When you travel, the option to stay in a private home instead of a hotel might seem like a nice idea. Your experience of the city might be a little more authentic, maybe you’ll meet a local, and you can keep your money out of the hands of giant corporations. It’s a tiny way to fight the shrinking of the middle class.
These options, though, may not be a panacea. After discovering that his Brooklyn neighborhood had 1,500 listings on Airbnb, Murray Cox decided to take a closer look. How many residences now invite tourists? How small scale were the profits? Did the money really go to locals?
New Orleans wanted to know the answers to these questions, too. The city has been hit by what nola.com reporter Robert McClendon calls a “Airbnb gold rush.” It turns out the city currently has about 2,600 rentals on Airbnb, plus another 1,000 or so on VRBO.com. This has sparked a heated debate among residents, business owners, and politicians about the future of the practice.
So, Cox jumped in to give us the data and figure out where the money is going.
Are Airbnb hosts living in the spaces they rent?
Cox found that they generally are not. Only 34% of rentals are for rooms or shared rooms; 66% of listings are for an entire home or apartment. More than two-thirds (69%) are rented year-round. Almost half of all hosts operate at least two rentals.
These numbers suggest that your modal Airbnb host doesn’t live in the home they rent out. Some may actually live in another city altogether. Others are using Airbnb as an investment opportunity, buying homes and turning them into full time rentals.
What’s the downside?
Locals are complaining about deterioration in the feeling of community in their neighborhoods. It’s difficult to make friends with your neighbors when they turn over twice a week. Tourists are also more likely than locals to come home drunk and disorderly, disturbing the peace and quiet.
And they are pricing people who actually live in New Orleans out of the rental market. Short-term renting offers owners the opportunity to make four or five times the amount of money they could make with a long-term tenant, so it’s an economic no-brainer to sign up for Airbnb. But, as more and more people do so, there are fewer and fewer places for locals to live and so the supply-and-demand curve increasingly favors owners who can jack up long-term rental prices.
So, when you give your money to an Airbnb host in New Orleans or elsewhere, you might be giving some extra money to a local, but you might also be harming the residential neighborhoods you enjoy and the long-term viability of local life.
Yep. Economics majors are more anti-social than non-econ majors. And taking econ classes also makes people more anti-social than they were before. It turns out, there’s quite a bit of research on this, nicely summarized here. Econ majors are less likely to share, less generous to the needy, and more likely to cheat, lie, and steal.
In one study, for example, economists Yoram Bauman and Elaina Rose noted the consistent finding that econ majors were less generous and asked whether the effect was do to selection (people who are anti-social choose to take econ classes) or indoctrination (taking econ classes makes one more anti-social). They found that both play a role.
Students at their institution — University of Washington — were asked at registration each semester if they’d like to donate to WashPIRG (a left-leaning public interest group) and ATN (a non-partisan group that lobbies to reduce tuition rates). Bauman and Elaina crunched the data along with students’ chosen majors and classes. They found that econ majors were less likely to donate to either cause (the selection hypothesis) and that non-econ majors who had taken econ classes were less likely to donate than non-majors who hadn’t (the indoctrination hypothesis).
What should we make of these findings?
Sociologist Amitai Etzioni takes a stab at an answer. He argues that neoclassical economics isn’t a problem in itself. Instead, the problem may be that there are no “balancing” classes, ones that present a different kind of economics. In other part of the academy, he argues — specifying socialphilosophy,politicalscience, andsociology– there is “agreatvarietyofapproaches areadvanced,therebyleavingstudentswithaconsolidateddebasingexposureand acacophonyofconﬂictingpro-socialviews.”
Being exposed to a variety of views, including ones that question the premises of neoclassical economics, may be one way to make economists more honest and kind. And doing so isn’t just about sticking one to econ, it’s an issue of grave seriousness, as the criminal and immoral behavior of our financial leaders is exactly what triggered a Great Recession once… and could again.
It seems certain that the political economy textbooks of the future will include a chapter on the experience of Greece in 2015.
On July 5, 2015, the people of Greece overwhelmingly voted “NO” to the austerity ultimatum demanded by what is colloquially being called the Troika, the three institutions that have the power to shape Greece’s future: the European Commission, the International Monetary Fund, and the European Central Bank.
The people of Greece have stood up for the rights of working people everywhere.
