Over the past generation, much mainstream economic thought has assumed that what is good for rich people is good for America. Naturally, this view has tended to transform university economics departments and business schools into cheerleaders for the Republican Party.
It’s no secret that the Bush administration has showered high-income groups with federal tax benefits. Nor is it news that income and wealth is highly concentrated at the top. What have gone largely unnoticed, however, are new signs that outside of Washington, state by state, the public is quietly beginning to challenge the privileged position of those at the top.