Big Money and America's Lost Decade

By Paul Krugman, The New York Times

30 December 19

Yes, the rich have too much political influence.

lizabeth Warren has been getting a lot of grief in the news media lately. Some of it, no doubt, reflects campaign missteps. But much of it is a sort of visceral negative reaction to her criticisms of the excessive influence of big money in politics — a reaction that actually vindicates her point.

It’s true that earlier in her career Warren, like just about everyone else, did fund-raisers with wealthy donors. So? Charges of inconsistency — “you said X, now you say Y” — are all too often a journalistic dodge, a way to avoid dealing with the substance of what a candidate says. Politicians should, after all, change their minds when there’s good reason to do so.

The question should be, was Warren right to announce, back in February, that she would halt high-dollar fund-raisers? More broadly, is she right that the wealthy have too much political influence?

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