Greece has experienced six consecutive years of recession and the social costs have been enormous. The following charts provide only the barest glimpse into the human suffering:
While the Troika has been eager to blame this outcome on the bungling and dishonesty of successive Greek governments and even the Greek people, the fact is that it is Troika policies that are primarily responsible. In broad brush, Greece grew rapidly over the 2000s in large part thanks to government borrowing, especially from French and German banks. When the global financial crisis hit in late 2008, Greece was quickly thrown into recession and the Greek government found its revenue in steep decline and its ability to borrow sharply limited. By 2010, without its own national currency, it faced bankruptcy.
Enter the Troika. In 2010, they penned the first bailout agreement with the Greek government. The Greek government received new loans in exchange for its acceptance of austerity policies and monitoring by the IMF. Most of the new money went back out of the country, largely to its bank creditors. And the massive cuts in public spending deepened the country’s recession.
By 2011 it had become clear that the Troika’s policies were self-defeating. The deeper recession further reduced tax revenues, making it harder for the Greek government to pay its debts. Thus in 2012 the Troika again extended loans to the Greek government as part of a second bailout which included . . . wait for it . . . yet new austerity measures.
Not surprisingly, the outcome was more of the same. By then, French and German banks were off the hook. It was now the European governments and the International Monetary Fund that worried about repayment. And the Greek economy continued its downward ascent.
Significantly, in 2012, IMF staff acknowledged that the its support for austerity in 2010 was a mistake. Simply put, if you ask a government to cut spending during a period of recession you will only worsen the recession. And a country in recession will not be able to pay its debts. It was a pretty clear and obvious conclusion.
But, significantly, this acknowledgement did little to change Troika policies toward Greece.
By the end of 2014, the Greek people were fed up. Their government had done most of what was demanded of it and yet the economy continued to worsen and the country was deeper in debt than it had been at the start of the bailouts. And, once again, the Greek government was unable to make its debt payments without access to new loans. So, in January 2015 they elected a left wing, radical party known as Syriza because of the party’s commitment to negotiate a new understanding with the Troika, one that would enable the country to return to growth, which meant an end to austerity and debt relief.
Syriza entered the negotiations hopeful that the lessons of the past had been learned. But no, the Troika refused all additional financial support unless Greece agreed to implement yet another round of austerity. What started out as negotiations quickly turned into a one way scolding. The Troika continued to demand significant cuts in public spending to boost Greek government revenue for debt repayment. Greece eventually won a compromise that limited the size of the primary surplus required, but when they proposed achieving it by tax increases on corporations and the wealthy rather than spending cuts, they were rebuffed, principally by the IMF.
The Troika demanded cuts in pensions, again to reduce government spending. When Greece countered with an offer to boost contributions rather than slash the benefits going to those at the bottom of the income distribution, they were again rebuffed. On and on it went. Even the previous head of the IMF penned an intervention warning that the IMF was in danger of repeating its past mistakes, but to no avail.
Finally on June 25, the Troika made its final offer. It would provide additional funds to Greece, enough to enable it to make its debt payments over the next five months in exchange for more austerity. However, as the Greek government recognized, this would just be “kicking the can down the road.” In five months the country would again be forced to ask for more money and accept more austerity. No wonder the Greek Prime Minister announced he was done, that he would take this offer to the Greek people with a recommendation of a “NO” vote.
Almost immediately after the Greek government announced its plans for a referendum, the leaders of the Troika intervened in the Greek debate. For example, as the New York Timesreported:
By long-established diplomatic tradition, leaders and international institutions do not meddle in the domestic politics of other countries. But under cover of a referendum in which the rest of Europe has a clear stake, European leaders who have found [Greece Prime Minister] Tsipras difficult to deal with have been clear about the outcome they prefer.
Many are openly opposing him on the referendum, which could very possibly make way for a new government and a new approach to finding a compromise. The situation in Greece, analysts said, is not the first time that European politics have crossed borders, but it is the most open instance and the one with the greatest potential effect so far on European unity…
Martin Schulz, a German who is president of the European Parliament, offered at one point to travel to Greece to campaign for the “yes” forces, those in favor of taking a deal along the lines offered by the
On Thursday, Mr. Schulz was on television making clear that he had little regard for Mr. Tsipras and his government. “We will help the Greek people but most certainly not the government,” he said.
European leaders actively worked to distort the terms of the referendum. Greeks were voting on whether to accept or reject Troika austerity policies yet the Troika leaders falsely claimed the vote was on whether Greece should remain in the Eurozone. In fact, there is no mechanism for kicking a country out of the Eurozone and the Greek government was always clear that it was not seeking to leave the zone.
