Wealth Supremacists

A story is making the rounds of a particularly snotty-nosed Romney donor throwing her weight around in the Hamptons during the Mitt Romney fundraising this past weekend of July 7th (which happened also be one of the hottest on record in the US). Arriving at the gate to the estate, according to the Times, this woman "yelled to an aide to Mitt Romney. 'Is there a V.I.P. entrance? We are V.I.P.' " No doubt all the other millionaires and billionaires attending appreciated her distinction.


This election is highlighting the full commitment of many Americans (almost all of the super-rich and, I suspect, a majority of everyone else) to the divine rights (plural) of wealth. This is the firm conviction of Michael Bloomberg, Bill Gates, the Koch brothers, and of course, Mitt Romney. But it is also an article of faith among many Democrats, including Bill Clinton and Barack Obama. 


The picture is complicated, but it is coherent and explains the social and economic development of the US over the past 35 years. It explains why even many poor Americans vote to deprive themselves and further enrich the wealthy. It explains the cult of testing in public schools, coupled with the vilification of teachers by people who send their own kids to private schools. It explains a criminal justice system that allows the systematic crimes of wealth to go unpunished while sending poor law-breakers to prison for years for even the most minor offenses. It explains why Obama, with an easy line of attack against Romney, instead pussy-foots about. 


A wide array of public figures endorse wealth supremacism. And many more quietly endorse it while publicly paying lip-service to issues of justice. These quiet idolaters of wealth include people like Bill Keller, former Editor-in-Chief of The New York Times and son of Chevron CEO George Keller. They include Thomas Friedman, himself a billionaire by marriage. Numerous corporate executives, sports figures, and Hollywood stars are also among this number. Again, they may say all the right things, but actually doing something to counteract the trend is beyond their imagining.


The cult of wealth, the divine rights of wealth, are reinforced in popular entertainment, in schooling (both grade school and so-called "higher-education", in the criminal justice system, in housing — everywhere. Crucially, the notion of superiority the wealthy embrace today is not accompanied by notions of noblesse oblige endorsed by past aristocrats. I'll explore this further in forthcoming posts. 


To begin:


The first and most important of the divine rights of wealth is the right to wealth itself. Why do the rich have a right to wealth? Well, they are superior to the rest of us. They merit wealth. Why do they merit wealth? They are better — harder working, more intelligent, more honest, more virtuous. 


This view was expressly endorsed by Harvard economists and Romney adviser Gregory Mankiw in a 2009 blog post entitled "The Least Surprising Correlation of All Time:" 

"Smart parents make more money and

pass those good genes on to their offspring."

This is the crux of the position held by an enormous percentage of the wealthy and by, as I said I suspect, most Americans. 


In this simple statement we see a confluence of several seemingly disparate strains of thought. In this statement are elements of the reductionist thinking that plagues psychology (especially evolutionary psychology) today. We see also the tacit assumptions of virtue attached to wealth. We see elements of what is called "meritocracy." And we see the air of superiority embraced by those who are better off.


To all this and more, I will return soon.

Romney, Obama and the Cult of Divine Right of Wealth

Paul Krugman today writes that Romney's defense of Jamie Dimon and JPMorgan Chase suggests cluelessness.

Romney isn't clueless — he's malicious. Huge difference. Like all of the advocates of Wall Street, including Timothy Geithner and Barack Obama most of the time, there is a deep, profound, dangerous streak of maliciousness at work. These are people who want to transfer wealth from the average to the rich, from labor to capital. These are people who firmly, devoutly believe in the divine right, the divine of superiority of wealth.

As conservative economist and Romney adviser Gregory Mankiw made clear in his blog a few years ago, conservatives (including most Democrats, like Obama) believe that the wealthy are genetically superior. These statements are made explicitly so there is no point pretending that this is a misinterpretation.

It is commonplace now to hear assertions of the genetic coding of morality, or every aspect of human behavior. The cult of reductionism to genetic, pseudo-Darwinian explanations is fully embedded in the popular discourse. Obama, Geithner, Romney, Mankiw, Dimon, Blankfein, Bloomberg all hold the absolute conviction that the wealthy are genetically superior. This is a profoundly dangerous state of mind. We have seen i it before. We know where it leads.


UPDATE

Krugman also has a blog post commenting on the blind, mindless ignorance of economist Edward Lazear (at Stanford and that right-wing haven of war criminals, the Hoover Institution).


As in his op-ed essay today (May 21), Paul Krugman is very generous to conservatives (and the many Democrats who follow their lead, as Obama does). Mitt Romney, Edward Lazear, Gregory Mankiw, David Brooks, Jamie Dimon, Lloyd Blankfein, and others like them are malicious, mean-spirited advocates of the transfer of wealth from labor to capital, from average and poor to rich. Worse, they are convinced of the genetic superiority of the wealth, convinced that the poor are genetically pre-disposed to stay poor.

It cannot be overstated how dangerous their thinking is.