By Arnold Kling
From a longer essay on Inequality and Excess:
I feel awkward and defensive when the subject of economic inequality comes up. The fact is that I cannot say that I feel comfortable with the levels of inequality and excess that exist in our society.
…What the American people really should feel awkward and defensive about is the level of inequality and excess of political power. Instead of asking ourselves what we can do about Warren Buffett or Bill Gates, we should be asking ourselves about what we can do about the Clintons and the Spitzers. Those who want more and more power should be our biggest concern.
The point that the essay makes is that in the United States today political power is much more dangerously concentrated than economic power. As provocative as the thesis might be, I think I understated the case.