Having whipped up popular fears of an end to the euro, some Greeks began talking their money out of the banks. On June 28, the European Central Bank then took the aggressive step of limiting its support to the Greek financial system.
This was a very significant and highly political step. Eurozone governments do not print their own money or control their own monetary systems. The European Central Bank is in charge of regional monetary policy and is duty bound to support the stability of the region’s financial system. By limiting its support for Greek banks it forced the Greek government to limit withdrawals which only worsened economic conditions and heightened fears about an economic collapse. This was, as reported by the New York Times, a clear attempt to influence the vote, one might even say an act of economic terrorism:
Some experts say the timing of the European Central Bank action in capping emergency funding to Greek banks this week appeared to be part of a campaign to influence voters.
“I don’t see how anybody can believe that the timing of this was coincidence,” said Mark Weisbrot, an economist and a co-director of the Center for Economic and Policy Research in Washington. “When you restrict the flow of cash enough to close the banks during the week of a referendum, this is a very deliberate move to scare people.”
Then on July 2, three days before the referendum, an IMF staff report on Greece was made public. Echos of 2010, the report made clear that Troika austerity demands were counterproductive. Greece needed massive new loans and debt forgiveness. The Bruegel Institute, a European think tank, offered a summary and analysis of the report, concluding that “the creditors negotiated with Greece in bad faith” and used “indefensible economic logic.”
The leaders of the Troika were insisting on policies that the IMF’s own staff viewed as misguided. Moreover, as noted above, European leaders desperately but unsuccessfully tried to kill the report. Only one conclusion is possible: the negotiations were a sham.
The Troika’s goals were political: they wanted to destroy the leftist, radical Syriza because it represented a threat to a status quo in which working people suffer to generate profits for the region’s leading corporations. It apparently didn’t matter to them that what they were demanding was disastrous for the people of Greece. In fact, quite the opposite was likely true: punishing Greece was part of their plan to ensure that voters would reject insurgent movements in other countries, especially Spain.
And despite, or perhaps because of all of the interventions and threats highlighted above, the Greek people stood firm. As the headlines of a Bloomberg news story proclaimed: “Varoufakis: Greeks Said ‘No’ to Five Years of Hypocrisy.”
The Greek vote was a huge victory for working people everywhere.
Now, we need to learn the lessons of this experience. Among the most important are: those who speak for dominant capitalist interests are not to be trusted. Our strength is in organization and collective action. Our efforts can shape alternatives.
National Ugly Christmas Sweater Day has come and gone, falling this year on Friday, December 18th. Perhaps you’ve noticed the recent ascent of the Ugly Christmas Sweater or even been invited to an Ugly Christmas Sweater Party. How do we account for this trend and its call to “don we now our tacky apparel”?
Total search of term “ugly Christmas sweater” relative to other searches over time (c/o Google Trends):
Ugly Christmas Sweater parties purportedly originated in Vancouver, Canada, in 2001. Their appeal might seem to stem from their role as a vehicle for ironic nostalgia, an opportunity to revel in all that is festively cheesy. It also might provide an opportunity to express the collective effervescence of the well-intentioned (but hopelessly tacky) holiday apparel from moms and grandmas.
However, The Atlanticpoints to a more complex reason why we might enjoy the cheesy simplicity offered by Ugly Christmas Sweaters: “If there is a war on Christmas, then the Ugly Christmas Sweater, awesome in its terribleness, is a blissfully demilitarized zone.” This observation pokes fun at the Fox News-style hysterics regarding the “War on Christmas”; despite being commonly called Ugly Christmas Sweaters, the notion seems to persist that their celebration is an inclusive and “safe” one.
We might also consider the generally fraught nature of the holidays (which are financially and emotionally taxing for many), suggesting that the Ugly Sweater could offer an escape from individual holiday stress. There is no shortage of sociologists who can speak to the strain of family, consumerism, and mental health issues that plague the holidays, to say nothing of the particular gendered burdens they produce. Perhaps these parties represent an opportunity to shelve those tensions.
