Economic Interests

In the Times Room for Debate, Ilyana Kuziemko and Michael Norton, proffessors at Princeton and Harvard respectively, argue that the "recurring tendency of lower-income Americans to vote against their own economic interests" -- defined as "redistributive policies" -- has three explanations.  First, "Erroneous beliefs about the current degree of wealth inequality" -- Americans believe the richest 20% amongst us own only 59% of total wealth rather than, as the currently estimated, as much as 85% . Second, "Americans show a robust pattern of overestimating the probability that they will one day be rich." Finally, "individuals near the bottom of the income distribution may be wary of redistribution because it could help those just below them leapfrog above them." This is illustrated by data which shows that Americans making the closest to minimum wage are "the least likely to support increasing the current minimum wage."

It is hard to take this with any seriousness. The notion that the difference between 59% and 85% has any meaningful impact on political-economic opinions is dumb. The suggestions that the poor prefer to be exploited in that hope that they will one day get to exploit and that they would cut off their hands to spite the very poor, are both stupid and nasty.

The simple truth is that most people -- excluding, perhaps, Ivy League professors -- prefer the dignity of earning their keep.  Lower-skilled jobs are, far more than others, absolutely dependent on the strength of the economy. In other words, lower income Americans correctly understand their economic interests lie more in pro-growth, rather than redistributive, policies.

Republicans are often condemned as being anti-intellectual. In their defense, it is worth remembering the distinction -- opposition really -- illustrated here, between intellectual and intelligent.