Source: EconLog
by Scott Sumner
“[T]he leftist that is currently running for mayor of New York views people in the 1% and the 98% percentile (of income or wealth) as occupying the same class, at least regarding ‘us versus them’ battles with the top 1%. A homeless person living in a back alley in the Bronx is united with an elegant lady living in a condo in New York’s Upper East Side in their battle for ‘economic justice?’ Sorry, I’m not buying that argument. In the old days, Marxists thought of class in terms of the capitalists, the bourgeoisie and the proletariat. Even that was far too simple, but at least it had a certain logic. Lumping together the 1% and the 98% into one group makes no sense at all. Is this just harmless rhetoric? I don’t think so.” (07/01/25)