But how do we explain the fervent communal desire for simultaneous festive celebration and escape? Fred Davis notes that nostalgia is invoked during periods of discontinuity. This can occur at the individual level when we use nostalgia to “reassure ourselves of past happiness.” It may also function as a collective response – a “nostalgia orgy”- whereby we collaboratively reassure ourselves of shared past happiness through cultural symbols. The Ugly Christmas Sweater becomes a freighted symbol of past misguided, but genuine, familial affection and unselfconscious enthusiasm for the holidays – it doesn’t matter that we have not all really had the actual experience of receiving such a garment.
Jean Baudrillard might call the process of mythologizing the Ugly Christmas Sweater a simulation, a collapsing between reality and representation. And, as George Ritzer points out, simulation can become a ripe target for corporatization as it can be made more spectacular than its authentic counterparts. We need only look at the shift from the “authentic” prerogative to root through one’s closet for an ugly sweater bestowed by grandma (or even to retrieve from the thrift store a sweater imparted by someone else’s grandma) to the cottage-industry that has sprung up to provide ugly sweaters to the masses. There appears to be a need for collective nostalgia that is outstripped by the supply of “actual” Ugly Christmas Sweaters that we have at our disposal.
Colin Campbell states that consumption involves not just purchasing or using a good or service, but also selecting and enhancing it. Accordingly, our consumptive obligation to the Ugly Christmas Sweater becomes more demanding, individualized and, as Ritzer predicts, spectacular. For examples, we can view this intensive guide for DIY ugly sweaters. If DIY isn’t your style, you can indulge your individual (but mass-produced) tastes in NBA-inspired or cultural mash-up Ugly Christmas Sweaters, or these Ugly Christmas Sweaters that aren’t even sweaters at all.
The ironic appeal of the Ugly Christmas Sweater Party is that one can be deemed festive for partaking, while simultaneously ensuring that one is participating in a”safe” celebration – or even a gentle mockery – of holiday saturation and demands. The ascent of the Ugly Christmas Sweater has involved a transition from ironic nostalgia vehicle to a corporatized form of escapism, one that we are induced to participate in as a “safe” form of festive simulation that becomes increasingly individualized and demanding in expression.
Kerri Scheer is a PhD Student working in law and regulation in the Department of Sociology at the University of Toronto. She thanks her colleague Allison Meads for insights and edits on this post. You can follow Kerri on Twitter.
I don’t have much to add on the “consensus plan” on poverty and mobility produced by the Brookings and American Enterprise institutes, referred to in their launch event as being on “different ends of the ideological spectrum” (can you imagine?). In addition to the report, you might consider the comments byJeff Spross, Brad DeLong, or the three-part series by Matt Bruenig.
My comment is about the increasingly (to me) frustrating description of poverty as something beyond simple comprehension and unreachable by mortal policy. It’s just not. The whole child poverty problem, for example, amounts to $62 billion dollars per year. There are certainly important details to be worked out in how to eliminate it, but the basic idea is pretty clear — you give poor people money. We have plenty of it.
This was obvious yet amazingly not remarked upon in the first 40 minutes of the launch event (which is all I watched). In the opening presentation, by Ron Haskins — for whom I have a well-documenteddistaste — started with this simple chart of official poverty rates:
He started with the blue line, poverty for elderly people, and said:
The blue line is probably the nation’s greatest success against poverty. It’s the elderly. And it basically has declined pretty much all the time. It has no relationship to the economy, and there is good research that shows that its cause at least 90% by Social Security. So, government did it, and so Social Security is the reason we’re able to be successful to reduce poverty among the elderly.
And then everyone proceeded to ignore the obvious implication of that: when you give people money, they aren’t poor anymore. The most unintentionally hilarious illustration of this was in the keynote (why?) address from David Brooks (who has definitely been working on relaxing lately, especially when it comes to preparing keynote puff-pieces). He said this, according to my unofficial transcript:
Poverty is a cloud problem and not a clock problem. This is a Karl Popper distinction. He said some problems are clock problems – you can take them apart into individual pieces and fix them. Some problems are cloud problems. You can’t take a cloud apart. It’s a dynamic system that is always interspersed. And Popper said we have a tendency to try to take cloud problems and turn them into clock problems, because it’s just easier for us to think about. But poverty is a cloud problem. … A problem like poverty is too complicated to be contained by any one political philosophy. … So we have to be humble, because it’s so gloomy and so complicated and so cloud-like.
