Paul Krugman: What Have Rich People Done for You Lately?

Friday, 18 May 2012 15:05 

 So a former partner of Mitt Romney's at Bain Capital says, in a new book, what Mr. Romney probably believes: we should be really grateful to the rich for all the rich things they do.

Because, you see, they don't spend all their wealth building homes as big as the Taj Mahal; some of it they invest in innovation. "Most citizens are consumers, not investors," Edward Conard, the author of a forthcoming book titled "Unintended Consequences: Why Everything You've Been Told About the Economy Is Wrong," told the columnist Adam Davidson for a recent article in The New York Times Magazine. "They don't recognize the benefits to consumers that come from investment."