Krugman makes the case that today we have more oligarchic politics than the last Gilded Age. He uses a few crude numbers to argue that we have more wealth concentrated in the hands of a few individuals now than we did 140 years ago. I think that is probably true, because the nature of wealth overall has changed. I also agree with him that there were some cultural guardrails that encouraged men of great wealth to fund some form of charitable work. In fact, I remember Ted Turner working to shame people like Bill Gates into throwing some of his wealth into charity - and it worked! The Gates Foundation does great work.
Some of the comparisons Krugman makes are not very apt. The Gilded Age did not see a president as corrupt as Trump - no such figure has ever existed. However, just about every other level of government was absolutely saturated with a depth of corruption that is just inconceivable today. This corruption launched two broad political movements: Populism and Progressivism.
These two movements were demographically dissimilar, but they shared ideological DNA: namely that American democracy had become a corrupted oligarchy. This was why the Progressive Amendments were addressing. The income tax, the direct election of Senators, even woman suffrage and Prohibition, were all efforts to redeem American democracy.
Why Prohibition? Because alcohol and the saloon were at the heart of vote-buying and machine politics. You think partisanship is bad today (it certainly is), but in the Gilded Age the parties largely existed to distribute graft rather than public services. This was at the heart of Garfield's assassination. In order to win elections and control the distribution of graft, votes were bought with alcohol. Additionally, the parties were not ideological but rather demographic. Violence often attended elections, as mobs roamed the streets looking for people from the opposite party. Voting was not done by secret ballot, so people knew who you voted for.
Finally, while we have more wealth inequality than we had back in the Gilded Age, we also have more overall wealth. Every vice of poverty that we can imagine today existed back then. The poor of 1890 were crushingly poor. Tuberculosis would cut through tenements like a scythe carrying off children by the hundreds. Farmers were so burdened by debt that they stormed the Kansas capital with guns trying to get relief.
There was no food assistance, no public health, no income tax, no worker safety measures, no medical care for the young or elderly, no protections against child labor, no protections against monopolies, no civil rights for anyone but white men, no protections for women...it was grim.
I don't think things are going great. However, the one restraint Trump is facing is the fact that there are still laws in this country and they still have force. Go look at the tarps on the Kennedy Center.
Things are bad. The Gilded Age was crushingly awful.
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