes.” Obama himself seemed slightly disgusted by this deferential showboating.
But the Newshour millionaire had more substance. It’s difficult to disagree. Since at least Clinton, America has been drifting into a banana republic. It is hard to have a political democracy and such a level of economic inequality. (But to be clear, the tax raise on the rich is purely symbolic, a cup of money in an ocean of debt. Symbolism though, has its value here.)
This is pretty much what the Tea Party and the Occupy movements are protesting. Lawrence Lessig said that the mistake these movements made was letting themselves be co-opted by the political parties, because those parties are both vitiated with advocacy for privilege. At the beginning, the Tea Party said it was not allied with any party, but the media made sure that was suppressed until partisanship tainted the point the Tea Party was making: we are spending more than we have.
And then there is the exacerbation of the current system: the rich can afford advocates, and those advocates install themselves as counselors and advisors and politicians. And politics is money. So the balance gets further tilted to the advantage of the rich, and of large corporate entities. (Obama’s principal issue in Congress was campaign finance law, which he eschewed as he went off to raise close to a billion bucks. He is doing it again right now. So much for principle.)
The media is all for the tax the millionaire slogans. And, of course, Brian Williams and crew, as a particularly annoying example, are enormously wealthy. But it makes them look good…until you look at their own behavior:
Chelsea Clinton is now at NBC News, playing journalist. NBC is giving her a feel-good role; so it doesn’t seem they have hired someone on the basis of wealth and fame and connections. That’s democracy at NBC, with Brian Williams, Rockstar NewsReader @Rock Center.
Noblesse oblige — the responsibilities of inherited privilege — does not exist as a value for the wealthy anymore. Anonymously given good works have morphed into high visibility public work for charities and photo-ops — more publicity than substance. That is, the very same advantages given to the very very wealthy in the tax codes, is also installed in the popular culture.

Walter Russell Mead:
… the increasing sense that this country is run by a hereditary celebrity class is one of the most corrosive and dangerous forces eating away at our common life.
It is a sorry picture: self-anointed journalist mandarins, bringing us self-replicating privilege rather than rewarding ability or having any discernible set of objective standards; in some cases, joining the very movement they are charged with covering.

My own take: tax the millionaires. Japan, at least at one time, was at a salary comparative of about a 3X ratio of CEO to factory worker. America needs to move toward a psychologically balanced approach to wealth, without destroying incentive. The millionaire on Newshour seemed to indicate such balance would cause no decline in motivation.
But there should be more: inherited wealth should be taxed substantially. Obama, and this organization of rich “folk,” should say, most honorably, my money does not go to my children. My money goes to an organization helping children. Isn’t that what Warren Buffet is doing in his stated intention about the dispensation of his wealth? Wouldn’t that get Americans out of the starting gate at least on the same racetrack? Didn’t Bill Gates state such an intention himself?
…and don’t forget campaign finance laws to keep the system about more than money.