California Becoming More Feudal, With Ultra-Rich Lording Over Declining Middle Class
15th October 2018
Joel Kotkin chronicles the slide.
Feudalism was about the concentration of wealth and power in a relative handful of people. Historically, California created fortunes for a few, but remained a society with enormous opportunity for outsiders, whether from other states or countries. One of Pat Brown’s biographers, Ethan Rarick, described his leadership as having made the 20th century into “The California Century,” with our state providing “the template of American life.” There was an American Dream across the nation, he noted, but here we had the California Dream.
This proud legacy is threatened, as we point out in our study to be released Monday. Today California is creating a feudalized society characterized by the ultra-rich, a diminishing middle class and a large, rising segment of the population that is in or near poverty. Overall our state now suffers one of the highest GINI rates — the ratio between the wealthiest and the poorest — among the states, and the inequality is growing faster than in almost any state outside the Northeast, notes liberal economist James Galbraith. The state’s level of inequality now is higher than that of Mexico, and closer to that of Central American banana republics like Guatemala and Honduras than it is to developed states like Canada and Norway.
Proglodytes whine a lot about ‘income inequality’ but ignore the fact that the places with the greatest income inequality are all run by Democrats. California? New York? D.C.? Bluer than blue.