The good news is that for all the complexity of poverty, and all the way it’s a cloud, it offers a political opportunity, especially in a polarized era, because it’s not an either/or issue. … Poverty is an and/and issue, because it takes a zillion things to address it, and some of those things are going to come from the left, and some are going to come from the right. … And if poverty is this mysterious, unknowable, negative spiral-loop that some people find themselves in, then surely the solution is to throw everything we think works at the problem simultaneously, and try in ways we will never understand, to have a positive virtuous cycle. And so there’s not a lot of tradeoffs, there’s just a lot of throwing stuff in. And social science, which is so prevalent in this report, is so valuable in proving what works, but ultimately it has to bow down to human realities – to psychology, to emotion, to reality, and to just the way an emergent system works.
Poverty is only a “mysterious, unknowable, negative spiral-loop” if you specifically ignore the lack of money that is its proximate cause. Sure, spend your whole life wondering about the mysteries of human variation — but could we agree to do that after taking care of people’s basic needs?
I wonder if poverty among the elderly once seemed like a weird, amorphous, confusing problem. I doubt it. But it probably would if we had assumed that the only way to solve elderly poverty was to get children to give their parents more money. Then we would have to worry about the market position of their children, the timing of their births, the complexity of their motivations and relationships, the vagaries of the market, and the folly of youth. Instead, we gave old people money. And now elderly poverty “has declined pretty much all the time” and “it has no relationship to the economy.”
Philip N. Cohen, PhD is a professor of sociology at the University of Maryland, College Park. He is the author of The Family, a sociology of family textbook, and writes the blog Family Inequality. You can follow him on Twitter or Facebook.
We all know that wealth is unequally distributed in the US. But, the results of a new study by the Institute for Policy Studies, authored by Chuck Collins and Josh Hoxie, are still eye popping.
Collins and Hoxie find that the wealthiest 0.1 percent of US households, an estimated 115,000 households with a net worth starting at $20 million, own more than 20 percent of total US household wealth. That is up from 7 percent in the 1970s. This group owns approximately the same total wealth as the bottom 90 percent of US households.
Moving up the wealth ladder, they calculate that the top 400 people—yes, people not households, each with a net worth starting at $1.7 billion, have more wealth than the bottom 61 percent of the US population, an estimated 70 million households or 194 million people.
Finally, we get to the top 20 people, those sitting at the pinnacle of the US wealth distribution. As the authors explain:
The wealthiest 20 individuals in the United States today hold more wealth than the bottom half of the U.S. population combined. These 20 super wealthy — a group small enough to fly together on one Gulfstream G650 private jet — have as much wealth as the 152 million people who live in the 57 million households that make up the bottom half of the U.S. population.
Although obvious, it is still worth emphasizing, as Collins and Hoxie do, that great wealth translates into great power, the power to shape economic policies. And, in a self-reinforcing cycle, the resulting policies, by design, create new opportunities for the wealthy to capture more wealth. Think: free trade agreements, privatization policies, tax policy, and labor and environmental laws and regulations.
Oh yes, also think presidential politics. As a New York Timesstudy points out:
They are overwhelmingly white, rich, older and male . . . . Across a sprawling country, they reside in an archipelago of wealth, exclusive neighborhoods dotting a handful of cities and towns… Now they are deploying their vast wealth in the political arena, providing almost half of all the seed money raised to support Democratic and Republican presidential candidates. Just 158 families, along with companies they own or control, contributed $176 million in the first phase of the campaign, a New York Times investigation found (emphasis added).
And yet, one still hears some people say that class analysis has no role to play in explaining the dynamics of the US political economy. Makes you wonder who pays their salary.
“That’s private equity for you,” said Steve Jenkins. He was standing outside the uptown Fairway at 125th St. about to go to breakfast at a diner across the street. He no longer works at Fairway.
Steve was one of the early forces shaping Fairway back when it was just one store at 74th and Broadway. He hired on as their cheese guy. “What do you want that for?” he growled at me one day long ago when he saw me with a large wedge of inexpensive brie. “That’s the most boring cheese in the store.” He was often abrasive, rarely tactful. I tried to explain that it was for a party and most of the people wouldn’t care. He would have none of it. He cared. He cared deeply – about cheese, about food generally.
He helped Fairway expand from one store to two, then four. He still selected the cheeses. He wrote the irreverent text for their signs, including the huge electric marquee that drivers on the West Side Highway read. And then in 2007 Fairway got bought out by a private equity firm. The three original founders cashed out handsomely. Steve and others stayed on. Much of their their share of the deal was in Fairway stock, but with restrictions that prevented them from selling.
