At Brad DeLong’s Semi-​​Daily Jour­nal, a link to “Grad­u­ates Ver­sus Oli­garchs”:

Say, rather, that five things are going on:

1. The rise of a very pow­er­ful, suc­cess­ful, exploita­tive upper class.
2. Fur­ther increases in inequal­ity as the tax and trans­fer sys­tem becomes less progressive.
3. Increases in risk that threaten to move middle-​​class fam­i­lies sharply down­ward in the wealth distribution.
4. Skill-​​biased tech­ni­cal change that sharply raises the ben­e­fits to education.
5. Holes in the safety net—the fall in the value of the min­i­mum wage, time-​​limited wel­fare, and so forth.