russian33's Journal

FT: Yet people at the very top doing extremely well.

BC: Yeah, but I think what people don’t like about it is not that they’re doing well. What people don’t like about it is that it seems unfair. For example, look what happened today. The American dollar reaches the Canadian level for the first time in 30 years. Well, that is one of the consequences of giving a guy like Bill Clinton in my income group five tax cuts, and borrowing the money from the Chinese to do it; and borrowing the money from them to fight our wars in Iraq and Afghanistan. We have never done that before by the way. We’ve borrowed money through the issuance of government bonds to fight World War II, and if other people wanted to buy bonds they could, but this is just straight out we say we’re going to follow an economic policy which cuts taxes for upper income people, even if we have to borrow a trillion dollars a year. And there’s a global market for capital, so they, whoever they are, have to loan it to us at low interest rates because they want us to buy their stuff. And that has contributed to the pressures on the American middle class and contributed to making it harder for poor people to work their way in the middle classes. And America has lots of immigrants, and we always have, and it makes our country special. They don’t resent being poor when they come here, they just resent not having the chance to work themselves in the middle class, no matter how hard they work, if they think they can’t get ahead. Then they have the same feeling that middle class people do today. But the point I’m trying to make is this is a global phenomenon.

The entire interview:
http://www.ft.com/cms/s/0/cda279f2-69f9-11...