Modern Age - Winter 2016 - 13

CONSERVATISM AND THE REAL PROBLEMS OF INCOME INEQUALITY

2013, while the share of profits in the national income over the
same period has risen from 11  percent to 15  percent. Indeed, a
significantly smaller share of the nation's income goes to labor
than it did thirty years ago.
A debt-based monetary system has produced a debt-driven
economy, which rewards those with the financial acumen and
assets to invest in the market, while eroding the earnings of working Americans. Increased financial-sector profits accrue mainly to
upper-income recipients, who are relatively few in number, while
the decreased share of wages affects the relatively larger number
of workers-thus leading to greater income inequality.
The eroding middle class cannot rely for help on the elite, who
increasingly occupy an almost completely different economy
than that in which the middle class is struggling. And because
the political class is dominated by these elites, who are largely
isolated from the ebbs and flows of the private economy, it no
longer represents farmers and industrial workers dependent on
private-sector economic growth. Moreover, the private-sector
worker has been replaced in the Democratic Party by the publicsector unions, which are more interested in expanding government than expanding the economy. Consequently, progressives
have lost sight of the basic need for economic production,
presuming that money just results from certain professions and
that tax revenues just appear because they have been set in law.
Economic production-the anchor and output of the middle
class-has been downgraded vis-à-vis government.
In many communities, the elite are withdrawing from the social
institutions and venues relied upon by the middle and working
classes. Indeed, in this age of globalization, the elites have more
in common with their counterparts in other countries than they
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Modern Age - Winter 2016

Table of Contents for the Digital Edition of Modern Age - Winter 2016

Contents
Modern Age - Winter 2016 - Cover1
Modern Age - Winter 2016 - Cover2
Modern Age - Winter 2016 - Contents
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