Sunday, May 29, 2016

Elites hate competition

This article shows how those at the top of the income distribution proclaim competition as the great American way, but only for everyone else, not themselves. They are a monopolistic bunch that to the contrary do not in any way want to compete on a fair playing field, for that would jeopardize their top gun status and pay. This article proves that these folks are often not even close to being the best the brightest in their field, just the best at rigging the system for their own benefit. This includes not just the Republican 1% but the professional Democrats in the top 10%. Some excerpts follow:

"There is no evidence to support the idea that the top 1 percent consists mostly of people of 'exceptional talent. In fact, there is quite a bit of evidence to the contrary."

"We need more competition at the top end of the labor market. As economist Dean Baker points out, politicians and intellectuals often champion market competition—but what they mean by that is competition among low-paid service workers, production workers, or computer programmers who face competition from trade and immigration, while elite professionals sit behind a protectionist wall. Workers in occupations with no higher educational requirements see their wages held down by millions of other Americans denied a high-quality education and competing for relatively precious vacancies. For lawyers, doctors, and dentists— three of the most over-represented occupations in the top 1 percent—state-level lobbying from professional associations has blocked efforts to expand the supply of qualified workers who could do many of the 'professional' job tasks for less pay."

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