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Thoughts on Piketty's "Capital in the 21st Century...

I think I gotta read this.

Doctorow's paraphrase of one idea seems pretty insightful:

Indeed, an unwillingness to tax creates all kinds of evils. For starters, if a state can't fund its core programs out of tax, it has to borrow. And when it borrows, it borrows from the rich. So instead of taxation -- which weakens the fortunes and political influence of the wealthy -- we get bonds, through which the wealthy are paid interest out of the funds extracted from those who lack the political clout to escape taxation. The wealthy get more wealthy, and exert more political pressure.