Giga-Yachts, Flo Rida, and Bunkers. . . What Could Go Wrong?

To put it in a global context: I was a foreign correspondent for years, and today, believe it or not, China has greater social mobility than the United States. A communist country with a socialist economy now provides more upward movement than the supposed land of opportunity.

Let’s be blunt: We just passed a reconciliation bill that will take 17 million people off their health insurance and create major tax benefits for people at the top. That’s not just my view—that’s according to impartial analysis from Congress and others.

EO : The reality is less encouraging. If you were born in the U.S. in 1940, you had a 90 percent chance of outearning your parents. Today, that number has dropped by nearly half.

Americans looked at the Russian Revolution and said: This is what happens if a society fails to heed the distress at the bottom.

The fact is: Today, the 400 richest Americans have an effective tax rate half of what it was 50 years ago. For people in the middle, their rate has stayed the same or gone up.