Fall 2011 Reconstruction practice

In Paul Krugman’s “Panic of the Plutocrats,” the argument is formed that politicians are being un-American due to their need to suppress any and all criticism of the sources of their wealth. This argument is supported through the use of two sub arguments, the first being how Republican Politicians have portrayed the Wall Street demonstrations so negatively in order to detract attention from their own agendas. There have been strong accusations and unfair judgments passed upon the protestors and their behavior from individuals in positions of power which have created a distraction from the frustrations of the wealthy, that appear to be morally incorrect. Thus, creating the illusion that it is the protestors that are in the wrong instead of the wealthy who remain greedy in our times of economic turmoil. The second reason being that the interests of the wealthy have put at the forefront of American politics to preserve reputations. There are clear loopholes to tax codes that leave millionaires paying lower rates than middle class families, yet there has been no action from government officials to eliminate these errors because to do such would require Wall Street to recognize that they created the problem through their own faulty financial schemes. Even when Elizabeth Warren spoke reasonably about the reasons to tax the wealthy she was pinned as unreasonable and at fault for trying to destroy the market by voicing such fair opinions. In conclusion, Krguman believes that the protestors should not be accused of being un-American but instead America’s oligrachs that are just trying to protect themselves and their wealth.