Fairway kept expanding – stores in more places around New York – and they aimed more at the median shopper. Gradually, the store lost its edge, its quirkiness. With great size comes great McDonaldization – predictability, calculability. “Like no other market,” says every Fairway sign and every Fairway plastic bag. But it became like lots of other markets, with “specials” and coupons. Coupons! Fairway never had coupons. Or specials.
The people who decided to introduce coupons and specials were probably MBAs who knew about business and management and maybe even research on the retail food business. They knew about costs and profits. Knowing about food was for the people below them, people whose decisions they could override.
“I gotta get permission from corporate if I want to use my cell phone,” said Peter Romano, the wonderful produce manager at 74th St. – another guy who’d been there almost from the start. He knew produce like Steve knew cheese. Peter, too, left Fairway a few months ago.
Maybe this is what happens when a relatively small business gets taken over by ambitious suits. Things are rationalized, bureaucratized. And bureaucracy carries an implicit message of basic mistrust:
If we trusted you, we wouldn’t make you get approval. We wouldn’t make you fill out these papers about what you’re doing; we’d just let you do it. These procedures are our way of telling you that we don’t trust you to do what you say you’re doing.
The need for predictability, efficiency, and calculability leave little room for improvisation. The food business becomes less about food, more about business. It stops being fun. The trade-off should be that you get more money. But there too, Fairway’s new management disappointed. They expanded rapidly, putting new stores in questionable locations. In the first months after the private equity firm took Fairway public in 2013, the stock price was as high as $26 a share. Yesterday, it closed at $1.04. The shares that Steve Jenkins and others received as their part of the private equity buyout are practically worthless.
Steve Jenkins will be all right. He’s well known in food circles. He’s been on television with Rachel Ray, Jacques Pepin. Still, there he was yesterday morning outside the store whose cheeses and olive oils had been his dominion. “I’m sixty-five years old, and I’m looking for a job.”
The 1% in America have an out-sized influence on the political process. What policies do they support? And do their priorities differ from those of less wealthy Americans?
Political scientist Benjamin Page and two colleagues wanted to find out, so they started trying to set up interviews with the richest of the rich. This, they noted, was really quite a feat, writing:
It is extremely difficult to make personal contact with wealthy Americans. Most of them are very busy. Most zealously protect their privacy. They often surround themselves with professional gatekeepers whose job it is to fend off people like us. (One of our interviewers remarked that “even their gatekeepers have gatekeepers.”) It can take months of intensive efforts, pestering staffers and pursuing potential respondents to multiple homes, businesses, and vacation spots, just to make contact.
Persistence paid off. They completed interviews with 83 individuals with net worths in in the top 1%. Their mean wealth was over $14 million and their average income was over $1 million a year.
Page and his colleagues learned that these individuals were highly politically active. A majority (84%) said they paid attention to politics “most of the time,” 99% voted in the last presidential election, 68% contributed money to campaigns, and 41% attended political events.
Many of them were also in contact with politicians or officials. Nearly a quarter had conversed with individuals staffing regulatory agencies and many had been in touch with their own senators and representatives (40% and 37% respectively) or those of other constituents (28%).
These individuals also reported opinions that differed from those of the general population. Some differences really stood out: the wealthy were substantially less likely to want to expand support for job programs, the environment, homeland security, healthcare, food stamps, Social Security, and farmers. Most, for example, are not particularly concerned with ensuring that all Americans can work and earn a living wage:
Only half think that the government should ensure equal schooling for whites and racial minorities (58%), only a third (35%) believe that all children deserve to go to “really good public schools,” and only a quarter (28%) think that everyone who wants to go to college should be able to do so.
The wealthy generally opposed regulation on Wall Street firms, food producers, the oil industry, the health insurance industry, and big corporations, all of which is favored by the general public. A minority of the wealthy (17%) believed that the government should reduce class inequality by redistributing wealth, compared to half of the general population (53%).
Interestingly, Page and his colleagues also compared the answers of the top 0.1% with the remainder of the top 1%. The top 0.1%, individuals with $40 million or more net worth, held views that deviated even farther from the general public.
These attitudes may explain why politicians take positions with which the majority of Americans disagree. “[T]he apparent consistency between the preferences of the wealthy and the contours of actual policy in certain important areas,” they write, “— especially social welfare policies, and to a lesser extent economic regulation and taxation — is, at least, suggestive of significant influence.”