Two economies. Two sets of rules.
Taxing the rich and redistributing the proceeds might seem like it would solve the problem. After all, during the 1950s, ’60s, and ’70s, progressive income tax rates as high as 90% did a good job of redistributing wealth and creating a broad-based middle class. But we also need to put a brake on the betting economy that is creating so much phantom wealth by essentially letting one segment of society borrow from the future while another is stuck in an increasingly impoverished present.