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  • Many decry rising inequality because it makes those who've fallen behind feel impoverished. But it's done much more than cause hurt feelings. It has also raised the real cost to middle-income families of achieving many basic goals. The process begins with the completely unremarkable fact that top earners have been spending at a substantially higher rate than before. They've been building bigger mansions, staging more elaborate weddings and coming-of-age parties for their kids, buying more and better of everything.

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Many decry rising inequality because it makes those who've fallen behind feel impoverished. But it's done much more than cause hurt feelings. It has also raised the real cost to middle-income families of achieving many basic goals. The process begins with the completely unremarkable fact that top earners have been spending at a substantially higher rate than before. They've been building bigger mansions, staging more elaborate weddings and coming-of-age parties for their kids, buying more and better of everything.

Machiavel, discoursing on these matters, finds virtue to be so essentially necessary to the establishment and preservation of liberty, that he thinks it impossible for a corrupted people to set up a good government, or for a tyranny to be introduced if they be virtuous; and makes this conclusion, 'That where the matter (that is, the body of the people) is not corrupted, tumults and disorders do not hurt; and where it is corrupted, good laws do no good:' which being confirmed by reason and experience, I think no wise man has ever contradicted him.

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