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America's new aristocracy

Book review of THE 9.9 PERCENT: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture

Eyal Press | NYT

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Book cover of THE 9.9 PERCENT: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture

5 min read Last Updated : Nov 21 2021 | 10:02 PM IST

A decade ago, protesters enraged by corporate greed and the bailouts that followed the 2008 financial crisis coined a phrase — “We Are the 99 Percent!” — that quickly went viral. It was a captivating slogan that spoke to the anger many felt about rising inequality and an economic system that seemed blatantly unfair. It was also misleading, not because the slogan exaggerated the economic disparities in America but because it understated them.

As various studies have shown, much of the wealth in recent decades has flowed into the pockets not of the richest 1 per cent of Americans but of the 0.1 per cent, including a band of billionaires whose net worth has grown by a staggering $1.8 trillion since the start of the pandemic.

At the same time, the idea that the interests of all but the very rich — that 99 per cent — are harmoniously aligned is a fantasy, glossing over the economic and racial divisions that c